 In the coming months Warwick Credit Union will introduce chip card technology to all WCU Visa Credit or Visa Debit cards. The new technology provides greater security as it allows more comprehensive encryption of the cardholder's details. Chip Card Frequently Asked Question: Q: What is a chip card? A: A chip card is a plastic Visa credit or debit card, embedded with a microchip, containing only information including your card number, card name and expiry date. Q: When will Warwick Credit Union introduce chip cards? A: Starting in December 2009, Warwick Credit Union members who have a Visa credit or Visa debit card will be issued a new card containing the embedded chip as well as a magnetic stripe. One you receive your card you'll need to activate it by phoning 1300 72 44 33, or visiting your nearest branch. Q: How will I benefit from my Visa chip card? A: a) Improved security: The chip provides a higher level of security to prevent card fraud. It is a substantial improvement to the magnetic stripe. Having an embedded security microchip makes it more difficult to copy the credit card details. b) Convenience: Visa cards are recognised and acknowledged by merchants all over the world (online and offline). Q: Will it affect the way I use my card? A: At some businesses, the card will still be swiped through the in-store payment terminal. However, at some businesses the cardholder will be required to insert their card into the in-store payment terminal. It must remain inserted for the entire transaction and only be removed once the transaction has been authorised. Q: Will the magnetic stripe be phased out? A: Yes. It is anticipated Visa will phase the magnetic stripe out over the next five years. This will allow for renewals of Visa cards to changeover to chip-compliant cards and also allow ATM's to be configured to support the new technology. In the meantime most businesses will allow cardholders to choose between swiping or inserting their card. Q: Can I still choose to sign or use a PIN to authorise transactions? A: Yes, both are still acceptable. |
