I’ve written numerous times about chip-enabled credit cards, but mostly about how it’s frustrating that the technology has been adopted in Europe and Asia, but not in the United States.
Some U.S. issuers started making chip-and-PIN cards this year, but they were small and exclusive banks such as the United Nations Federal Credit Union. Well, today I’m a happy girl because, Chase rolled out a chip-and-signature card on Nov. 21! The cards can be used in chip-and-PIN readers overseas, and they will also have magnetic stripes for U.S. use. “Since most of our card members frequently travel abroad, we want to provide them with benefits that make them feel right at home, no matter where they are,” said a Chase official about the new card.
While Chase did have two existing cards with this technology, both were marketed to high-end consumers (one has an annual fee of $595!). This is the first card readily available to the average consumer. Initially, it will only be available on a co-branded British Airways card (for a $95 annual fee). Other than making international travel easier, this technology reduces the likelihood of fraud. While Chase becomes the first big bank to make the cards widely available to the general public, others are close on its heels. Wells Fargo has announced testing this card technology with select cardholders as well, while U.S. Bank says that after months of testing it “will begin issuing commercial cards with EMV chip technology for U.S.-based international corporate travelers.” ¨I’m hopeful that these cards will continued to be rolled out until they’re the norm in here the United States. In such a global economy, it just makes sense.
Keep on reading for my list of my very favorite personal finance blog posts from the past week!
1. Careful Cents shares her newest debt goal and new free tool she’s using to get there.
2. My Personal Finance Journey provides readers with four letters they can use with creditors, such as a debt settlement offer letter.
3. The Digerati Life lists seven ways you can manage your home finances like you would a business.
4. Getting together with friends is fun, but it can get expensive fast. Prairie Ecothrifter gives advice on how to accept these social invitations without going broke.
5. Frugal Confessions explains how you can give money to your friends and family without having to exchange cash.
6. From decorations to food to presents, Bucksome Boomer discusses some of the many ways you can save money this holiday season.
7. Wealth Pilgrim discusses some of the credit card scams that you should know to avoid.
8. Len Penzo shares a funny moment when he tried to teach his son about payments and the change of value but failed.
9. Money is the Root uses her past to show that not having money is not an excuse for fulfilling your dreams.
10. Uh oh … I probably didn’t need to read this! Barbara Friedberg Personal Finance discusses a study that suggests that shopping has health benefits.