EMV credit cards contain a chip for added security and protection from fraud for all of your credit card transactions. Nearly all major credit cards contain chip technology today, but there are some that still don’t have this technology, so it’s always a good idea to make sure that your new credit card has a chip before you fill out an application. EMV technology is typically listed as a “feature” of the credit or debit card in the initial descriptive points of the credit card advertisement/application. If it is not listed, it’s best to find out in advance rather than simply continue with the application only to find out later that the credit card does not have the chip.
What is an EMV credit card? EMV is an acronym for Europay, MasterCard, and Visa, the 1994 technology founders. EMV essentially refers to a credit card with an imbedded smart chip. The EMV standard is a security technology that is used worldwide for all payments done with credit, debit, and prepaid EMV smart cards. EMV credit cards work with payment acceptance devices that are certified to be compliant with EMV chip-and-PIN standards. EMV credit cards normally require you to insert the card rather than swipe the card when you pay for merchandise, gasoline, etc., at the cash register. Once the credit card is inserted, the chip and the card reader communicate to authenticate the transaction.
Chances are if you swipe your card, it does not contain the chip, unless the merchant’s equipment is outdated. If the merchant’s equipment is outdated, then there may not be a slot for you to insert the card so the equipment can read the chip. It helps to know the difference.
As previously mentioned, nearly all credit cards now have this technology, but store credit cards, gas credit cards, and other private label credit cards may not contain this important security feature, especially if they are designed for use only in a designated brand outlet.