Chase is adding an EMV chip to its Chase Sapphire Preferred credit card starting mid-November.
The credit card will feature the EMV chip along with the traditional magnetic-stripe on the back that is used in the U.S. EMV cards contain microprocessor chips that encrypt card and transaction data uniquely each time the card is used. The technology makes counterfeiting cards nearly impossible.
EMV chip cards are also widely used abroad, and in some cases, are the only type of cards accepted at toll booths, unmanned gas stations and train kiosks. Chase said it wanted to make international travel easier for its Sapphire Preferred cardholder by adding the chip technology.
Chase already offers six other credit cards with the chip technology, according to company spokeswoman Eric Smolenski. They are:
- British Airways Visa Signature card
- The Hyatt Signature card
- JPMorgan Select Visa Signature card
- JPMorgan Palladium Visa Signature card
- Marriott Rewards Premier credit card
- The Ritz-Carlton Rewards credit card
Last year, many U.S. issuers began rolling out EMV chip cards for their travel credit cards and business and corporate cards.
Soon, these cards will become the norm, even in the U.S. The major payment networks -- Visa, MasterCard, American Express and Discover -- have given U.S. retailers until 2015 to be able to process chip cards or take on the liability for fraud. Gas stations have until 2017.
Have you gotten an EMV chip card from your issuer? Do you want one?
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