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Chase offers chip-and-PIN

By Janna Herron · Bankrate.com
Thursday, February 27, 2014
Posted: 1 pm ET

JPMorgan Chase will be offering to chip-and-PIN credit cards later this year as a part of a company effort to reduce card fraud. Company CEO Eileen Serra announced the change on Tuesday at Chase's investor conference.

EMV chip cards (for Europay, MasterCard and Visa) contain a tiny computer chip that encrypts transaction data uniquely each time it is used. This makes it nearly impossible for fraudsters to create counterfeit cards. Chip cards are also widely used abroad.

Chip cards come in two varieties: one that requires a PIN to complete a transaction and one that only requires a signature. The difference is similar to how many debit card purchases require a PIN while credit card transactions often need only a signature to complete the transaction in the U.S.

Chip cards with PINs, or chip-and-PIN cards, are more protected if the card is lost or stolen and someone tries to use it fraudulently. That's because it's easier to forge a signature than to guess someone's PIN.

Currently, Chase offers EMV chip-and-signature versions of the following credit cards:

  • British Airways Visa Signature Card
  • Chase Sapphire Preferred Card
  • Hyatt Credit Card
  • J.P. Morgan Palladium Card
  • J.P. Morgan Select Visa Signature Card
  • Marriott Rewards Premier Credit Card
  • The Ritz-Carlton Rewards Credit Card

Several other U.S. issuers offer chip-and-PIN cards for some of their credit cards. Bank of America and several credit unions offer chip-and-PIN cards, while Citi and Wells Fargo offer the option of entering a PIN if the retailer supports it. U.S. Bank offers only chip-and-signature cards.

Chase's announcement comes after a major card hack at Target over the holidays. Fraudsters picked up data from 40 million debit cards and credit cards, along with personal information from up to 70 million individuals. Neiman Marcus, Michaels and White Lodging -- which manages major hotel chains -- also disclosed card breaches in the last two months.

Will you get a Chase chip-and-PIN card? Do you want one?

Follow me on Twitter: @JannaHerron.

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27 Comments
Fred Ehrhardt
July 29, 2014 at 4:53 pm

" Bank of America and several credit unions offer chip-and-PIN cards..."

Well, that would be news to B of A's credit card call center as of today. Rep claims no plans for chip + PIN. If Janna Herron knows otherwise, please give us pond-scum customers the info we need to pry loose an intelligent response from B of A.

The intransigence of US issuers is breathtaking. When was the last time a clerk compared your signature to the one on your card? Baffles me what it will take to coerce / persuade US card issuers to implement the systems that have been in place, and reducing fraud, for over a decade in Europe.

Mothi
July 26, 2014 at 10:19 am

Waiting for the chip and pin cards to make their way to US.
I have trouble using the chip and signature cards at Kiosks !

Darlene Sierocuk
June 10, 2014 at 5:30 pm

In 1994 my husband and I travelled to Europe for the first time. We had trouble using our (US) credit cards due to the chip and pin requirement.
I find it unbelievable that 20 years later, we in the US still do not use chip and pin. I can only imagine that someone says, "Just raise the rates, to cover the theft".
I am going to talk with Chase (a branch opened here a month ago), about leaving my relationship with Wells Fargo/Wachovia of over 14 years. Why - because I want OUR money protected - not later - but now.
Take heed bankers - it is time to step up and use the technology that has been available for over 20 years in Europe to protect the American consumer.

Marie
May 08, 2014 at 3:40 pm

Does anyone know when Chase will begin offering the chip and pin card?

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