EMV which stands for europay mastercard, visa is a technology that can enhance the security of credit card transactions. EMV credit cards were introduced into Canada in 2008 with the hope of reducing card present fraud in retail stores in Canada. After 8 years, it is now very common to find a retail store with a payment processing system that can accept EMV chip card. Most of the time, you must provide the cashier with your credit card and he will insert it into the payment processing terminal to read it. If your credit card is valid, your shopping expenses will be charged on the card. The payment processor will produce a receipt which you are required to sign before your credit card will be returned to you.
Statistic shows that credit card fraud has reduced by 68.37% while debit card fraud has reduced by 89.49% after the introduction of EMV credit card in Canada. In 2008, the card present fraud for debit card is $104,500,000 and the card present fraud for credit card is $162,239,525. In 2015, the card present fraud for debit card has drop to $16,200,000 and the card present fraud for credit card is $51,315,783. The decline in the card present fraud is due to the fact that it is difficult for the criminals to perform EMV duplication. EMV chip card has been proven to enhance security in many countries.
Many merchants in Canada had decided to get their payment processing hardware updated. However, it didn’t take a single year for all merchants to update their payment processing system in order to meet with the minimum requirement of the EMV technology. It took at least a few years for all merchants to upgrade the credit card transaction terminals. Every financial institution has their own schedules to release chip cards. The cost for upgrading the terminal is about two hundred dollars. The new payment processing hardware has the capability of processing magnetic stripe swipe cards.
There are several types of emv chip cards including EMV chip and pin, EMV chip and signature and EMV card that features magnetic strip. The type of EMV card that you are being issued depend on the bank or credit card company. EMV chip and pin features a unique transaction ID that you have to key in after inserting the card in a payment terminal. EMV chip and signature requires you to insert the card into a terminal and putting down your signature on a receipt.
In traditional magnetic strip card, it is swiped through a payment terminal in order for it to be used for paying your shopping expenses. The magnetic strip in traditional credit card can easily be replicated so it is not safe. On the other hand, there is no chance for the unique transaction ID of the EMV chip credit card to be replicated.
Covering the credit card industry to help find relevant articles on consumer finance, rewards and points credit cards, balance transfer deals and more. For the top promotions in 2017, visit BestCreditCards2017.org
There are a lot of great credit card promotions worthwhile to sign up for in 2017. Our editorial team is constantly searching for great promotions to help consumers take advantage of amazing rewards and points when shopping, traveling and making everyday purchases. These credit cards can rewards you with bonus points that can be exchange for good discount voucher when you spend money. The following are the top 4 rewards credit cards that allows you to earn the best bonus for January of 2017
1. Chase Sapphire Preferred Card
Chase Sapphire Preferred Card is offering a 50,000 bonus points when your total expenses amount to $4,000 within 3 months from the time your account is opened. The 50,000 bonus points is handy in helping you to get a travel voucher that is worth $625. Aside from the signup bonus, you also get to earn 2 points for travel and dining and 1 point on everything else. If you redeem your bonus points for a travel category, you will earn an additional 25% in discount. The annual fee is completely free in the first year but you will get charged for $92 starting in the second year. Chase Sapphire Preferred Card does not have any introductory promotion.
2. Discover it Cashback Match
Discover it Cashback Match allows you to earn 5% cash back when you spend a minimum of $1,500 in the bonus categories. Department store is one of the bonus categories at the end of the year. This applies to both online and local department stores. When you use Discover it Cashback Match to shop at Amazon, you will be able to earn some bonus. You can twice cash back in the first year so you will get 10% instead of 5% cash back. Discover it Cashback Match doesn’t have any foreign transaction fee even though it is not accepted in many countries other than US.
3. Citi ThankYou Preferred Card
Citi ThankYou Preferred Card is a favorite credit card for shoppers during the holdiay season. You earn double points when you spend money in entertainment and dining categories. It offers 0% APR for a period of 15 months on both purchases and balance transfers. The bonus points that you earn can be redeemed for a variety of stuff such as repayment for student loans, gift cards, and discount when you rent a car. The card is not suitable to be used for shopping overseas as it charges a 3% foreign transaction fee.
4. Blue Cash Preferred Card from American Express
Blue Cash Preferred Card from American Express is great for holiday shopping in the Christmas season. It offers the highest reward rate of 6% cash back for grocery shopping. The categories that get the second highest reward rate are gas station, and department stores. Finally, it also offer a 1% cash back rewards rate on other categories of purchases. Currently, it is offering a 5% cash back for selected travel purchases made in a 6 months period. Blue Cash Preferred Card also offers a signup bonus of $150 when you spend at least $1,000 in 3 months. The card does not charge any annual fee and you get 0% APR on purchases and balance transfer for 1 year.