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Issuers are offering more EMV credit cards for U.S. consumers who travel abroad. EMV credit cards may make overseas transactions smoother for regular travelers. Some issuers may offer EMV versions of a credit card you already have. Credit Cards Who Needs To Take An EMV Credit Card Abroad?
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In the year since the first major issuer debuted an EMV credit card for U.S. consumers, a handful of national banks and credit unions have rolled out their own versions. These credit cards, outfitted with microchips for better security and widely used abroad, aren't exactly taking the country by storm.
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But the spate of new offerings raises interesting questions for those who have lived EMV-free so far: Who should get an EMV credit card, and how would someone get one? More than 1.34 billion EMV cards dot the globe, according to EMVCo, the U.K.-based, industry-owned organization that manages the EMV chip standard. (EMV is an acronym for Europay, MasterCard and Visa -- the developers of the standard.) But the U.S. rollout of chip cards has been slow; issuers mostly have offered cards with a magnetic strip.
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But some U.S. travelers have discovered that merchants in Europe and Asia don't always accept their chipless cards and that some mag-strip cards also have failed in some overseas ticket kiosks and other unmanned machines, says Randy Vanderhoof, executive director of Smart Card Alliance, a New Jersey-based nonprofit that promotes smart card technology. That can cause inconvenience and frustration for travelers. Traveling without an EMV card While nobody necessarily needs an EMV credit card because cards that operate the traditional mag-strip way are still universally accepted, some travelers may find it more convenient to carry a chip card, says Stephanie Ericksen, head of global authentication product integration at Visa. "Consumers who are traveling frequently, going outside the major cities to some smaller towns where there might not be as many international travelers, might be a little more interested in having a chip card, so their acceptance experience when they travel abroad is more smooth," she says. The other EMV selling point for consumers, issuers and merchants alike is enhanced security. The EMV technology makes it much harder for criminals to copy a useable chip card, Ericksen says.
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Wells Fargo and Chase started the chip-card trend in the U.S. Create a news alert for last April. Since then, the list of financial institutions that issue "credit cards" EMV debit and credit cards -- Vanderhoof counts 19 in total -includes Bank of America, Citi, PNC Bank, U.S. Bank, the State Employees' Credit Union in Raleigh, N.C., and, perhaps not surprisingly, the United Nations Federal Credit Union in Long Island City, N.Y. Neither American Express nor Discover issues EMV credit cards in the U.S., but Vanderhoof thinks that might change because, in his view, no issuer would want to be perceived as supporting less security.
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Consumers might want to ask specifically for a "chip-enabled" or "EMV" card. Otherwise, as Vanderhoof says, "all banks are going to tell you their cards will work internationally." But make sure to check the credit card's features before applying. "Customers who want a card for international travel purposes might be able to qualify for that card, but they might lose some other features, such as cash back or rewards, that they have on their existing card," he says. "It's up to the individual financial institutions how they package the other capabilities."
Related Links: 8 smart ways to spend a hefty windfall National credit card rates for April 12, 2012 Baby steps to boost your credit score Related Articles: Credit card rates Travel without an EMV card Credit report secrets
Marcie Geffner is a freelance writer in Los Angeles who specializes in real estate. Bankrate.com's corrections policy Posted: April 9, 2012
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