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What is an EMV Credit Card?

/ BY / Credit Cards

Beginning in October 2015, credit card users in the U.S. will soon start using a different type of credit card to make purchases. EMV cards, sometimes called smartcards, are significantly more secure than magnetic strip credit cards. As a result, fraudulent purchases are expected to drop substantially. As more merchants begin their transaction to EMV technology, here are a few things you need to know about EMV credit cards and how they work. EMV stands for Europay, MasterCard, and Visa. It's a type of credit card that has a computer chip rather than a magnetic strip common on most cards in the U.S. The embedded chip found in EMV credit cards encrypts the data...

Will Swiping Your Credit Card Become a Thing of the Past?

/ BY / Credit Cards

When it comes to technology and innovation, America is considered a world leader—except in credit card technology. While we swipe our cards through a credit card reader, most other countries around the world rely on EMV technology to process credit card payments. Beginning in October 2015, however, swiping your credit card will start to become a thing of the past. Here’s a closer look why. The magnetic strip on credit cards used in the U.S. today contain all the information needed to make a purchase, including the account number, expiration date, and CVV code (the three-digit code found on the back of your card). This information never changes...

Credit Resolutions You Should Keep Year Round

/ BY / Credit Score

It’s more than two months into the new year. So how are you doing on all those resolutions you made on January 1st? Even if you haven’t kept up with your resolve to exercise an hour a day or to skip between-meal snacks, make a renewed effort to get a handle on your credit card finances. If you didn’t make any resolutions about credit at the beginning of 2015, here are some you should make today--and keep. Pay off your high balances by paying more than the minimum. It’s very tempting to make the minimum payments on your credit card each month. It frees up more cash to buy or to do what you want. But take a minute to consider the long-term effect that this approach...

EMV: Better Security for Your Credit Cards

/ BY / Credit Cards

Have you gotten an EMV credit card yet? EMV isn’t a new brand of credit card. It’s a more secure system of payment that uses microchips embedded in credit cards and special payment terminals to protect your information when you’re making a purchase. How EMV technology works Until recently, most credit cards in the U.S. carried only a magnetic stripe on the back. This magnetic stripe contained the information needed to complete a transaction: your name, your credit card account number, the expiration date of your card and your card’s three-digit security number. When you swipe your card at the checkout, a third-party company (called an acquirer) checks...

Eight Questions to Ask about a Balance Transfer Card

/ BY / Credit Cards

Balance transfer credit cards with low introductory interest rates can help you whittle down your credit card debt while making lower monthly payments. You move the amount you owe on an existing credit card to the new balance card, which offers a lower interest rate for a set period of time. There are some conditions with balance transfers that you should understand before you apply. Here are the questions to ask: How much will it cost me to transfer my balance? The bank issuing the balance transfer card will charge you a fee--usually three to four percent of the amount you’re moving to that card. Some banks will offer a lower percent for any amount that you transfer to the card within...

 

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