![]() ![]() To conduct a transaction, just follow these easy steps: If you swipe your card at an active terminal with the magnetic stripe, it will prompt you to insert your card. Merchants who accept cards with chip technology provide terminals for chip–enabled cards. How do I use my chip-enabled card at checkout? Some merchants will be slower to accept chip technology, so cards with EMV chips will still include a magnetic stripe for use in traditional terminals. Why does my chip–enabled card still have a magnetic stripe? There are no additional fees associated with your Members Exchange credit or debit card with chip technology. Does a card with chip technology have additional fees? To help ensure that legitimate purchases are quickly approved, please give us advance notification before you travel out of state. ![]() With a chip–enabled card, do I still need to notify Members Exchange before I travel away from home? Because some merchants will be slower to accept chip technology, your card still includes a magnetic stripe for use in traditional terminals. Your card will work anywhere Visa ® is accepted. In addition, chip–enabled credit cards are a standard transaction method around the world, so having this feature makes transacting abroad much easier. Fraudsters have access to inexpensive means of making counterfeit versions of magnetic-stripe– only cards. Magnetic stripes provide the same data (static data) each and every time you conduct a transaction. That’s because these chips encrypt data differently for each transaction (dynamic authentication). It’s nearly impossible for thieves to create counterfeit EMV chip cards. What is the benefit of a chip–enabled card? No personal information about your account is stored on the chip. This is the same type of information already stored in the magnetic stripes, but the chip uses a much more secure platform. The chip contains information required to authenticate, authorize and process transactions. What information is contained in a chip–enabled card? If you have a Members Exchange debit card that does not contain the EMV chip, once your current card expires, the new card you will receive will contain the chip. How can I get a debit or credit card with an EMV chip?Īll Members Exchange credit cards currently come with chip technology. When your current debit card expires, the new card you will receive will contain the EMV chip. We are in the process of converting debit cards to the EMV chip. All Members Exchange credit cards have EMV chips embedded in them. EMV stands for Europay, MasterCard® and Visa® after a joint effort between the three to ensure a secure and global way for MasterCard and Visa to be accepted worldwide.
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