The E.M.V. chip technology has gained immense popularity all over Europe since it is far more secure. This is yet another card that can be added to the list of cards that are being offered to the affluent sections.
There is one card with quite an unusual name, even going by the travel rewards credit card standard – it is known as the Citi Executive AAdvantage World Elite MasterCard which is a joint offering from American Airlines and Citibank.
The E.M.V version of this card would be available by the end of this year state American Airlines and Citibank. It carries a whole range of travel perks and charges a hefty annual fee of $450.However, the Citibank spokeswoman refused to give further details regarding when these chip cards would be available. She also refused to divulge details on whether these chips would also be offered on the less pricey versions of this card.
In a press statement, the companies also noted that the cards with the E.M.V. chips were very important especially if you use them while making purchases abroad. The initials represent Europay, MasterCard, and Visa.
However, in the United States card companies as well as retailers still rely on the older technology that is also less secure – the magnetic strip technology. Michelle Higgins, who is a travel writer with New York Times, has reported about the hurdles that American citizens have to face while using the ‘Mag stripe cards’ while they are abroad, especially at places that sell train tickets or other unattended kiosks and places that collect highway tolls. There were huge responses from the readers for her most recent column.
Due to these frustrating situations that customers have to face with the use of the magnetic stripe cards, a number of banks in the US are adopting the new technology and offering the E.M.V. chip cards to their customers who travel overseas frequently. Well Fargo, US Bank, JP Morgan Chase as well as some of the smaller credit unions are some of those that have already offered these cards or are still in the process of testing these cards. This latest technology is at the moment dominating the scenario in Europe.
Many people have had unfortunate encounters with their cards that use the magnetic strip technology. There have been instances where all the cards have been rejected at toll booths where there is no one in sight and people have got stranded.