Well that was fast. Back in August I wrote about Capital One and when their Venture card would offer chip and pin or chip and signature. Capital One is the only credit card in my wallet that currently doesn’t offer the EMV chip. Capital One has updated pictures of the Venture card on their website and it looks like all new approved applicants will receive the Venture card with an EMV chip.
Capital One is following the footsteps of the other banks and offering chip and signature and NOT chip and pin. I would prefer chip and pin since it’s more secure since the customer needs to know the pin number in order to checkout at the register. The chip and signature is seriously flawed in my opinion, because anyone can steal your wallet and then go on a shopping spree sticking the bill to the credit card companies.
So what does the EMV chip do if credit card companies are still choosing the signature approach? Apparently our credit numbers will be safe if there’s another big data breach like the Target one that happened back in December 2013. Our credit card numbers will only be safe if the card was inserted with the EMV chip. If a store has opted to continue to swipe customer’s credit cards with the magnetic strip then the data is not safe. Whether a bank offers chip and pin or chip and signature, it’s a step in the right direction to offer better security for the consumer.
How do I get the chip card?
It looks like Capital One is currently only sending the card to new customers. This is a shame since it shows poor customer service. If a current customer requests a new card there’s no guarantee that they will get the new designed card. This is especially true for those that have a custom image. Capital One’s new EMV card does not support the custom image yet, so most likely they would just send out the same card again with the same design.
I read online that a customer was chatting with a rep and asked “What if I say I lost my card and request a new number?” Capital One’s response as “I can’t comment on that.” So if you’re eager to get the new EMV card you may have to go this route.
I have a custom image on my Capital One Venture card and after doing a little research it looks like it’s not that easy trying to revert back to the default image. The request can’t be fulfilled online and it looks like you have to call in and the rep will have to fax a form to another department. For some customers it seemed like it didn’t work on the first try.
When will I get the new card if I’m already a Capital One customer?
Capital One says that all customers will receive the new card by October 2015. That’s a whole year away! That’s not a big deal if you don’t have any foreign trips coming up. However, if you are planning on going to Europe before next year, I would call Capital One and push to get a new card. I went to London and Germany this past August and everyone pays with the EMV chip over there.
When I called Capital One earlier this year they tried telling me that if the merchant accepts Visa then they have to accept my credit card. If the merchant is unable to read the card then they can take a carbon copy of my credit card. I stopped them right there and laughed at them over the phone. I have to give Capital One props for being creative, but they obviously are not out in the real world trying to use a non-EMV card in an EMV friendly country.