When Capital One called me to notify me about my credit limit being increased from $5k to $20k they asked me if I had any additional questions. I did ask when their chip and pin cards would be coming out, because my Venture card is the only credit card in my wallet that doesn’t have the EMV chip! I did go to Europe back in July and the chip definitely would have come in handy. Unfortunately Capital One is another bank that has decided to go with chip and signature and NOT chip and pin. Chip and pin is more useful when visiting other countries because some shops, unmanned kiosks, etc. won’t accept your card if it’s chip and signature. What’s stopping someone from just taking your card and then forging your signature?
The representative from Capital One stated that they are in the first phase of shipping their chip and signature cards. I’m not sure if this first phase means some customers already have the card and how many. My guess is that if they are shipping the chip and signature cards, it’s only to a select market as beta testers. He went on to say that Capital One would continue to roll out their chip and signature cards and the process would be completed by the end of 2015.
The EMV chip (pictured above) is inserted into the terminal to pay for your transaction vs. the traditional magnetic strip where you swipe your card. The EMV chip encrypts your data which makes it more secure and the chip can’t be copied like a magnetic strip can. In return this is supposed to fight credit card fraud. In the end I would like to see more banks switch to chip and pin which would require you to enter a pin after inserting the EMV chip instead of having you sign. As mentioned before, if all you have to do is sign for your purchase scammers can still swipe your card and then just forge your name on the signature pad.
Hopefully Capital One will have the Venture card upgrade to chip and signature by next April when I leave for my trip to Italy!