EMV (Europay Mastercard Visa) chip cards are coming October 2015 and all institutions are gearing up for the change! There is certainly no denying that card fraud has increased in the last few years as seen with numerous large-scale data breaches, but these new cards are designed to increase protection against the risk of fraud significantly. The chip card technology will create a more secure payment method that will make counterfeiting much more difficult and ultimately bring more protection for customers. Here at DCTFCU, we have been preparing for this required move to give our members a smooth transition. A few of these changes will affect you before the cards are issued so be sure to read carefully!
Please make note of the following changes that will affect you:
1. YOUR CREDIT CARD PAYMENT DUE DATE MAY CHANGE starting in June.
The Credit Union will be migrating to one billing cycle which may result in a changed due date effective with your June statement. Please review your upcoming statements and make note of this change.
2. EMV CHIP CREDIT CARDS ARE COMING IN SEPTEMBER.
We will be issuing new EMV chip credit cards in September. You will receive a new card with a new number by mid-September and are encouraged to begin using them as of September 30th. If you have any automatic payments set up with other companies, be sure to adjust those with your new
number.
3. YOUR CURRENT CREDIT CARD WILL STOP WORKING SEPTEMBER 29th.
You will be able to continue using your card through September, but regardless of your expiration date, all current credit cards will no longer work past September 29th.
4. OUR REWARDS PROGRAM WILL CHANGE.
Our current rewards program is set up to give users 1% cash back on all purchases made. Any rewards you have accumulated on your current credit card will still be given to you. However, a new rewards program will begin on September 30th. This rewards program is a points based system that will
allow you to save and earn bonus points. You will still have a cash back option, but these bonus points can also be used to choose from a variety of merchandise items, gift cards, pre-paid cards, airline tickets, ticket credits, cruises, vacation getaways and so much more.
5. EMV CHIP DEBIT CARDS WILL BE ISSUED AS YOUR CURRENT DEBIT CARD EXPIRES.
At the time of your current debit card’s expiration, you will receive a new EMV chip card in the mail with a new number and a new pin.
We will continue to keep you informed on any changes that occur with this transition so be sure to pay attention to all statements and alerts! We thank you in advance for your patience!
If you would like to know more detailed information about the EMV chip cards and how they will be used, check out this helpful website! 8 FAQs about EMV credit cards