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Chip Card - Frequently Asked Questions
1. What is chip card?
Chip card is a credit card with an embedded microchip on the card face.
2. What is the difference between chip card and magnetic stripe card when using the card?
The processing of a chip card is very similar to that of a magnetic stripe card. Merchants that have already installed chip terminals will insert the card into the terminal for transactions. Merchants that have not yet installed the chip terminals will process the transactions by swiping the magnetic stripe. The use of a chip card at ATMs and other self-service terminals will remain unchanged.
3. Why does Bank of Communications (Hong Kong) Limited ("the Bank") issue chip card?
Chip card provides greater credit card protection by its capability to store encrypted and confidential information and prevents the card being copied to make counterfeit card.
4. Is the chip card accepted worldwide?
Yes, the chip card is accepted worldwide. Cardholders can request the merchants to swipe the magnetic stripe on the back of the card to complete the transactions if the merchants refuse to accept the chip card.
5. Why did some merchants insert the chip card into the terminal, but some merchants swipe the chip card in the terminal?
Merchants that have already installed chip terminals will insert the chip card into the terminal for transactions. Merchants that have not yet installed the chip terminals will process the transactions by swiping the magnetic stripe.
6. Are the EPS and PPS functions supported on chip card?
Yes, EPS and PPS functions are supported on the chip card.
7. How about the time and arrangement for the Bank to upgrade the magnetic stripe card to chip card?
Starting from November 2009, the Bank will implement by phase to upgrade the traditional magnetic stripe card to chip card. Cardholder can continue to use existing credit card for spending and cash advance before the new chip card is issued. The conversion of existing credit cards from magnetic stripe to chip will follow the existing expiration date shown on the card. Besides, new and replacement cards will be issued on chip. The conversion time to chip cards will be arranged by the Bank and subject to the Bank final decision.
To borrow or not to borrow? Borrow only if you can repay!