You may have heard about credit cards with chip technology—but do you know what they are and how they can help? Read on to find out more about chip cards.
Bank of America's chip card technology helps protect your credit and debit card information.
A chip card is a standard-size plastic debit or credit card that contains an embedded microchip as well as the traditional magnetic stripe. The chip is placed on the left-hand side of the card. It creates a unique transaction code that can't be used again.
The chip encrypts information to increase data security when making transactions at a chip-enabled terminal. The chip card system will generate a unique code specific to your purchase that cannot be used again. Criminals would be unable to use this code for another purchase.
Chip cards have become standard in Europe, Asia and Canada, significantly reducing fraud. More stores and restaurants in the U.S. will accept chip card transactions in the coming months and years.
If a chip terminal is unavailable, or a merchant does not accept a chip card, just swipe your card.
Bank of America