Magnetic Strip Credit Cards a Hassle for Travelers
Posted on April 25th, 2011
All of Europe — and more and more countries across the globe are moving to chip and PIN technology for credit card identification. Traditional magnetic swipe credit cards are quickly becoming obsolete. In addition to improved security, the chip and PIN system has lowered the incidence of fraud at point of sale purchases in the countries where it has been implemented. But many international travelers are increasingly frustrated to find that their magnetic stripe card is no longer being accepted while traveling abroad.
Although American Express, MasterCard and Visa require retailers and merchants anywhere in the world to accept their valid credit cards, it can be a nuisance and may require a bit of pressure to get some merchants to comply. And for those situations when a vending machine dispenses a transit or rail ticket or a machine collects the fees for toll booths, parking lots, gas stations, etc., travelers may find it impossible to use plastic without an attendant on site and find that they have to resort to using the limited cash they have on hand.
In response, several banks have introduced a dual-mode credit card that has both a magnetic stripe and an electronic strip. While the new cards are limited to a test market of 15,000 invited customers of Wells Fargo who have been identified as heavy international travelers and current Chase “Palladium” card members, the concept is expected to quickly be applied to other credit cards. Wells Fargo will expand their program if the pilot program is successful.
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