So I got the new credit card today that has the security chip in it. The chip part seems shiny and I believe the intent is that a terminal can simply scan this part as oppose to you having to swipe the card. As well, your PIN number is supposed to eliminate the need of a signature. I am really wondering how this is more secured for items like Internet purchases though considering the chip canâ€™t do much in that sense.
There was something I found kind of funny as a result of getting this new card. Basically, in the mail it gives you a breakdown of all the benefits that you get as well as the interest rate that you would pay. The interest rate they have given me for this card is 19.500%. I personally donâ€™t care since I always pay my balances off in full.
However, in this mail it indicated that if I am the type of person that normally carries a balance I can pay a $35 annual fee to take advantage of an 11.9% interest rate. I was just thinking, canâ€™t you normally just reduce your interest rate by asking them many times? I guess that is a new way for credit card companies to make money.
Wonder if Iâ€™ll actually get to test out these card features any time soon as I havenâ€™t seen any of these new terminals live yet.