JW’s Financial Coaching Podcast Lesson #119-The EMV Chip Debit Cards and What They Mean to You

Play
  • What is the EMV Chip Debit Card?
  • Difference between running your debit card as “Credit” vs “Debit”
  • Why the EMV Chip Card will reduce fraud
  • My Experience in using my EMV Chip Card
  • Quote of the lesson from T. Harv Eker

The JW’s Financial Coaching Podcast_119

The other day I went to get my mail and saw that I had gotten a new debit card in the mail. After opening it up I noticed something different from my previous card. On the side of the card was a chip that I had never seen before. After doing some research I found out that the chip is the EMV chip and is now standard on most debit and credit cards.

Today we’re going to talk about the EMV chip debit card and lists its features. It is mostly the same but there is a slight difference between your old debit cards and the new EMV chips. It’s also confusing because retailers are in a state of flux of getting new machines that use the EMV technology so it’s hard to determine whether you need to swipe your card or insert it (or “dip it”) into the reader.

I share my experiences with it so far so when you get your card in the mail you’ll know exactly what to do when you get your card. As the EMV chip cards are more secure they will become more and more commonplace in the market, which to me is a good thing.

Today’s quote of the lesson is brought to you by Audible.com

“If you don’t have the money management skills yet, using a debit card will ensure you don’t overspend and rack up debt on a credit card.” ~ T. Harv Eker

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