MasterCard® Conversion & EMV Chip Cards Frequently Asked Questions 

Why are you replacing my existing Classic VISA® card with a new Platinum MasterCard?
Will there be an increase in credit card fees?
I currently have VISA eStatements; will I continue to receive eStatements for my MasterCard?
My VISA payment is automatically paid each month; will I need to re-sign up for this service?
Will I need to change anything with my Bill Pay service to continue paying my CEFCU credit card?
Will I need to make any changes for my recurring monthly charges that post to my VISA card?
When should I receive my new Platinum MasterCard?
What is an EMV Chip Card?
Will I Need a PIN to Use my new MasterCard?
Where can I use my EMV Chip Card?
Are EMV Chip Cards secure?
Will EMV Chip Cards prevent third-party data breaches?
Will EMV Chip Cards prevent all fraud from happening?
Will EMV Chip Cards track my location?
How Does an EMV Chip Card Work?
Do I Still Need to Notify the Credit Union When I Travel?
 

Why are you replacing my existing Classic VISA card with a new Platinum MasterCard?
We've partnered with MasterCard to better serve you. Your new card featuring EMV microchip security allows us to provide our cardholders with enhanced benefits and services all the while providing uninterrupted service. In addition to EMV microchip security, you will receive an expansive range of benefits that will be described in the Guide that accompanies your new card. Among these are Extended Warranty, Price Protection, Identity Theft Resolution Services and Zero Liability. Of course, your card will remain gimmick-free with a low variable rate coupled with no annual fees or harsh penalties.

Will there be an increase in credit card fees?
No. Fees will remain the same.

I currently have VISA eStatements; will I continue to receive eStatements for my MasterCard?
Yes. You will automatically be enrolled to receive your MasterCard statement electronically.

My VISA payment is automatically paid each month; will I need to re-sign up for this service?
No. Your current Auto Pay settings will be transferred to your new MasterCard account.

Will I need to change anything with my Bill Pay service to continue paying my CEFCU credit card?
Yes. Once you have received your new MasterCard plastic, you will need to update your Bill Pay service with your new credit card number and our new payment remittance address.

Will I need to make any changes for my recurring monthly charges that post to my VISA card?
Yes. You will need to contact each company and provide them with your new MasterCard account number.

When should I receive my new Platinum MasterCard?
You should receive your new MasterCard credit card by June 15, 2015.

Will I Need a PIN to Use my new MasterCard?
No, you do not need a PIN to make purchases with your credit card. The term "PIN" or "Signature" simply refers to how you will authorize the transaction, by entering a PIN or by providing your signature. When using your CEFCU EMV chip credit card, you'll be prompted for a signature to complete the transaction. CEFCU doesn't currently offer a Chip & PIN credit card. You will be prompted during Card Activation to create a PIN. This PIN is for ATM cash transactions only. This is not the same as Chip & PIN and will not work for purchases.

Where can I use my EMV Chip Card?
Many merchants, across the U.S. are beginning to accept chip card transactions and this will continue to grow within the coming years. Chip technology is already used in over 130 countries around the world, including Canada, Mexico and the United Kingdom, so you'll enjoy greater acceptance when traveling internationally. Your chip card will still work at terminals where only magnetic stripe transactions are accepted.

What is an EMV Chip Card?
An EMV chip card is a standard-size plastic credit card that contains an embedded microchip as well as the traditional magnetic stripe. The chip encrypts information to increase data security when making transactions at a chip-enabled terminal.

Are EMV Chip Cards secure?
Yes. Chip technology has been around for over two decades and is already the security standard in many countries around the world. When purchases are made using the chip feature, the transaction is more secure because of a unique process that is used to determine if the card is authentic. This makes the card more difficult to counterfeit or copy. While magnetic stripe cards are still considered secure, chip technology is the next step to providing enhanced security to our members. Whether you use the magnetic stripe or the chip to make your purchase, you can have confidence in the protection and security features we provide for all credit card accounts. Remember, if you notice any suspicious activity on your account, notify us immediately by calling the number on the back of your card.

Will EMV Chip Cards prevent third-party data breaches?
EMV chip card technology provides an additional layer of security to help reduce certain types of fraud resulting from data breaches; however, it will not prevent a data breach.

Will EMV Chip Cards prevent all fraud from happening?
No. As the industry continues to develop new ways to protect consumers, perpetrators continue to look for new ways to commit fraud. EMV chip cards provide an additional layer of security at chip-enabled terminals, on top of the fraud prevention monitoring we currently provide. As always, your purchases are also covered by our zero liability protection.

Will EMV Chip Cards track my location?
No. The EMV chip card technology is not a locator system. The chip on your card is limited to supporting authentication of card data when you make a purchase.

How Does an EMV Chip Card Work?
It's easy. If the merchant has a chip-enabled terminal, simply insert your chip card face up in the terminal. The chip card will remain in the terminal while the transaction is processed. To authorize your transaction, just follow the prompts on the terminal. You'll be prompted for a signature to complete the purchase. You will remove your card from the terminal once the transaction is completed. If the retailer is not equipped to read the chip card, just swipe as you do today.

Do I Still Need to Notify the Credit Union When I Travel?
Yes, we recommend that you set a travel notice on any card(s) you plan to use while traveling, so your card access isn't interrupted. For your protection, we'll continue to monitor card activity even when a travel notice is set. If you encounter any issues while traveling, we're here to help.