Many people are reluctant to use or even acquire credit cards over concerns about their personal and financial security. There were a significant number of cases of corrupted credit cards within the past year, which expedited the decision to make chip and PIN credit cards mandatory in the US by the end of 2015.
Chip credit cards became common across the developed world over the last number of years, but the cards are noticeably absent in the US. According to sources close to the Treasury Department, there was significant resistance to implementing the chip technology by credit card processors. However, regulators overruled the concerns of the processors due to frequent risks to credit card account security.
The chip technology adds an extra layer of security to the credit cards, which is meant to prevent scammers from hacking into the accounts. Regulators are demanding all retail locations install the chip card technology within the next two years, and most major banks will offer the cards on a shorter timeframe.
People in need of a new credit card should look for a provider that plans to incorporate the chip technology into their standard cards. But the chip isn’t the only important factor. A credit card with affordable interest rates is equally important to help keep the monthly payments as low as possible.
Technology is changing the face of credit cards, but new developments are also changing how people shop and compare for plastic. Many people use online price comparison sites to evaluate the best credit cards along with their corresponding terms, rates, and rewards. Comparison sites save people the hassle of negotiating with bankers or creditors. Instead, all the important information is available in one convenient location in front of the computer, or while on the go while using a mobile phone.
Financial security and affordability are two of the most important reasons to select a specific credit card. By comparing all viable options online without interference or salesmanship from the providers, you can ensure that you acquire the safest credit card that also helps you live within your means.