Our members can now experience greater card acceptance, enhanced security, and overall increased peace of mind when traveling abroad.
Alexandria, VA (PRWEB) November 20, 2012
With a diverse membership that spans the globe, PenFed (Pentagon Federal Credit Union) is taking a proactive lead to increase global acceptance and enhance card security for its cardholders by offering chip technology on select PenFed Visa® credit cards.
“Since chip-enabled terminals are fairly uncommon in the United States, where the vast majority of merchants only support magnetic stripe cards, our current focus is to provide chip cards to our members who live in or frequently travel outside of the United States,” explained Frank Pollack, President and CEO, PenFed. “Our members can now experience greater card acceptance, enhanced security, and overall increased peace of mind when traveling abroad.”
Chip-enabled cards have been implemented in many countries in Europe, as well as Australia, Canada and Mexico. Chip-enabled cards provide enhanced protection against fraudulent transactions when used at chip-enabled merchant terminals. An embedded microchip in the plastic is more difficult to copy and counterfeit; resulting in fewer instances of fraud on member accounts.
PenFed is now offering chip-enabled cards on select card products to a limited membership audience. For this initial phase of the product launch, members have the opportunity to self-select a chip-enabled plastic during the application process. PenFed plans to offer the chip technology on all of its card products, including existing cardholders and affinity partners, at a later date.
PenFed currently offers the chip technology on the following four credit card products in their portfolio:
- PenFed Visa® Platinum Rewards Card
- PenFed Visa® Platinum Cash Rewards Card
- PenFed Promise Card
- PenFed Visa® Gold Card
“Chip card technology is quickly becoming the global standard in large parts of the world today,” stated Pollack. “Since PenFed is a financial leader amongst credit unions and we serve a diverse, worldwide membership, it is important to us to eventually offer this technology across all of our card products so that we can better serve our membership—no matter where, no matter when.”
For more information about PenFed or to apply for a credit card, call 800-247-5626 or visit PenFed.org.
About PenFed (Pentagon Federal Credit Union)
Established in 1935, PenFed is one of the largest credit unions in the United States with over a million members and more than $15 billion in assets. PenFed provides an extensive selection of financial products to its members worldwide. Its core membership includes the Department of Defense, Army, Marine Corps, Navy, Air Force, and Coast Guard; Department of Homeland Security personnel, employees or volunteers of the American Red Cross, numerous military associations, and many others. PenFed is federally insured by the National Credit Union Administration and is an equal housing lender.