It's this ability to quickly adapt and implement new methods and technology that offers our members the leading edge in financial services and security.
Farmington Hills, Mich. (PRWEB) November 21, 2014
Community Choice Credit Union is joining the global initiative to combat fraud and protect sensitive payment data by introducing its new Visa® Signature CashBack credit card with EMV chip technology.
EMV chip technology, named after its founders Europay, Mastercard® and Visa, is an evolution in the payment system that helps increase security, reduce fraud and enable the use of future value-added applications. It has been widely accepted across the globe, however the U.S. has been late to adopt the technology. The consequences are clear, with the U.S. accounting for 51 percent of global payment card fraud costs in 2013, according to BI Intelligence. On Friday, October 17, 2014, President Obama signed an executive order to speed up the adoption of EMV-standard cards in the U.S.
“With the recent signing of the BuySecure Initiative and the holiday shopping season just around the corner, we’re very excited to implement EMV chip technology with the launch of the Community Choice Credit Union rewards credit card,” said Community Choice Vice President of Lending Teresa Mayer. “It’s this ability to quickly adapt and implement new methods and technology that offers our members the leading edge in financial services and security,” Mayer said.
Chip cards are standard bank cards embedded with microprocessor chips that store and protect cardholder data. Rather than swiping the magnetic strip of the card, cardholders insert the chip-end of the card into the card reader and either enter a PIN or sign to complete the transaction. Chip technology is effective in combating counterfeit fraud with its dynamic authentication capabilities that exist within the chip itself, making a cardholder's confidential data more secure on a chip-enabled payment card.
With Community Choice Credit Union’s Visa Signature CashBack credit card, cardholders receive a quarterly 1.5 percent cash back on their purchases, with no limit on cash back. The card is hassle-free with no annual fee, no balance transfer fee and a low cash-advance fee. Other benefits of the Visa Signature CashBack credit card include identity theft protection, complimentary 24-hour Visa Signature Concierge service, travel and emergency assistance, and auto rental collision waiver.
All credit and debit cards issued by Community Choice Credit Union will contain EMV chip technology by late 2015.
About Community Choice Credit Union: Established in 1935, Community Choice Credit Union offers a wide variety of financial products and services for both consumers and businesses. Any individual who lives, works, or worships in the following counties is eligible to become a member of Community Choice Credit Union: Genesee, Lapeer, Livingston, Macomb, Oakland, St. Clair, Washtenaw or Wayne County, Michigan. Community Choice Credit Union is an equal opportunity lender and is federally insured by the National Credit Union Administration. Since 2008, Community Choice has invested more than $885,742 and 12,543 volunteer hours into its charitable Give Big efforts throughout Michigan. If you’re looking for an experience that’s different from your current banking relationship, let’s get together. Community Choice Credit Union is proud to be a Detroit Free Press Top Workplace 2014. For more information, visit CommunityChoiceCU.com.