Consumers who regularly travel overseas may have found that it’s not easy to take on credit card debt when making purchases in many parts of the world, due to the technology American cards use. To help combat this, and to make these purchases more secure, one major bank is now issuing new, updated cards.
U.S. Bank recently announced that it would soon begin issuing roughly 20,000 new credit cards to customers who have a FlexPerks Travel Rewards Card from Visa, and these cards would carry EMV chips that work with popular overseas payment networks. EMV – which stands for Europay, MasterCard and Visa – works wirelessly and is generally more secure than the magnetic strip on almost all U.S.-issued cards.
However, it also said it wanted to make contactless payments the norm for non-travelers as well.
“While we believe EMV is important for our international travel cardholders, we are committed to driving contactless mobile payments in the United States,” said Cliff Cook, chief marketing officer for U.S. Bank’s retail payments unit.
In recent months, JPMorgan Chase and Wells Fargo also began issuing EMV-enabled credit cards to some of their customers who travel regularly.