Getting a chip in your card Q Can an American get a credit card from a European bank, which would contain the special chip that allows them to be used in ticket machines and other outlets in Europe?
A Probably, but you don't need to if you're simply interested in getting a card with a chip rather than a card issued by a European bank. American banks will soon begin offering cards with chips, and you can get a chip-embedded pre-paid currency card, too.
A bit of context for people unfamiliar with the technology: American credit cards use a magnetic strip to exchange information during financial transactions. In European and other countries, card issuers have turned to EMV chip technology (named for Europay, MasterCard and Visa). Where people are handling the charge, American credit cards often work. Not so at unmanned kiosks, such as those at train stations and gas pumps.
According to Greg McBride of bankrate.com, getting a card from a European bank isn't impossible, though "banks are understandably reluctant to lend money on an unsecured basis to borrowers in a foreign jurisdiction." It's likely you could get one after opening a deposit account.
Fortunately, you probably don't need to go through that hassle. "Chase has recently rolled out chip-and-pin technology," McBride said. Its program launches in June with its JPMorgan Palladium credit card and will broadened to other Chase credit cards within the year. According to McBride, other banks "will most certainly follow suit."
Wells Fargo is one of them. Eric Schindewolf, vice president of product development at Wells Fargo, said the bank is undertaking a pilot program this summer with 15,000 customers who are frequent international travelers. The program "is about understanding what it means to do a smart card program, how will customers use the product, what questions will they have," he said.
Like the Chase cards, the Wells Fargo card will have both a magnetic strip and a chip for use here and overseas.
It is unclear if or when Wells Fargo will offer such a card more widely. The bank has already identified the customers who will be part of the pilot program.
