Capital One 360 Debit Cards to now have Pin and Chip

Shouldn't have any impact on using an ATM in Europe, but if you want to use your Debit card for purchases, this will help in some places. I've never had any trouble using my ATM card (no chip) anywhere in Europe, though I've used my chip credit cards all over the place.

Whether it is true chip and pin compatible is the question. All US credit and debit have to be chip and signature by Oct 1. Most of the new cards being issued are not chip and pin compatible.

Based on the usage instructions, this appears to be a genuine Chip & PIN card. One cautionary note - DON'T remove the card from the POS terminal until the display says "Remove Card".

Voice of experience, Ken?

Just to save someone calling CapOne, I just called on this. We have an older CapOne "Hi-Yield Money Market Account" from 2010, with ATM cards. I saw no info concerning these cards being replaced. Turns out for this account type they will NOT be issuing the Chip and Pin cards. I asked and the reason is that the cards we have are ATM only, and not debit cards, the account is not for POS purchases (although I think we have used it online to Europe in the past).

If it is a debit card, it will be chip & PIN. Only US credit cards are using chip & signature. But most debit cards won't be upgraded until next year, in time for the October 1, 2016 ATM deadline.

The good news is that as more people get new chip & PIN debit cards next year, they should be able to use them in automated machines in Europe if their chip & signature credit card doesn't work.

BTW - There are three very distinct types of cards:

Credit - purchase only (cash withdrawls at high interest rates)
Debit - cash withdrawl or purchase
ATM - cash withdrawl only

They are used in different ways and will have different role out dates for EVM and some will be signature (credit cards) and some PIN (debit cards).

@ Doug Thanks for your explanation. You always have good advice about this complicated subject. Can you tell us more about the Oct. 1, 2016 ATM deadline? I haven't heard about that before. Thanks.

Nigel,

No, but I'm somewhat familiar with how the POS terminals operate. Electrical contacts are firmly depressed onto the card to make contact with the chip. If one tries to forcefully remove the card while the contacts are attached, I suspect this could damage the terminal, the card or perhaps both. Hence the warnings on the display to either "Do Not Remove" or "Remove Card".

There are 3 key dates for the rollover to EVM cards in the US.

October 1, 2015 is the date for merchants processing credit cards and banks issuing credit cards: the fraud liability shifts to whichever party has not upgraded. So merchants will want to have chip readers installed and running and banks will want customers to have chip cards. The reality is that not all will be ready by then, some people won't yet have chip cards and some merchants won't have chip readers. It's not a regulatory date, the liability shift is the motivator to get everyone to make the change and to absorb the huge cost (over $8 billion estimated).

October 1, 2016 is the shift in liability date for ATMs. If the ATM doesn't accept chip cards, that bank will be on the hook for fraud. If an ATM or debit card isn't chipped, that issuing bank will have the liability.

October 1, 2017 is the shift in liability date for gas pumps. Same story.

speaking of debit cards, I was just at a hotel in Northern California and they had a very large sign at the checkin desk describing how much money will be held on your checking account if you present a debit card upon arrival (your total stay PLUS a percentage to cover minibar, damage, etc.) and how long it can take to be released afterwards (believe they mentioned 10 days to 2 weeks).

The overall tone was, you'd be crazy to do this. Just saying.

Thanks Douglas. Does the change for ATMs mean that we will no longer see the "insert and pull out" type that is common in US?

FWIW..I received my Capital One chip and signature card about two weeks ago. Most places, I just swipe as with the old card. Have only found two business where you push the card in (chip end first) and wait for the monitor to tell you to pull it out. One was Wall Mart and the other was a very small, family owned pharmacy in my hometown...not a chain. No one else seems ready for them.

I called about replacing my old Cap One CC with the new chip and signature card. I was told they could not send me one yet. Bummer, as I wanted to test it out on upcoming trip.