We understand that peace of mind is very important when using cards for purchases and cash withdrawals. That is why all new MyState Financial Visa Debit Cards feature the latest in chip card technology. Chip technology provides better security and greater control of individual finances through embedding a microchip in your Visa Debit Card to securely store your personal data such as your name, card number and expiry date. Chip card technology has been proven to be harder to counterfeit than traditional ‘magnetic stripe’ cards.
Visa Debit Card Chip Technology - Frequently Asked Questions
What is a chip card?
A chip card contains a microchip that securely stores the same card details as the magnetic stripe on the back of your card, i.e. card number, cardholder’s name and card expiry date.
Why do I need a Visa Debit chip card?
MyState Financial is introducing the new chip card technology to increase security and fraud protection for customers. The Visa Debit chip card has proven to be extremely effective in resisting credit card copying and skimming, a process where the magnetic stripe details are copied at the point of sale and then used by criminals to produce counterfeit cards elsewhere. The new technology available in chip cards makes it a far more secure form of banking.
When will the new Visa Debit chip cards be available?
MyState Financial will begin issuing Visa Debit chip cards from June 2010 to current and new customers who renew or obtain a new Visa Debit card.
How do I use my new Visa Debit chip card?
The new Visa Debit chip cards come with a Personal Identification Number (PIN) that can be used by the cardholder to conduct transactions (this function is interchangeable with the signature as proof of identification at the point of sale). This method of transaction combined with the chip card technology provides MyState Financial customers with the highest level of security and protection available as well as the ease and convenience of using a PIN. When a new Visa Debit chip card is issued customers will also be sent a new PIN separately in the mail. Existing customers sent a renewal Visa Debit card will continue to be able to use their existing PIN.
When can I apply for a Visa Debit chip card?
If your current card is lost or damaged prior to your card expiring, you can apply for a new card, however a $10 Card Replacement Fee will apply.
If you wish to update to a Visa Debit chip card prior to your current card expiring, you can apply for a new card, however a $10 Card Replacement Fee will apply.
Travelling Overseas
If you are planning to travel overseas, it is recommended that you update to the new Visa Debit Card chip technology to ensure you are receiving the highest level of security offered. To update to the new chip technology a $10 Card Replacement Fee will apply. If you are travelling overseas we strongly recommend that you know the PIN for your Visa Debit Card. Merchants in most other countries already use chip and PIN technology and may decline a transaction if you don’t have a PIN.
NOTE: If you choose any of the above options, it is important to remember that you will receive a new card number. If you have any recurring debits connected to your old card it is imperative you contact the merchant/s to advise of your new card number.
The only option available for retaining your current card number is to wait for your current Visa Debit Card to expire and be issued with a replacement card.
Why does my Visa Debit chip card still have the magnetic stripe?
Not all terminals in Australia or overseas have upgraded to chip technology so you still need the magnetic stripe to use your card at the majority of terminals currently available. Over time the new terminals will replace existing machines that rely on the magnetic stripe for application and identification.