Recently, there is a widespread concern over the closing of swipe transaction of bank cards equipped with both magnetic stripe and chip. Here’s a good new that the shutdown won’t affect credit cards, according to the People’s Bank of China.
How about credit card? Will its swipe transaction be closed?
According to BOC and ICBC, no circular of the shutdown of credit cards’ swipe transaction have been issued to them. And they will inform citizens as soon as they get any new circulars.
Will magnetic stripe cards be usable since May 1?
The shutdown is only for STRIPE FUNCTION of bank cards with both magnetic stripe and chip. That is to say, magnetic stripe cards will still be usable.
Do I have to change my magnetic cards to new ones?
In fact, China has been taking measures to promote chip cards and phase out magnetic cards and the shutdown of bank cards’ swipe transaction is to further ensure card security.
As what we’ve reported before, magnetic cards are more vulnerable as information of the cards will remain on POS and ATM after swiping. For safety’s sake, you’d better change your magnetic stripe cards to chip ones even though magnetic cards will still be usable.
How to change the cards?
Bring your ID card (passport) and the original card, and the bank staff will help you go through the procedures. Most banks provide free card-upgrading while some may charge you 5 yuan. You can apply to keep the original number of the card.
If your cards are linked with your loan, stock accounts or water, electricity payment, remember to ask the bank staff to link them with your new cards.
By Abby
