(Hawaii News Now) - Hawaii State Federal Credit Union (Hawaii State FCU) will offer its members the first locally issued EMV-enabled credit card in the state beginning this Tuesday, April 1, 2014.
EMV cards are the global standard for security and are in widespread use in Europe and Asia. The technology is gaining popularity in the U.S. The EMV initials stand for Europay, MasterCard and Visa, the first firms that agreed to the standards more than a decade ago.
Hawaii State FCU's Visa Signature® Cash Rewards Credit Card has an embedded microchip in the metallic square on the card's face. The chip is encrypted for stronger security and protection against fraud when used at EMV-enabled point-of-sale (POS) machines or automated teller machines (ATMs.)
By Oct. 1, 2015, merchants will be liable for both domestic and cross-border charges made with fraudulent EMV-enabled cards that are run through their machines if they haven't upgraded to EMV-enabled equipment.
"Our members want the safety of the highest level of security. We are being proactive as we anticipate merchants shifting to newer, more secure bank card systems now, as they gear up to meet the deadline," said Andrew Rosen, president of Hawaii State FCU.
Hawaii State FCU members who open a Visa Signature® Cash Rewards Credit Card before May 31, 2014 will receive two percent cash-back on all purchases for two months. The card has no annual fee and provides buyer's protection and personal identity theft coverage.
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