Archived Retailers swipe at banks over microchip mandate on credit cards (thehill.com)
submitted ago by TerriChris
Posted by: TerriChris
Posting time: 5.2 years ago on
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Archived on: 2/12/2017 1:51:00 AM
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Archived Retailers swipe at banks over microchip mandate on credit cards (thehill.com)
submitted ago by TerriChris
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[–] cpoakes 0 points 1 point 1 point (+1|-0) ago
Glaring inconsistency: The new cards are "dual technology" they come with both the chip AND the mag stripe... because all retailers still don't have chip readers. If the mag stripe remains familiar/faster/easier and someone else (the retailer) is responsible for fraud, which method will consumers use? Duh. Just cost shifting by the banks to retailers until retailers are willing to refuse mag stripe transactions.
[–] [deleted] 0 points 1 point 1 point (+1|-0) ago (edited ago)
[–] TerriChris [S] ago
The consumer will pay double. The credit card companies are not lowering their fees and interest rates, which, by the way, are out of control compared to the market rates.