The bank will include the chip technology in all newly issued Merrill Lynch credit cards, US Trust Accolades, BankAmericard Travel Rewards, BankAmericard Privileges and Virgin Atlantic travel credit cards. In addition, the chip will be an optional feature that cardholders can request for the following credit card programs: BankAmericard Cash Rewards, BankAmericard Power Rewards, BankAmericard, AAA Members Rewards, NEA, Asiana Airlines, Alaska Airlines, Hawaiian Airlines, Royal Caribbean and Norwegian Cruise Lines.
Credit cards with chip technology, also known as EMV, are embedded with a microprocessor chip which encrypts and stores the account information. Many countries outside the US have already converted from magnetic stripe to EMV chip technology. Earlier this year, Bank of America has begun to roll out chip and PIN credit cards to corporate and commercial clients in the US. This followed the 2011 release of chip and PIN cards to corporate and commercial clients in Europe.
Customers will be able to request the chip card options at the banking center or via phone beginning with July 2012 and online later in 2012.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now