Chip and Pin Credit Card from Bank of America

[gkkapp]

Recently I learned that Bank of America now offers “chip and pin” Visa cards with no yearly fee and they earn cash back points. We had an old card that was unused for some three years. Long story but Bank of America is not my favorite bank. After some problems with them we put the card in a drawer intending to never use it again. After seeing the article about chip and pin cards I called them and asked if would be possible to convert the old card to one of the “new” ones. To my surprise the account was still active and they said, “No problem, we'll just convert it”. Took about three weeks or so to receive the new card, just got it yesterday. I activated it and called the bank to obtain a pin number, which will be sent in 5 to 7 business days. The card also has a magnetic strip so it can be used here with no problems.

 

The only issue with the card is that it has a 3% conversion fee on foreign currencies. We have another card with only a 1% fee that we use when traveling overseas but it is not chip and pin. You may not want to use the Bank of America card for all your charges but it could come in handy if you really need to have a chip and pin card.

 

If you are interested in getting one I would call their customer service line and ask how to do it

 

<<<Karen>>>

[Sauer-kraut]

It might be a good idea to carry that in situations where the other card doesn't work. My Capital One card has always worked in Germany and that is non-chip, and it carries no foreign transaction fee at all.

[gkkapp]

That's my feeling about our 1% card. We use it only occasionally when traveling overseas and we don't see the need to get another credit card. It has worked when we needed it to in most countries. We had a problem in Copenhagen buying train tickets from a machine. It won't take our card nor would the attendants in the ticket booth. We went to an ATM machine and got cash. I don't think Capital One offers chip and pin yet, maybe they do. I'm just passing this along in case someone can use the information.

 

<<<Karen>>>

[lost in translation]

Recently I learned that Bank of America now offers “chip and pin” Visa cards with no yearly fee and they earn cash back points. We had an old card that was unused for some three years. Long story but Bank of America is not my favorite bank. After some problems with them we put the card in a drawer intending to never use it again. After seeing the article about chip and pin cards I called them and asked if would be possible to convert the old card to one of the “new” ones. To my surprise the account was still active and they said, “No problem, we'll just convert it”. Took about three weeks or so to receive the new card, just got it yesterday. I activated it and called the bank to obtain a pin number, which will be sent in 5 to 7 business days. The card also has a magnetic strip so it can be used here with no problems.

 

The only issue with the card is that it has a 3% conversion fee on foreign currencies. We have another card with only a 1% fee that we use when traveling overseas but it is not chip and pin. You may not want to use the Bank of America card for all your charges but it could come in handy if you really need to have a chip and pin card.

 

If you are interested in getting one I would call their customer service line and ask how to do it

 

<<<Karen>>>

I just got a chip card from Bank of America (travel rewards card). However, it is apparently chip and signature, not chip and pin. No foreign transaction fee. Can get a pin for use in ATMs. Hadn't heard that they had a chip and pin card. Didn't see anything on the website. Do you have a link to something on their website? I need to call them again tomorrow as I am still waiting for my pin to arrive.

[gkkapp]

lost in translation-

 

Hum, we may have the same card. I looked at the literature that came with the card and it says, "No pin required. Signature only". When I talked to them they said "chip and pin" but who knows. I'll give them a call to check. I'm sure they told me there was a 3% fee on conversions but again, who knows. I saw an article in the newspaper that's how I heard about it. Don't see anything on the website. I really don't like dealing with "big" banks. That's why we didn't use the card for 3 years. I like credit unions and small local banks. Ours has been in business since 1875!!! We use a standard ATM card for cash withdrawals. Our local bank charges only $1 per withdrawal and no conversion fee.

 

<<<Karen>>>

[gkkapp]

Just got off the phone with Bank of America. The customer service rep said that the card would work fine in Europe with or without a pin. He also told me that there is a 1% conversion fee for transactions and a 3% fee for ATM withdrawals. The 1% fee is the "Visa" fee, which is standard on all Visa cards. Capital One must "eat" the fee. The bank, like our credit union, doesn't charge an additional fee. Time will tell on this. We won't know until we get to Europe in July. I post all this for what it's worth and that's all I can do.

 

<<<Karen>>>

[lost in translation]

lost in translation-

 

Hum, we may have the same card. I looked at the literature that came with the card and it says, "No pin required. Signature only". When I talked to them they said "chip and pin" but who knows. I'll give them a call to check. I'm sure they told me there was a 3% fee on conversions but again, who knows. I saw an article in the newspaper that's how I heard about it. Don't see anything on the website. I really don't like dealing with "big" banks. That's why we didn't use the card for 3 years. I like credit unions and small local banks. Ours has been in business since 1875!!! We use a standard ATM card for cash withdrawals. Our local bank charges only $1 per withdrawal and no conversion fee.

 

<<<Karen>>>

There has been some discussion about this card, and the whole chip and pin confusion generally, on other threads. I found out about this card on another thread but after applying for it found out that there was a difference between chip and pin and chip and signature. Also a whole lot of confusion as to whether we can just use the pin instead of signing. Anyway, the website and stuff that came with my card "No foreign transaction fees. Using your card won't cost you more when you're traveling outside the United States." I guess this card will be better than my other ones but may not be as useful as I had hoped.

[fabnfortysomething]

here in the UK we had similar problems when the rest of Europe had chip and pin cards but we were yet to move this technology

 

there is a difference between a chip in a card which allows you to use a pin code in an ATM to withdraw cash and one where the shop places your card in a device where you then have to tap in the pin on a hand held device

 

it sounds like most US cards still have the info in the magnetic band-we used to be able to get a letter from our bank explaining in the local language that the card was valid but the info was in the magnetic strip-some retailers were happy to accept this letter but as has been mentioned of no help for automated ticket machines etc

 

we now have adopted the chip and pin method which is supposed to be more secure

[lost in translation]

here in the UK we had similar problems when the rest of Europe had chip and pin cards but we were yet to move this technology

 

there is a difference between a chip in a card which allows you to use a pin code in an ATM to withdraw cash and one where the shop places your card in a device where you then have to tap in the pin on a hand held device

 

it sounds like most US cards still have the info in the magnetic band-we used to be able to get a letter from our bank explaining in the local language that the card was valid but the info was in the magnetic strip-some retailers were happy to accept this letter but as has been mentioned of no help for automated ticket machines etc

 

we now have adopted the chip and pin method which is supposed to be more secure

Thanks. The confusion for us is that we got this new card that has a chip (and a magnetic strip for use in the US) but apparently we still have to sign for things instead of using the pin.

[gkkapp]

I believe I now have some answers. There are TWO chip and whatever cards offered by B of A. One is a "Travel Card" that only give points back on travel related items, ie: a cruise, airline tickets. It has no yearly fee and no transaction fee on foreign purchases according to the website. The other is a "Cash Rewards" card that give a percentage back on all purchases ie: groceries, gas. There is no yearly fee but there is a 3% fee on foreign purchases. What they gave me is a cash reward card even though I said I would be using the card for travel out of the country. I have asked them to change it to a travel card. I won't be using it for purchases of everyday things in this country. I have a better card for that. If you go to the website and look under credit cards you will see the differences.

 

I wish I had never started this discussion but I thought I was being helpful. At least now I might end up with the correct card.

 

<<<Karen>>>

[Nonnie1975]

No, thank you so much for starting this thread. You have explained a lot and answered a lot of my questions. We have the BOA card, now I just have to call and ask a couple of questions. Now, I know what questions to ask. Thanks!!!

[Alaskanb]

If you want a chip and pin card I suggest you look at Andrews Federal Credit Union Global Trek Card http://www.andrewsfcu.org/credit_cards_and_loans/credit_cards/globetrek_rewards.html

[varoo]

We just received one from Bank of America too, and now I am really confused.

 

On the card it says VISA signature.

 

On the enclosure it says "Your Personal Identification Number (PIN) will be mailed to you shortly. You can use your PIN to get cash at ATM's worldwide."

 

In another section it says "No foreign transaction fees. Using your card won't cost you more when you're traveling outside the United States."

 

That part is fine, so it looks like there would be no problem using it in place of our regular credit card, in any situation where we may need to use a card that has chip and pin technology.

 

The problem is that I ordered it thinking it would be a good way to get cash from ATM's outside the USA and really wanted it for that purpose. But now I don't think so anymore because on another enclosure

by "ATM Cash Advance" it says

 

"5.00% of the amount of each transaction (Fee Min $10.00)"

 

No, thank you.

 

Guess I will try to use my regular bank card to get money out of ATMs, only that card doesn't have the chip and pin so I don't know how widely it will be accepted in Europe.

 

Maybe I'll just take this new card along to have as an emergency backup in case I should find myself at a location where I can't get cash from ATMs without the chip and pin.

 

To gkkapp, please don't be sorry you started this discussion.

It is helping to shed some light on the subject, with people pointing out the benefits and pitfalls of the various ways to do it.

Maybe someone will yet know of a good solution.

[varoo]

Another thing I noticed that I don't like about it is that it says the card has no pre-set spending limit.

 

Even though it does have a $0 Liability Guarantee for fraudulent purchases, I don't like the idea that someone could run up high charges on it if the card is compromised.

 

I think I will call and see if they will agree to set a fairly low limit on it, as I only plan to use this card for restaurants, admission tickets, taxis, tours and other miscellaneous purchases, hoping that the "safer" chip and pin technology really will provide better protection.

I don't plan to use it for cash advances at all unless absolutely necessary.

 

It also says that it gives "2 points for every $1 you spend on purchases with your card, everywhere, every time."

It says "Travel rewards the way you want- with no hoops to jump through."

 

Not sure what that means. I guess I'll find out eventually if I use the card.

Edited April 1, 2013 by varoo

[gkkapp]

Thank you varoo and Nonnie1975 for your kind words about this thread. Makes me feel better :D.

 

varoo- We have used a regular ATM card in Europe many times without a problem. Chip and pin is NOT required. The card is NOT a debit or credit card. We couldn't use it in a store to buy something, it can only be used to get cash out of a machine. You get the cash at the current exchange rate and our bank only charges $1 per withdrawal. Check with your bank about getting one of those.

 

<<<Karen>>>

[lost in translation]

My BofA card has a $10,000 limit. I got it hoping to use it in stores, museums, etc. so didn't have to worry about having the right amount of foreign currency on me with so many different ones on this cruise. From what I've read here and in the Rick Steves books, magnetic strip debit cards work fine in ATMs. Fortunately our bank (Charles Schwab) refunds ATM fees. However, I ended up ordering foreign currency through Wells Fargo. I think. When I clicked on "place order" I got a message back saying my order couldn't be processed. However, I got my Copenhagen Cards in the mail so went to my online statement to see how much the charge ended up being in US$ and saw a pending charge from Wells Fargo. So, we'll see.

[Sauer-kraut]

Guess I will try to use my regular bank card to get money out of ATMs, only that card doesn't have the chip and pin so I don't know how widely it will be accepted in Europe.

 

I do that all the time with my regular (used to be called Cash Station) card from the bank. Its not tied to my accounts like a debit card nor does it carry a visa or master card logo; it truly is only for the ATM machines.

 

Anyways, on the back of the card it will tell you which machines it will be compatible with, such as Cirrus, Star and some others. Just check the foreign machine they will display one or two of those along with others either on the front frame of the machine or on the screen of the machine. Usually in Europe you can also click on a flag for language display (click on the British flag for English ;))

[varoo]

I do that all the time with my regular (used to be called Cash Station) card from the bank. Its not tied to my accounts like a debit card nor does it carry a visa or master card logo; it truly is only for the ATM machines.

 

Anyways, on the back of the card it will tell you which machines it will be compatible with, such as Cirrus, Star and some others. Just check the foreign machine they will display one or two of those along with others either on the front frame of the machine or on the screen of the machine. Usually in Europe you can also click on a flag for language display (click on the British flag for English ;))

Thank you, Sauer-kraut. It is reassuring to know that we will be able to get cash out of ATMs throughout Europe just by swiping our regular ATM cards after all.

 

As to the new chip and pin card, I just called Bank of American and they did let me set my own limit on the card. So that makes me feel more secure about using it to pay for purchases overseas without needing to carry around large amounts of cash in foreign currency.

 

This seems like the ideal combination -- the security of charging most purchases to the chip and pin credit card with no foreign currency conversion fees, while also having the ability to withdraw cash from ATMs in foreign currency as needed without getting hit with transaction fees to do so.

 

If others reading this thread can think of better ways to do it, please keep those ideas coming.

[CRUIS4ME]

Thanks for kicking this around on the CC thread.

We have not had any any problem getting cash from European ATMS using our Debit Card - with four digit pin. We have used our credit cards in many countries for purchases - but haven't been to Baltic countries yet - going there this summer. We have never used our credit card to get cash as that would be too expensive in fees seeing that would be a cash advance - so we stay away from that option.

I am thinking this ATM Cash card not tied to a bank account....Is this a prepaid cash card through a bank?

Tomorrow I will be calling BofA to get options on cards with pins. I will move towards getting the Travel Card thanks to the discussion above. Also will be checking with Capital One and Chase...will report back! Thanks

[CRUIS4ME]

I'm reporting back....called the banks today. Here's what I found out.

Bank of America. Debit card - has a pin...no chip and pin card available. They charge a $5 fee plus 1% of transaction for money withdrawal at a foreign ATM. They have cooperative banks where the bank fee is waived to use the ATM - In UK - Barclays/In France - BNP/In Italy BNL/In Germany Deutschebank .

Credit Card - Yes, they have pin and chip card (relatively new for them). Cost to charge is 3% of transaction.

 

USAA - No pin and chip for debit card. Cost for foreign transaction/money using debit card is 1%. For credit card - Yes - Pin and Chip (Also new for this bank) Transaction fee is 1% of purchase.

 

For Capital One Charge Cards- No pin and chip card available. No foreign transaction fees for charges.

 

For Chase - Basic credit card - no pin and chip. 3% for foreign transaction fees for charges.

However - they DO have pin and chip cards available - require annual fees - check products on line.

 

Hope this helps as we slug through the various cards to take and use.

Edited April 3, 2013 by CRUIS4ME

[donaldsc]

I don't think Capital One offers chip and pin yet, maybe they do. I'm just passing this along in case someone can use the information.

 

<<<Karen>>>

 

I just called Cap 1 re chip and pin. They do not offer it at all. Bummer.

 

DON

[CRUIS4ME]

Yeah - Cap 1 is a no go with pin and chip. Actually we have the Royal Caribbean Credit Card which is how we got a BofA card...and now that they have chip and pin, they will be sending me two new cards.

[piper28]

USAA - No pin and chip for debit card. Cost for foreign transaction/money using debit card is 1%. For credit card - Yes - Pin and Chip (Also new for this bank) Transaction fee is 1% of purchase.

 

I just converted my USAA card a couple weeks ago to the chip and pin. Pretty easy if you already have a USAA mastercard (I think it's only available as a mastercard). Converting an existing one keeps the same terms as what you had. Figured it would be useful to have one card that had chip and pin just in case.

[lost in translation]

This whole thing is getting frustrating. I think I will just stick with my chip and signature BofA visa since it is no foreign transaction fee but apparently 3% with chip and pin. My husband has a USAA card. Maybe I will see if he can exchange that for a chip and pin.

 

Anyway, I plan to pay cash for most things anyway. Getting some before we leave and then use ATMs.

[gkkapp]

Please see this thread post # 17 for excellent summery of the current state of US "chip and pin" cards.

 

http://boards.cruisecritic.com/showthread.php?t=1820832

 

<<<Karen>>>