Survey: What Consumers Really Think of Chip Credit Cards

Survey: What Consumers Really Think of Chip Credit Cards

February 6, 2017         Written By Bill Hardekopf

The transition to chip credit cards took place in October 2015, so consumers have had over a year to use this relatively new technology. What do they truly think of these cards? surveyed over 200 credit card consumers in late January and found an overwhelming percentage of consumers are comfortable with these new chip-embedded cards. In addition, while the chip cards require a longer transaction time than magnetic strip cards, a large majority of consumers felt this wait was tolerable.

* 80% of consumers who have tried using their chip credit cards are very or somewhat comfortable using these cards. Only 9% said they were uncomfortable.

* 64% of chip cardholders felt the transaction time was slower but tolerable compared to the magnetic strip transactions. 24% said it was equal in time to the magnetic strip. Only 8% felt chip cards were too slow to use.

* Of those that expressed any hesitation about chip cards, the two biggest concerns were the speed of the transaction (55% of concerns) and the security of these cards (39%).

* Contrary to reports of chip cards not working, two-thirds (66%) of the chip cardholders said the transactions are always successful on the first attempt.

* Half of the consumers in the survey liked the new chip cards better than the magnetic strip cards; the other half did not.

Surprisingly, 15% of those surveyed said they have yet to receive a chip credit card.

“The transition to these chip-embedded credit cards had some very rough roads especially in the early going, but it seems to have smoothed out,” said Bill Hardekopf, CEO of “Consumers seem to have adapted to these cards. Consumers want peace of mind with their transactions, especially with the rash of data breaches that have taken place. These cards give slightly more security than magnetic strip cards, and cardholders are willing to sacrifice speed and convenience for this added security.”

The information contained within this article was accurate as of February 6, 2017. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Bill Hardekopf

Bill Hardekopf is the CEO of and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.
View all posts by Bill Hardekopf
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