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?
LowCards.com 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.
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* 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 LowCards.com. “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.”
This entry was posted in Credit Card News and tagged credit cards , credit card security , credit card transaction , chip and pin , magnetic strip , chip credit cards , EMV conversion , EMV credit cards , EMV transition , chip and signature , chip embedded cards , transaction security , transaction speed , chip transition , magnetic strip cards , slow chip cards , chip conversion
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. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.
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