BY POLLY BAUER
“Swipe Right” is an urban phrase that describes your acceptance of something. Like a “thumb’s up” it’s used anytime you make a good choice or want to signal your approval. You’re “swiping right” if you think before you swipe. Swiping a magnetic credit or debit card and entering a pin number leaves you ripe for fraud. The stripe contains information that never changes. It can be used over and over again.
Enter smart cards (EMV cards)
EMV or fraud resistant smart cards are trending globally. These credit cards have a chip that creates a unique transaction code that cannot be used again. Instead of swiping, you “dip” or insert them into a card reader
The secure thing about smart cards is that once dipped or inserted at check out, the transaction data flows directly from the card to the bank. What this means is that the information can’t be stolen or used to create a counterfeit card.
Patience not frustration
Remember dipping, like in dancing, is a learned skill that gets better with practice. Not just for the “dipper, but for the “dippee.” Cashiers (and the Grand in line ahead of you) are experiencing the same learning curve.
Inserting the card and waiting for the approval to remove the card takes a little longer, but it’s a good opportunity to check your texts for new photos of the grandkids or practice being a Good Samaritan.
Understand the plastic effect
Getting used to smart cards is not the issue. Getting credit savvy is. Not just for Grands but for grandkids. Using credit wisely is not taught in schools or universities, and most of what we think we know about credit is wrong.
That’s why I want all Grand Magazine readers to have my book The Plastic Effect. The book provides easy-to-understand and easy-to-accomplish instructions on how to raise your credit score and protect your buying power.
Special Offer: Click here and get a Kindle version of The Plastic Effect for $2.99. Offer good through December 31, 2015. (Don’t have a Kindle? Download the free Kindle app to your smart phone first.)
As a preeminent expert on credit cards and all forms of payment, Polly Bauer has directed global expansion and managed $950 million credit card portfolios for billion-dollar corporations. Her grandchildren Tallulah and Henry are the stars in her universe.