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What is a chip card, and how is it different from a magnetic stripe card?
A chip card is a bank card or credit card containing an embedded computer chip, which gives the card the ability to store and process data. A chip card provides enhanced security because it is very difficult to duplicate.
What are the benefits of the chip card?
Migration to chip technology brings with it a number of benefits, both to consumers and merchants. The most important benefit that chip cards bring to the Canadian marketplace is added security. Chip cards are more difficult to copy, thereby reducing counterfeit fraud.
How do I use a chip card?
Your new bank card will contain both an embedded computer chip and a magnetic stripe.
When used at a chip-enabled point-of-sale terminal, you will no longer swipe your card through the machine. Instead, you’ll simply insert your card in the terminal for the length of your transaction and follow the prompts.
With non-chip enabled point-of-sale terminals, your new card is swiped exactly like your old one. The store merchant will let you know if you’re using a chip-enabled terminal or not.
Does the move to chip technology mean the current payment system with magnetic stripe technology is not secure?
Cardholders should continue to have confidence in the security of magnetic-stripe cards. The migration to chip technology represents the next step in the evolution of the consumer payment system and is designed to make an already safe system even more secure.
During the transition period to chip technology, magnetic-stripe cards will continue to provide Canadians with a safe, reliable and convenient method of payment while in Canada and travelling abroad.
Will chip technology change my banking habits?
Chip cards can be used anywhere in the world where your bank card or credit card is accepted today. For your President's Choice Financial bank card, you will continue to use your existing PIN when you conduct transactions.
Will Canadians be able to use chip cards outside of the country?
Yes. Many countries, particularly in Europe, have already successfully adopted chip technology and Canadian chip cards will be fully compatible with these systems.
In countries that have yet to switch to chip technology, such as the United States, cardholders will still be able to use their cards because they’ll continue to have a magnetic stripe.
What if somebody steals my card? Is it safe?
Chip cards provide enhanced security because they are very difficult to duplicate, copy or access. If your bank card is lost or stolen, call us at 1-888-723-8881 immediately.
When will I get a President's Choice Financial bank card with chip technology?
President's Choice Financial bank cards with chip technology are now available. Get yours by visiting an in-store pavilion or calling 1-888-723-8881.
Does this added security cost me?
There are no additional charges for chip cards. At this time, all current fees for replacement cards will remain the same.
What if I don’t want a chip card? Do I have a choice?
All major financial institutions and credit card companies in Canada are moving to chip cards. The industry has set milestone dates for migration.
What will happen to my President's Choice Financial bank card features and PC points rewards program?
Along with the enhanced chip security, you’ll continue to enjoy all your current card features and the PC points rewards program as applicable.
find out how your new President's Choice Financial bank card will work
introducing chip technology
® PC, President’s Choice, PC Financial and President’s Choice Financial are registered trademarks of Loblaws Inc. CIBC a licensee of marks.
†President's Choice Financial personal banking services are provided by the direct banking division of CIBC.
PC points program provided by President’s Choice Services Inc.
† President's Choice Financial services are provided by the direct banking division of CIBC.
President's Choice Financial MasterCard is provided by President's Choice Bank.