NEW ORLEANS (WVUE) - Thursday is the deadline for retailers to install microchip-embedded credit card machines designed to help cut down on fraudulent transactions.
Currently, the standard debit and credit cards have magnetic strips that allow retailers to read the bank or credit card company's information to charge the customer for their purchase.
The new cards come with something known as EMC technology. They have metallic chips that pass a unique transaction code to the merchant. Analysts say these new cards are much harder to copy and will cut down on fraudulent charges.
Banks have already been sending out millions of new debit and credit cards. However, reports show that half of credit or debit card users in the United States still have not received a new card. It seems that making the switch may not be so easy.
So what happens to your current debit or credit card with a magnetic strip? Don't worry, these cards will still work until it expires or until a new card is ordered.