Credit Cards Accepted Signs
Why certain institutions, shops etc refusing to accept the old type credit card, the ones without chip emboss?
On displaying any credit card sign, can they refuse to accept a credit card just because it does not have the chip embossed? Not all country have started this additional security system.
The old type cards are very easy to ‘clone’ (not to mention steal).
In the past, the Card issuers would pick up the bill when a ‘cloned’ or stolen card was used.
To cut down of losses the ‘chip & pin’ card was introduced – and since 14 Feb last year Retailers were stuck with the losses on the old ‘cloned’ cards.
The few Retailers who announced they would continue to take old cards quickly found their losses going up … so now almost no-one will take the older cards.
President Obama Signs Major Credit Card Reform Bill
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