FAQ: What you need to know about chip-embedded credit cards

Banks have been sending millions of Americans credit and debit cards equipped with computer chips to improve the security of in-store purchases.

Meanwhile, banks and credit card companies are pushing merchants to upgrade their payment terminals so they can read the chips on the cards and bring the U.S. in line with credit card security used in much of the rest of the world.

The conversion process from older magnetic stripe cards to chip cards has sped up in recent months because of an Oct. 1 deadline. That’s the day when liability for credit card fraud will shift from banks to merchants or the party using the least-secure technology. Credit card users, who won’t bear liability for fraud, are unlikely to notice the deadline at all.

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