This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

City National Begins Issuance Of "Smart" Credit Cards

LOS ANGELES, May 23, 2013 (GLOBE NEWSWIRE) -- City National Bank is now issuing "smart" credit cards that supplement magnetic stripes with an embedded microchip technology that enhances transaction security. Initially available to the bank's commercial clients, the new cards are expected to be especially attractive to frequent travelers to Europe and Asia, where chip-enabled cards and terminals predominate.

"These new cards are both suited to current systems in the United States and to credit card technologies that are standard outside the U.S.," said Vincent Hruska, senior vice president for product strategies at City National Bank. "As a result, our clients will find their cards accepted at a wider range of locations abroad and will be able to use them with a greater degree of security. They will also be fully prepared for the increase in chip technology anticipated for domestic markets over the next few years."

Chip-enabled cards (also known as "smart cards") are payment cards with a microprocessor chip embedded on the front of the card. The chip stores the same information as the magnetic stripes traditionally used on cards, but adds an extra layer of security to in-person transactions through an encryption technology that authenticates each transaction and makes it more difficult for unauthorized users to access or copy card information.

Chip-enabled cards and terminals are currently in use in 130 countries worldwide and use in the United States is growing. However, because magnetic-stripe technology is still predominant domestically, the new cards will continue to prompt cardholders to sign for transactions, just as they would today, and the card will also include the traditional magnetic stripe.

"We want our clients to have the best possible experience while making purchases with their credit cards, whether here at home or while traveling overseas," Hruska said.

City National Bank began distributing chip-enabled cards to new and renewing commercial card clients earlier this month. Distribution of chip-enabled cards has also been launched to current commercial cardholders with at least one international transaction within the past year. Distribution to personal card accountholders will begin this summer.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.19 -1.04%
FB $118.06 0.54%
GOOG $695.70 0.48%
TSLA $222.56 -4.20%
YHOO $36.00 -0.03%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs