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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs