Frequently Asked Questions

1. What is a chip card, and how is it different from a magnetic-stripe card?
2. What are the benefits of the chip card to consumers?
3. How do I use a chip card?
4. Does the move to chip technology mean the current payment system with magnetic stripe technology is not secure?
5. Do I get a new PIN with my chip card?
6. Will Canadians be able to use chip cards outside of the country?
7. What if somebody steals my card? Is it safe?
8. When will I get a CIBC VISA Card or CIBC Convenience Card with chip technology?
9. Does this added security cost me?
10. What if I don't want a chip card? Do I have a choice?
11. What about my CIBC VISA Card features and rewards programs?

1. What is a chip card, and how is it different from a magnetic-stripe card?

   A chip card is a debit card or credit card containing an embedded computer chip, which gives the card the ability to store and process data. The chip card provides enhanced security because it is very difficult to duplicate, copy or access.

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2. What are the benefits of the chip card to consumers?

   Migration to chip technology brings with it a number of benefits, both to consumers and merchants. The most important benefit that chip cards bring to the Canadian marketplace is added security. Chip cards are more difficult to copy, thereby reducing counterfeit fraud.

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3. How do I use a chip card?

   Your new debit and/or credit card contain both an embedded computer chip and a magnetic stripe. When used at a retailer with a chip-enabled terminal, you will no longer swipe your card through the machine. Instead, you'll simply insert your card in the terminal for the length of your transaction and follow the prompts. When prompted, key in your PIN to authorize the transaction. At retailers without chip-enabled terminals, your new card will be swiped exactly like your old one. The store merchant will let you know if you're using a chip or non-chip-enabled terminal.

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4. Does the move to chip technology mean the current payment system with magnetic stripe technology is not secure?

   Cardholders should continue to have confidence in the security of the current payment system with magnetic stripe technology. The migration to chip technology represents the next step in the evolution of the payments system and is designed to make an already safe system even more secure.

   During the transition period to chip technology, magnetic-stripe cards will continue to provide Canadians with a safe, reliable and convenient method of payment while in Canada and travelling abroad.

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5. Do I get a new PIN with my chip card?

   For your CIBC Convenience Card, you will continue to use your existing PIN when you conduct transactions. When you receive your new CIBC VISA Card with chip technology, you will be given a PIN to use when conducting transactions. We strongly recommend you create a new, more personalized PIN that will be easier for you to remember. You can do this at any CIBC Instant Teller machine. Just insert your chip card, enter the supplied PIN and follow the prompts to change it.

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6. Will Canadians be able to use chip cards outside of the country?

   Chip cards can be used anywhere in the world where your debit or credit card is accepted today. Many countries, particularly in Europe, have already successfully adopted chip technology, and Canadian chip cards will be fully compatible with these systems.

   As cards will continue to have magnetic stripes, cardholders will be able to use their cards in countries that have yet to switch to chip technology (such as the United States).

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7. What if somebody steals my card? Is it safe?

   Chip cards provide enhanced security because they are very difficult to duplicate, copy or access. If your card is lost or stolen, please call CIBC immediately at 1 800 465-CIBC (2422).

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8. When will I get a CIBC VISA Card or CIBC Convenience Card with chip technology?

   CIBC has planned a rollout for its clients that will replace all current cards with ones incorporating chip technology**.

   You'll receive your new CIBC VISA Card shortly before your current one expires. You'll receive your new CIBC Convenience Card in the mail when it is time for CIBC customers in your postal code to be switched over.

   We are not accepting requests for early migration to chip cards at this time. If you have any further questions, please call 1-800-465-2422.

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9. Does this added security cost me?

   There are no additional charges for chip cards.

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10. What if I don't want a chip card? Do I have a choice?

    All major financial institutions and credit card companies in Canada are moving to chip technology. The industry has set milestone dates for migration.

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11. What about my CIBC VISA Card features and rewards programs?

    Along with the enhanced chip security, you'll continue to enjoy all your current card features and rewards programs as applicable.

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** Excludes CIBC U.S. Dollar VISA Card.