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What is a Smart card?
A Smart card is the next natural step in the evolution of today's plastic payment cards. Each Smart card has an integrated circuit chip embedded into it, which gives it the power to perform many different functions. Thus, having a Smart card is like having a PC in your wallet. With their ability to store up to 80 times more information than magnetic stripe cards, Smart cards will allow financial institutions to deliver more personalized products and services providing consumers with custom-tailored cards to suit their individual lifestyle.

With a Smart card, consumers will have the capability to carry multiple currencies when traveling; make secure purchases over the Internet anytime, anywhere; pay for public transportation and public phone calls; as well as make traditional credit and debit purchases – all with significantly fewer cards. 

What are the major benefits Smart cards offer consumers?
Smart cards offer consumers the ability to hold multiple applications on a single card, separately and securely. The applications a consumer chooses for their card will determine the benefits received. Some of the most common Smart card applications today include; credit, debit, electronic cash, loyalty, electronic ticketing, secure identification, driver's license, and health care records. So, a major benefit of Smart cards is their ability to hold multiple applications, thus allowing banks to custom-tailor cards to meet the unique needs and preferences of their individual cardholders.

In addition, Smart cards also offer the ability to manage or control expenditures more effectively, fraud reduction, reduced paperwork and elimination of the need to complete redundant, time-consuming forms. Moreover, cardholders will be able to use their cards to make payments across a wide range of new delivery channels such as the telephone, interactive TV sets and the Internet.

How is a Smart card different from the magnetic stripe card that I carry in my wallet?
Existing magnetic stripe cards have limited capacities to carry information. A Smart card carries up to 80 times more information than today's magnetic stripe cards. It can make a decision, as it has relatively powerful processing capabilities that allow it to take a variety of factors into consideration before authorizing a purchase, for example.

How does a Smart card credit or debit transaction differ from a current card transaction?
It is virtually the same. Instead of 'swiping' the card through a card terminal it is 'dipped' so the chip can be read, so the main difference is the terminal at the merchant has a chip reader in addition to the magnetic stripe reader. 

What is a multiple application card?
Many Smart cards have the capability of carrying multiple applications or applications, so essentially you are reducing the number of cards in the wallet by combining your existing cards into just a few.

How many programs can I have on one card?
Similar to the evolution of the computer, the bigger the chip the more programs you can hold on the card at one time. Since the industry is in its infancy, you may be able to hold two or three programs at first, however the chip's capacity is quickly expanding, therefore increasing the number of programs feasible. 

What makes banks so sure Smart cards will catch on?
Smart cards make it possible for consumers to make purchases over PCs, to access home entertainment via set-top boxes, and to work from home or on the road with the aid of lap tops and digital phones. In fact, in recent years the telecommunications, transportation, personal computer/software industries, as well as governments around the world have been aggressively moving to incorporate Smart card technology into their businesses. For example, Smart card readers will be standard equipment on Microsoft's enormously popular Windows platform. France Telecom has already issued over 850 million Smart phone cards to its customers. And, in the U.S., the Bush Administration is now gearing up to meet an ambitious goal of having all U.S. government employees use one single Smart card for a range of purposes by the year 2001.

First, there is the fact that chip technology is quite literally springing up all around us, in what some have labeled the advent of 'pervasive computing.' The fast-growing processing power of today's chip technology combined with the steady decline in prices has turned the chip into the cheapest and most efficient way of controlling thousands of familiar devices, from airplanes and dishwashers to traffic lights. This trend is having important implications for the way we conduct our lives and manage our businesses. 

How will Smart cards make shopping on the Internet more convenient?
Electronic commerce is expected to top $320 billion by 2002, and Smart cards bring two essential enhancements to this burgeoning marketplace. These are enhanced security and portability.

As noted above, Smart cards offer far greater security protections to the consumer than today's magnetic stripe cards. This enhanced security will be evident in the online environment as well. In addition, Smart cards will allow consumers to make secure electronic commerce purchases anytime, anywhere they go. This is simply not possible today because when you make an online purchase, the electronic proof of your identity (which is validated by your bank) is actually locked inside your PC. With Smart cards, this electronic proof of your identity is actually carried on your smart card, thus allowing you to make secure purchases anywhere you travel, leading to a dramatic explosion in electronic commerce around the globe.

Moreover, the growth of electronic commerce will also be spurred by the widespread use of electronic cash, a new payment method which is now being gradually introduced to consumers all over the world. An electronic cash product, called Mondex, is truly the most 'cash-like' of the electronic cash Smart cards which are beginning to be introduced as a more efficient alternative to physical cash. Mondex will take cash where it cannot go today – over the Internet, through the phone lines and via set-top boxes attached to 'pay-per-view' TV systems. Over the next few years, electronic cash will move from its current limited, experimental phase to a national roll-out phase in countries around the globe. 

What is Mondex electronic cash?
Mondex is a payment system, based on Smart card technology, which offers an alternative to paying cash for goods and services. To date, Mondex franchises have been sold in over 50 countries on five continents, with a potential cardbase of 3 billion people. Mondex continues to take hold around the world and successful implementations now exist in Canada, Hong Kong, New Zealand, the U.S. and Australia. 

How does Mondex work?
Mondex electronic cash Smart cards store and dispense cash electronically, making bills and coins less necessary. It transfers funds over phone lines, making it easier to reload your Smart cards. You can use this system wherever you see the Mondex sign. A Mondex wallet allows person-to-person payments. A Mondex telephone or Internet link lets you make this person-to-person payment anywhere in the world. The card can store up to five separate currencies at the same time.

Can I check what I have spent with my Mondex electronic cash Smart card, and where I've made those purchases?
Yes. Mondex-compatible ATMs, telephones, and wallets include a statement key that lets you check the last ten transactions on your card. You'll get an instant electronic statement showing how much you have spent and where and when you spent it. 

What is a Mondex wallet?
A Mondex wallet is a pocket-sized device with one or two card readers and its own electronic purse, a keyboard, and a screen. Wallets can transfer value to and from Mondex electronic cash Smart cards, allowing you to make person-to-person payments without handling cash. 

Will Mondex make cash redundant?
Mondex is an alternative to cash, not a replacement. About 90% of the world's payments are currently made in cash, and it's unlikely that Mondex will change that completely. However, there will certainly be many places where consumers as well as retailers will prefer Mondex over cash. 

How will Mondex affect my other payment cards?
Mondex is an alternative to cash transactions because of its benefits for consumers and retailers. It is faster than handling conventional currency, and in many cases safer and less expensive. Credit and debit cards offer a different set of benefits than Mondex electronic cash Smart cards, such as revolving credit and interest-free periods. These different types of payment cards will be able to co-exist easily. 

Will I spend too much with the Mondex electronic cash card?
With Mondex, you can only spend the value you have loaded, and no more. The chip keeps a record of your transactions, which you can see at any time by using the statement key on a Mondex wallet, telephone, or ATM.

What happens if I lose my Mondex electronic cash Smart card?
Because Mondex electronic cash is like physical cash, if you lose your Smart card, you'll lose the balance of Mondex electronic cash held on that card. It would be the same as losing bills or coins. The difference is that your Smart Card is useless without your code to unlock it, so nobody will be interested in stealing it. Also people finding lost Mondex cards often turn them in. 

Do I need to enter a PIN at the cash register to complete my transaction?
No. Your PIN is only required for access to your bank account using debit. You will not need it for individual sales transactions. 

How do I know where I can use Mondex?
Just look for the Mondex logo in the storefront window. Any retailer who accepts Mondex electronic cash Smart cards wants to be sure that you know about it.

Why choose a Smart credit card?

With a Smart credit card you currently get a 0% introductory APR for purchases , 24-hour online account access and many other features such as $0 Liability Fraud Protection and optional rewards programs.

 

How can you charge 0% introductory APR on purchases and balance transfers?

Simple. We really want your business! We truly believe that Smart credit cards are uniquely qualified to deliver you the value you deserve but can't find in all those other credit cards.

 

How long does the introductory rate last?

The low introductory rate for purchases is in effect for up to 6 monthly billing periods, depending upon the Smart credit card.

 

What rate will I have after the introductory period?

After the introductory period, the rate will vary between 9.99% to 23.99% depending upon the Smart credit card.

 

Can I apply for a Smart credit card?

Any adult residing in the United States ( Sorry, Smart credit cards are not currently available in Wisconsin ) can apply for a Smart credit card. In order to qualify you need to:

  • Be at least 18 years of age

  • Have a U.S. address as your place of residence ( Sorry, no P.O. Boxes )

  • Provide some basic personal information

  • Provide a telephone number where you can be reached

What if I change my mind?

No problem. Just call toll-free and cancel the credit card account.

 

Is it safe for me to open a Smart card account online?

Yes, we take your safety and security concerns seriously and we maintain the highest standards possible for our online customer security. 

 

How fast can you process my application?

When you apply online for a Smart credit card, you'll get a response usually in less than a minute. It's that fast.

 

Am I obligated to accept the offer if I apply?

It's up to you. If you change your mind during the application process, just inform the representative to stop and your information will not be entered. If you decide to cancel after you've submitted your application, you can e-mail or call Customer Service Representatives, 24 hours a day, seven days a week. Of course, you will still have to pay for any charges you made on the credit card before canceling.

 

Can I get a Smart credit card with no annual fee?

If you are approved for a Platinum or Gold card, there is no annual fee but there is a one-time processing fee. If you are approved for a Classic card, there is an annual fee and there may be a one-time processing fee. 

 

What is the difference between an annual fee and a processing fee?

An annual fee is a fee for the Smart credit card that will be billed to your account each year. A processing fee is a one-time fee that may be required to open an account with the National Bank. It can be paid online using a credit card or your checking account.

 

Why should I transfer balances to a Smart credit card?

Because, with a Platinum card, you can consolidate your bills and have just one monthly payment. Plus, you'll get an introductory 0% APR for up to six billing cycles after we open your account on any balances you transfer. 

 

Do I have to pay to transfer balances to a Smart credit card?

No. There's no fee when transferring your balances to a Platinum card.

 

Is transferring balances to my Platinum card account easy?

Yes. It's as easy as point and click! First you get a list of your other credit cards. We get them from your credit report while we're processing your application. Just confirm the balance amounts you want to transfer. In a few days, the bank will follow up and confirm your balance transfers.

 

How can I contact a Smart credit card representative?

It's easy and convenient to contact us 24 hours a day. You can e-mail us anytime or call toll-free, 24 hours a day, seven days a week to speak with a Customer Service Representative.

 

What is Smart Chip Technology?

Smart Chip Technology is the basic building block that will transform the future of credit cards, and deliver an array of benefits and services directly to a smart card.  The chip functions as a mini-computer on a Smart card, allowing it to "talk" to a computer via a smart chip reader.

 

What does a Smart chip do?

A Smart chip comes pre-programmed with the same information contained on the card's magnetic strip. Soon it will be possible to download applications to a Smart chip, via a Smart chip reader, that will make shopping easier and more secure.

 

What is a Smart chip reader?

A Smart chip reader is a device that connects to a computer and reads the information on the Smart chip.

 

How much does the Smart chip reader cost? / How do I order a reader?

The smart chip reader is available for $19.95, plus shipping and handling. When you receive your Smart credit card, sign up for online account access. Then log in to your account, select the order your Smart card reader link, and fill out the Smart chip reader Order Form. Some of National Banks offer a FREE reader with a new Smart credit card account.

 

How does the Smart chip reader work?

When the Smart card is inserted into a reader, connected to a computer, the cardholder will be identified by reading the card and requesting a Personal Identification Number (PIN). The reader protects online card transactions in the same way an ATM protects bank transactions.

 

What is Smart card online access?

Smart card online access gives you immediate Internet access to your Smart credit card account 24 hours a day, 7 days a week. You can check your balances and available credit, get account information, and make payments at your convenience. Online access gives you the ability to manage your account whenever and wherever you choose. We think you'll find managing your account easier than ever now that it's online.

 

Are there fees associated with Smart card online access?

No. All Smart card cardholders get 24-hour access, online bill payment, account updates and detailed transaction information at no extra charge.

 

How do I sign up for Smart card online access?

It's easy to register for online access. Just have your Smart card account number handy. We'll also ask you to choose your own Username and Password, so make sure they're memorable!

 

Why pay bills online?

Paying bills online lets you manage your bills on your schedule—all you need is a personal computer with Internet access. When you sign up for paying bills online, you simply select a bill, the payment amount, and the date you want to pay. 

 

How can paying bills online help me "organize" my payments?

You can pay bills online for recurring payments like your mortgage or car payment. You can also schedule payments in advance — your money won't be taken from your account until the pay date you schedule (pay date will be a business day).

 

Is paying bills online safe?

Your payments through a bill payment online service provider are guaranteed by financial groups like CheckFree, a financial services organization with over 19 years of experience in electronic payments.  In addition, these services maintain 128-bit encryption, the highest security standard for online transactions. 

 

What is an E-wallet or digital wallet?

An E-wallet or digital wallet is a shopping portal, accessible to you anytime, for all of your online purchases. When it's time to pay for your purchase, a E-wallet will automatically fill in all your online purchase forms, and can securely store all of your credit card information and shipping addresses.

 

Do I have to have a Smart credit card account to register for an E-wallet?

No. You do not have to have a Smart credit card account to register for an E-wallet.

 

Is an E-wallet or digital wallet secure?

Absolutely. An E-wallet stores all of your personal information on a highly secure server and uses the latest Secure Socket Layer and encryption technology to protect the data. Without your password, no one can access your digital wallet and the data in it. So make sure you protect your password, as you would any other password or PIN (personal identification number). 

 

Can I use my Smart credit card to access ATMs?

A Smart credit card can be used to access more than 647,000 ATMs around the world. 

 


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