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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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