No PIN No Pay

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Forums › Finance and wealth management › No PIN No Pay

old3eyes

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#150700 31-Jul-2014 10:39

I saw this allot when in Ozz last week. It appears as from August 01 that if you don't have a PIN with your credit / debit card you won't be able to use it in Ozz. Signatures no longer allowed.
Any idea if this is going to be implemented here? Also as the likes of Prezzy cards don't use a PIN, From the Preezy card site "When you are present and pay for a purchase, swipe your card through the EFTPOS machine and press ‘credit’. There’s no PIN so you need to sign the receipt." Guess you can't use that in Ozz as well..

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Old3eyes

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#1099120 31-Jul-2014 10:44

http://www.stuff.co.nz/business/money/9200140/Don-t-pin-hopes-on-signatures

johnr

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#1099121 31-Jul-2014 10:44

About time long time overdue

tardtasticx

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#1099133 31-Jul-2014 10:52

Should have happened years and years ago. Why have they been holding onto signatures for so long? Is it like the US system where no one wants to switch to Chip + PIN because of the expense apparently?

gzt

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#1099137 31-Jul-2014 10:56

Hmm. Last time I was in UK nearly every pos terminal I used a CC on did not prompt for a pin and requested a signature instead. I'm unsure if the same occurred in Aust.

old3eyes

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#1099161 31-Jul-2014 11:36

gzt: Hmm. Last time I was in UK nearly every pos terminal I used a CC on did not prompt for a pin and requested a signature instead. I'm unsure if the same occurred in Aust.

It did last time I was there 4 years ago but not last week. Promted to enter PIN only

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Old3eyes

gzt

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#1099163 31-Jul-2014 11:37

Aust or UK?

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dejadeadnz

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#1099229 31-Jul-2014 12:26

Getting rid of signatures for credit cards is about 10 years overdue.

old3eyes

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#1099236 31-Jul-2014 12:34

gzt: Aust or UK?

Ozz.

Regards,

Old3eyes

old3eyes

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#1099237 31-Jul-2014 12:35

dejadeadnz: Getting rid of signatures for credit cards is about 10 years overdue.

That was one of the reasons I ditched my Amex card. Was no use at a terminal that needed a PIN.

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Old3eyes

dejadeadnz

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#1099370 31-Jul-2014 14:48

I like Amex (and still have one) but only use it on more high risk transactions, knowing (and having experience to suggest) that they are much more likely to be on my side if and when I need to do a charge back or dispute things. However, for day to day use it is next to useless given that many places don't take it and it still requires a signature. I can't be stuffed waiting around to sign something.

On a semi-related topic: NZ's credit card offerings are, as a rule, a total joke. The annual fees are too high and supposed premium offerings like platinum cards are doled out left, right and centre and hence the "rewards" largely suck.

ajobbins

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#1099407 31-Jul-2014 15:35

I suspect this will be like what happened when they went PIN-only in the UK a number of years back - Overseas cards will be exempt for a period of time.

When I was in the US last year, lots of very new machines didn't have a pin pad at all. Some had fancy touch screens with a stylus to capture the signature electronically tho.

Will likely be enforced locally for local cards, but some flexibility for regional card differences.

I'm in Oz and this has been heavily advertised, yet when I was at the supermarket just 2 days ago both the two people in front of me in the line signed for their purchase on a card. They are screwed come tomorrow if they haven't loaded a PIN.

Everytime I have used signature in the past 9 months or so (Never by choice - usually forced upon me at restaurants etc) I get a pointed email from the bank the next day telling me to stop signing and use my damn PIN!

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rugrat

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#1099471 31-Jul-2014 17:04

Wonder what will happen with cards that don't do pins?

Which already mentioned Amex and Prezzy Cards are two of them?, though I don't know why Amex doesn't use pin at eftpos, but does in an ATM.

Giggs

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#1099476 31-Jul-2014 17:15

The only place in NZ I get regularly hit up for a signature is in restaurants. As others have said this change is long overdue.

PhantomNVD

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#1099480 31-Jul-2014 17:22

cant think of the last time i needed to sign for anything... seriously, must have been more than 2 years ago at least.... BUT the new CC i got with a chip in it refuses to be swiped (forced to use chip) and takes AT LEAST twice as long to go though (AND insists on holding the card till the final transaction goes through!)

BUT strangely also has paywave functionality, and will happily charge out upto $80 without ANY authorisation, which I DON'T like, so I guess you just have to suck up whatever the banks feel like doing until eventually you get used to it, or they start only adding the features you ASK for?

Handle9

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#1099504 31-Jul-2014 18:01

FYI Amex does do PIN on their chip cards - at least on the chip cards. My new corporate Amex has a PIN.

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