As part of a continuing shift toward more convenient purchasing for borrowers who frequently travel overseas, one of the nation's biggest credit card lenders has partnered with a major hotel chain to issue a new type of credit card.
The new Hyatt card, released by Chase Card Services, will grant consumers who frequently travel abroad far more flexibility in making purchases thanks to the embedded technology. This card will be the first U.S.-issued EMV hotel rewards credit card, and provides users with a number of benefits. Apart from carrying no foreign transaction fees, it will also grant consumers three Hyatt Gold Passport points for every dollar they spend.
EMV - which stands for Europay MasterCard Visa, the companies that developed the technology - is relatively new in the U.S., but has grown ubiquitous in most major countries around the world, the report said. It allows consumers to receive better protection of their finances because EMV uses a microchip to store payment data, rather than a magnetic strip.
"Offering EMV chip technology on the Hyatt Credit Card is an extension of our commitment to provide cardmembers best-in-class service and products," said Robin Schettini, general manager for Chase. "This new feature offers cardmembers convenience and peace of mind that cannot be matched by any other U.S. cobranded hotel card. Our Hyatt cardmembers will benefit from the card's premier travel benefits and the ability to safely and easily conduct transactions when traveling internationally."
A number of major U.S. lenders are now moving toward offering EMV cards to affluent borrowers who routinely go overseas, but experts say that a more widespread rollout of the technology isn't likely to come soon because of the cost and time it may take to set up the infrastructure nationwide.
