VISA has engineered the new card design so that it can be carried virtually anywhere including the smallest pockets, purses, and wallets. “Mini cards” have a small hole in the bottom corner so the card may be added to a key chain. Negating the need for pockets, purses or wallets.The mini cards contain a magnetic strip just like a standard credit card so they can be swiped in exactly the same manner. The number layout and 3 digit security code are formatted the same as a standard credit card so they can be used for online purchasing. However it cannot be used in chip and pin terminals because of its non standard size, but a standard size card is also issued for the purpose of withdrawing money from ATM machines.
Chip and pin cards are slowly making their way into Australia and the estimated goal is to have all credit card transactions and processes utilizing this technology by 2015.
After its introduction in the U.K. this new technology became universally available and some reports have shown that credit card fraud has been reduced by 80%.
Since physical card contact is becoming less necessary and therefore frequent during transactions (they do not need to be swiped in order to access them) the necessity for duplicate cards should be decline dramatically in the next couple of years .
As with any credit card it is imperative to keep the card secure and in your possession at all times. If it is compromised than the card should cancelled which in turn will activate the zero liability policy guarantee. Mini cards are a new design for a new age complete with a range of bright colours to choose from but have all the essential benefits and pitfalls of regular or standard credit cards.
