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Bank of America Begins Rollout of Chip Credit Cards to Consumers

EMV Technology Will Increase Acceptance of Cards for International Travelers

Monday, July 23, 2012 9:30 am EDT

Dateline:

CHARLOTTE, N.C.

Public Company Information:

NYSE:
BAC
"We want our customers to have the best possible experience while making purchases with their credit cards anywhere in the world."

Bank of America today announced that it is rolling out chip technology on many of its consumer credit cards. The new chip technology will increase acceptance and security of the cards for international travelers.

Credit cards with chip technology, which is also known as EMV (EuroPayMastercard Visa), are embedded with a microprocessor chip that encrypts and stores the account information. Many countries outside the U.S. have already converted from magnetic stripe to EMV chip technology.

The bank’s new chip-enabled credit cards will continue to prompt customers to sign for transactions just as they would today. The cards also include the traditional magnetic stripe, which is used by U.S. merchants.

“The new chip-enabled cards will improve convenience and security of customers’ transactions when traveling abroad,” said Consumer and Small Business Products Executive Susan Faulkner. “We want our customers to have the best possible experience while making purchases with their credit cards anywhere in the world.”

The bank will include the chip technology in all newly issued Merrill Lynch credit cards, U.S. Trust Accolades, BankAmericard Travel Rewards, BankAmericard Privileges, and Virgin Atlantic travel credit cards. The bank also will upgrade existing customers in these card programs who have been identified as international travelers.

In addition, the chip will be an optional feature that cardholders can request for the following credit card programs: BankAmericard Cash Rewards, BankAmericard Power Rewards, BankAmericard, AAA Members Rewards, NEA, Asiana Airlines, Alaska Airlines, Hawaiian Airlines, Royal Caribbean and Norwegian Cruise Lines.

Customers will be able to request the chip card options at the banking center or via phone beginning this week and online later this year.

Earlier this year, the bank began rolling out chip and PIN credit cards to corporate and commercial clients in the U.S. This followed last year’s release of chip and PIN cards to corporate and commercial clients in Europe.

Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,250 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

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Contact:

Reporters May Contact:
Betty Riess, Bank of America, 1.415.913.4416
betty.riess@bankofamerica.com