Skip to main content

Why Chip Card Readers Are Making People Angry

By U.S. News & World Report

There’s a crisis facing the nation that’s beyond your control — and no, this is not referring to the presidential election.

This is a crisis you face every day at your local retailers and grocery stores: Chip cards.

As if swiping a credit card wasn’t difficult enough, U.S. consumers have had to conform to the elusive new process of inserting credit and debit cards into chip readers at checkout counters. These cards have a small silver icon and are part of an industry standard called EMV, which stands for Europay, MasterCard (ticker: MA) and Visa (V).

Unlike other countries that required retailers to upgrade to EMV by a specific date, the U.S. went ahead with a “liability shift” process, meaning retailers that didn’t upgrade by a certain date (Oct. 1 of last year) could be liable for fraud, reports Quartz.

In addition, payment processors must verify the systems meet compliance before they can be put to use, a process that can take weeks.

If and when these machines are up and running, though, it’s not all smooth sailing. If your personal experiences haven’t frustrated you enough, let Twitter be your source of empathy:

*inserts chip card*

*leaves 27 years later

— Jamie K. White (@jamiekCNN)

July 24, 2016

Me: *inserts chip card into reader*

Bitchy Cashier: “Um you need to swipe it..”

Me: *getting handcuffed for felonious assault*

— Karen (@lindstrka)

August 4, 2016

Fav this if the store u work at has the chip card reader & is using it

RT if u r swipe-only trash

— Sabrina Mota (@sabrinadraco)

August 3, 2016

I never feel older than I do when the chip card reader finally starts screaming at me to pull out my credit card.

— William Morgan (@pres1billy)

August 3, 2016

Dear person who made the chip card reader sound effect, We all hate you. Fix your mess.

— Hallie Odell (@HallieOdellie)

July 28, 2016

Just experienced the chip card/magnetic card thing for the first time.. We’re screwed

— Justin Johnson (@_JustinJohnson_)

August 4, 2016

Except, apparently, for this voice of “reason”:

Oh no. 13 extra seconds using a chip card reader. How will we live? It’s like the car that passes you to race to the next red light.

— tenpinsplit (@tenpinsplit)

August 3, 2016

Meanwhile, Visa and MasterCard’s stock prices have remained relatively flat in 2016. Visa is up about 2.5 percent on the year, while MasterCard is down about 1.7 percent.

10 Ways You Can Throw Retail Stocks in Your Cart

8 Ways to Maximize Your Credit Card Rewards

More from U.S. News

10 Ways You Can Throw Retail Stocks in Your Cart

8 Ways to Maximize Your Credit Card Rewards

What to Do If You’ve Fallen (Way) Behind on Your Credit Card Payments

Why Chip Card Readers Are Making People Angry originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
Read Next Story

Related News

Frustration grows in Venezuela as earthquake death toll reaches 1,430

Israel and Lebanon sign framework agreement with US in ‘first step’ toward peace, Rubio says

Trump-endorsed populist poised to become Colombia’s next president as rival challenges vote