10 things to know about the new EMV chip credit cards

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Confused about the new credit card changes rolling out Thursday? Here's what you need to know:

For consumers:

1. On Thursday, new credit/debit card readers will be activated at stores across the U.S. that have purchased new Euro Mastercard Visa terminals.

2. If you don't have your new chip card, don't panic. Only 25 percent of consumers have received them, according to Natalie Dunlevey, president of National Processing Solutions. Call your bank to request a card.

3. If you do have your new EMV card, instead of swiping it, you will insert your card into the reader, typically located at the bottom of the terminal, and you will leave the card in the machine until the transaction is processed.

4. You will be asked to give your signature for every EMV transaction.

5. If you don't see the EMV insertion point on the terminal, that's OK, too. Only 27 percent of merchants are EMV compliant at this time, Dunlevey said. In this case, you will swipe your card, even if is an EMV card, as you normally would.

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For merchants:

6. Thursday is the deadline for merchants to have the new EMV chip card readers. If your business doesn't have one, it is among the 73 percent of businesses who will miss the deadline, according to Dunlevey.

7. If you do have an EMV card reader, it will activate Oct. 1. Customers who have a chip card should insert their card into the reader, instead of swiping the magnetic stripe, and they should sign for their transaction.

8. If your business has an EMV card reader, the bank or credit card issuer is to maintain responsibility for any debit/credit card security breaches that occur, according to Mallory Duncan, an expert on consumer privacy issues and Senior Vice President and General Counsel for the National Retail Federation.

9. Businesses without the EMV technology could be held liable for any data breaches involving credit/debit cards.

10. If you need to purchase and EMV terminal for your business, contact your bank or the issuer of your current credit card terminal.