FAQs - Visa Credit Card

Are there fees for Visa cash advances?

There is no Cash Advance fee. However, there is no grace period before interest begins to accrue.

Why I am being charged interest on my Visa account?

LBS Financial's Visa card accounts come with a 25 day grace period for purchases only. Interest would be assessed immediately if you have a cash advance balance, which is always subject to interest. If you did not pay your balance in full within the 25 day grace period, you would also be assessed interest. The grace period ends 25 days from the statement date. If the statement is dated April 30, your payment for the total balance would need to be posted on or before May 25 of the same year in order to avoid interest on your purchases. If your balance includes cash advances, it is subject to interest every day the balance remains unpaid.

Why does my LBS Financial Credit Card now have a chip?

Visa chip cards are already being used to make payments more secure around the world. In fact, they have virtually eliminated counterfeit fraud in countries like the UK and Australia when used in stores at chip-activated terminals. This proven technology is now coming to the U.S. so consumers can continue to shop with confidence while being better protected from fraud. A chip card is a regular plastic credit or debit card with an embedded microchip that provides an extra layer of protection when used in stores with a chip-activated reader.

I have an LBS Financial credit card and have not yet received my chip card. When will I receive it?

When your credit card expires it will be replaced with the new chip card. If you would like to receive a chip card before your current card expires, please contact the Credit Union.

What are the benefits of using a chip card?

Chip cards let you pay with confidence. Every time a chip card is used at a chip-activated terminal, a unique one-time use code is generated for the transaction to be approved. This feature is virtually impossible to replicate in a counterfeit card.

How do you use a chip card?

Chip cards are designed to be simple—everywhere. When using a chip card at a chip-activated terminal just insert the card with the chip side up, follow the prompts, and remove the card when the purchase is complete.
Step 1:Insert the chip end of the card into the terminal (instead of swiping).
Step 2:Keep the card in the terminal and follow the prompts to complete the purchase.
Step 3:Cardholders should remember to take their card with them when they leave.

Where can chip cards be used?

Our LBS Financial chip credit cards work everywhere Visa is accepted including:
Chip-activated terminals
Chip cards offer the greatest security when inserted into a chip-activated terminal.
Terminals that are not chip-activated
You may continue to use your card by swiping, because chip cards still have a magnetic stripe on the back.
You may also continue to make online purchases by entering the card number or selecting the card during the checkout process if the card is already on file with that merchant.
Chip cards are still accepted at the ATMs you have been using.

How do I verify my identity when using a chip card?

There are three different ways cardholders can verify their identity when using a Visa chip card.
Sign to verify
This is more convenient at certain merchants, like a restaurant where you aren’t likely to follow their waiter to a terminal to enter a PIN.
No verification
Some merchants don’t require verification for purchases under $50. Fast food restaurants or convenience stores often require no verification.
Enter a PIN
This method is used at ATMs.

Can I use my chip card overseas?

Although new in the U.S., chip technology has been used around the world for a number of years. In fact, Visa chip cards are accepted in over 130 countries. As a result, our Members can enjoy greater security and make purchases with confidence everywhere they travel. Keep in mind that you may need a PIN for verification when traveling internationally. If a store in another country doesn’t have a chip-activated terminal, the card is simply swiped using the magnetic stripe on the back.

Am I still covered under Visa's Zero Liability Policy?

No matter how you pay, Visa has you covered with zero liability. Visa’s Zero Liability Policy is our guarantee that Visa cardholders won’t be held responsible for unauthorized charges made with their account or account information. When our Members use Visa chip cards, they are still covered under this policy so they can continue to shop with confidence.
How it works:
  • Visa chip cardholders can shop worry-free at millions of locations
  • The cardholder reviews their monthly statement and immediately reports any unauthorized charges to their financial institution
  • Once reported, Visa’s Zero Liability Policy requires their financial institution to investigate and resolve things quickly. If the unauthorized transaction involves their debit card or account, Visa’s Zero Liability Policy generally requires issuers to replace any funds taken from their account as a result of an unauthorized debit transaction within five business days of notification