Know your Credit Card chip: Do magnets damage the card?

You have come to the right place if you have heard of the rumour that has been doing the rounds for quite some time that placing your credit card near a magnet can destroy the credit card chip technology.

A credit card contains a magnetic strip. Scientifically, when two magnets come in contact with each other, they can lose their magnetic power. In the case of a credit card, this would mean that you would no longer be able to swipe your card. But how often does this happen, and should you be worried about credit card security? Let's find out. 

Why do credit cards aave a magnet?

The credit card magnetic strip holds all of your personal data. This includes your name, account number, age, credit limit, and other similar details. The card machine reads this information through the magnetic strip when you swipe your card. Credit cards usually use ferrous oxide with a covering of plastic. The plastic protects your card from grazes and scratches.

However, if another magnet is held close to your credit card for prolonged exposure, your credit card can lose its functionality and may stop working.

What can you do to avoid damaging your credit card?

Here are some tips that can help you lengthen your credit card's life:

• Do not place any kind of magnet in your purse. If you have a magnet, such as in your laptop or any other gadget, do not store your credit card in the same place. This may impact its performance and interfere with its working. 
• Do not store two credit cards together as they would both have magnets. A lot of people push all of their cards into the same slot in their wallets. When faced together, the magnets can ruin your cards and create problems. Instead, you can place them in different sections of your wallet and avoid contact between them.
• If you are getting a medical diagnostic test, such as Magnetic Resonance Imaging (MRI), keep your credit card away from the machine, as it can lead to magnetic damage. 
• Do not bring your credit card near the refrigerator. Refrigerators have magnets that can obstruct the magnet in your credit card and render it useless. 

What to do if your credit card is damaged?

If your credit card has been damaged, here are some things you can do:

• Do not panic if the machine does not read your card. There could be several reasons for this. Try to swipe your card again or use a different device to confirm. 
• Contact your bank and explain the issue. If your account is active and you have enough credit limit, there may be damage to your card. 
• You can request a new credit card with an EMV chip (Europay Mastercard and Visa). This credit card chip technology may be sturdier and can offer better security too. 

To sum it up

These tips given above can help you avoid card damage. It also helps to pick a reputable credit card provider, such as IDFC FIRST Bank, to ensure better after-sale service and quick assistance in matters of credit card issues.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.