Why don’t credit cards have passwords?

Because there are two credit card verification methods, some bank cards do not have passwords.

1. Signature.

Under this setting, no password is required for consumption. If fraud occurs, you can ask the merchant to adjust the bill and use the signature to identify someone else who swiped the card, and request a refusal or refund. The premise is that you keep relevant copies or photos, and record your credit card signature style as evidence for comparison.

2. Password.

The bank’s statement is that the consumption password is optional, but at the same time it also says that password transactions are regarded as personal transactions. In other words, as long as you use the password, if someone else sees it, forges the card or steals your card and uses the password, it will be regarded as you swiping the card yourself. Banks and merchants are not responsible.

Currently, credit cards with passwords in China include China Construction Bank, ICBC, Minsheng Bank, etc.;

Credit cards without passwords include Guangfa, China Merchants, etc.

Bank cards refer to credit payment instruments issued to the public by approved commercial banks (including postal financial institutions) with all or part of the functions of consumer credit, transfer settlement, cash deposits and withdrawals, etc. Bank cards reduce the circulation of cash and checks, allowing banking business to break through the limitations of time and space and undergo fundamental changes. The application of the bank card automatic settlement system will make a "checkless, cashless society" a reality.

Why don’t you use a password when swiping your credit card?

The reason why you don’t need a password may be that small amounts require no password or visa, or there is no payment password set. If you do not set a transaction password, you can use your credit card to make purchases with your signature. The credit card you hold has a password-free consumption limit, such as 500 yuan, etc.

Small-amount password-free and signature-free payments are small amounts. Payment can be completed without a password or consumer signature. Internationally, small-amount password-free and visa-free payments have become a mature payment method, and are also widely used in the domestic mobile payment field. Payment tools such as Alipay and WeChat all have this function, and it is a basic function enabled by default for bank cards.

Security precautions:

1. When paying for goods, if you find terms and options with words such as "I agree" and "Authorize" on the page, browse carefully and do not authorize easily. "Password-free payment" and other functions.

2. When setting up "password-free payment", users should also consider the frequency and amount of consumption on the platform. For those platforms with low frequency of use or high average consumption amount, users should try not to Enable password-free payment.

3. Users should avoid using birthdays, mobile phone numbers, etc. as passwords to avoid being used by criminals.

4. When activating "password-free payment", users must set a monthly limit or a single payment limit for password-free payment to avoid expansion of losses.

Special compensation:

UnionPay and various banks have set up special compensation for cardholders and provided 72-hour card loss protection services. That is to say, for UnionPay cards (including "Cloud QuickPass") with a small amount of password-free and signature-free transactions within 1,000 yuan, due to the card being lost or stolen, the cardholder will be compensated for the amount of consumption that was stolen within 72 hours before reporting the loss. Each cardholder can accumulate up to 30,000 yuan in compensation each year.

In terms of compensation, the principle of "full risk compensation" is adopted. In order to reduce cardholders' concerns about card security, UnionPay and commercial banks have set up special compensation funds for cardholders, providing a small-amount double-free "full risk compensation" service, which can cover cardholders' fraud losses.

How to use:

The specific implementation method is: after the user's Xiaomi bracelet and mobile Alipay client are bound, once the bracelet is close to the mobile phone, there is no need to enter payment To operate the password, wear the bracelet to complete the payment directly, realizing a convenient password-free payment process.

If consumers are unwilling to use the small-amount password-free and visa-free payment function, they can turn it off at any time. Debit cards and credit cards issued to consumers by bank branches basically have the small password-free and signature-free and "Quick Pass" functions enabled by default. If consumers want to turn off this function, they can contact the customer service of the bank where they issued the card over the phone. Close it or go to a bank branch to handle it. To turn off this feature, cardholders only need to apply to the card's issuing bank.

Can I swipe a credit card without a password? These conditions must be met

Nowadays, many people are accustomed to using credit cards to make purchases. I wonder if they have ever encountered such a situation. Sometimes you need to enter a password to swipe a card, and sometimes you can make transactions without entering a password.

For example, credit cards can be swiped without a password, mainly because credit cards can provide password-free and visa-free services for small amounts.

Can I swipe a credit card without a password?

Credit card for small amounts without password or visa is a new type of fast payment service between UnionPay and major banks. It is also what we often call QuickPass. It can be implemented without password when the following four conditions are met. Just swipe your card for transactions.

1. Quick Pass credit card: a chip credit card with two logos of "UnionPay" and "Quick Pass" on the front of the credit card. Only this type of credit card can activate the password-free and visa-free function for small amounts. , if the credit card is a magnetic stripe card, then this is not possible.

2. QuickPass POS machine: Similar to QuickPass credit card, the POS machine must have both the UnionPay logo and the QuickPass logo. Both logos are indispensable. QuickPass POS products have built-in contactless fast payment technology. You can swipe your QuickPass credit card by bringing it close to the POS machine. If it is a non-QuickPass POS machine, you can only insert and swipe the card in the traditional way, which requires a password to make transactions.

3. Transaction amount: In order to prevent transaction risks, only small transactions of less than 1,000 yuan can be paid without a password. For transactions exceeding 1,000 yuan, even if quick payment can be made, a password must be entered. Swipe your card.

Summary: The above three points are the conditions that must be met to swipe a credit card without a password. In addition, it also depends on whether the bank has enabled a small password-free function for credit cards. However, most bank credit cards will enable the dual exemption function by default after activation, and the cardholder does not need to actively apply. However, to turn off the dual exemption function, you need to apply to the bank.

That’s it for the introduction of credit card without password.