Credit cards will have to be activated for overseas use by 1 Oct

Here’s one more thing you must remember to do before you travel: activate your credit card.
 
The Association of Banks (ABS) has said that all 10 card-issuing banks in Singapore will deactivate the magnetic strips on credit and debit cards by 1 October. At least one bank will deactivate the strips as early as 31 Aug.
 
All new cards will have their magnetic strips inactive by default.
 
ABS said that this is a new security measure to protect users’ details and to prevent cards from being cloned by skimming syndicates.
 
Activation methods will vary from bank to bank – these can include activation via SMS, ATM or on the phone. Depending on the card issuer, users may be allowed to activate their card for a period of time or they might have to deactivate the card after their travel period.
 
Local transactions will not be affected as they are processed using EMV chips, which are said to be more secure.

For Jonathan Chen, 32, who travels frequently for his job in pharmaceutical sales, this is a “one-off hassle that is good in the long run”.

“Sure, it may be troublesome to contact every single bank and get the activation done, especially because I have cards from several banks. But I think it will also give me a greater peace of mind when I shop overseas,” said Jonathan, who often helps his female friends purchase luxury bags worth thousands overseas and pays for them with his credit cards first first.

Jenna Goh, 26, similarly lauds the move- but for an additional reason. She thinks this will help her spend less when overseas.

The graphic designer said she tends to “let loose” when shopping overseas, and her bank account suffers as a result.

“Now, I’ll just activate maybe one card before I fly, because I am too lazy to do such administrative things. Havingonly one card to use will help cap my spending limit,” she said.

HSBC will be begin the deactivation first, by the end of next month. DBS Bank will do so by Sept 22. United Overseas Bank, Maybank and Citibank will follow by Oct 1.

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