Check your mail. There's a chance a new credit card with more secure chip technology is waiting in an envelope for you.
According to ABC News, the deluge of millions of credit cards — carrying the improved chip technology and being mailed out at once — is creating massive problems for companies relying on charging those accounts for payments.
The transition between people receiving the cards and officially verifying them and updating the info with businesses is translating to lost or delayed fees and even cancelled accounts for a range of subscription-based companies, including gyms, dating websites and music streaming companies, as reported by ABC.
Netflix has already taken a hit because of the new credit cards, alleging that cards with the chip technology not being updated with the service has accounted for slower subscriber numbers in their latest quarter. Netflix claimed Wednesday that a peculiar number of accounts were cancelled from July through September. (Update those accounts, if you still want to remain a Netflix customer).
Although users will notice the number being the same on their new credit cards with the secure chip technology, the problem is the expiration date has changed and that requires updating the info with businesses because payments usually don't work if the expiration date is different, Matt Schulz, a senior analyst at CreditCards.com, told ABC.
In addition, most cards haven't been updated yet, prompting Schulz to warn subscription-oriented businesses that, "this issue isn't going away anytime soon."
