Credit card chips have been around for a LONG time.

Credit card chips have been around for a LONG time.

The invention of the silicon integrated circuit chip in 1959 led to the idea of incorporating it onto a plastic smart card in the late 1960s by two German engineers, Helmut Gröttrup and Jürgen Dethloff.

Wear and Tear: constant use of your card over time can get frayed your card, which might be unnoticeable to you. But it may it will tear down your chip and make it useless after a point of time. ... Physical force: chip credit cards can get easily damaged by physical force.

A chip error simply means the credit card machine wasn't able to read the chip on your card. This can mean your chip is dirty, or it can mean the chip is damaged. It's more likely the chip is dirty. Try cleaning the chip and try again.

The delay is due to the added security features, the primary reason for using the technology. Specifically, the chip in the card is generating a unique encrypted message between the store and the bank's network. The bank sends a secure message back and then you're good to go. Go ahead and remove your card.

Most electronics (chips) contain tiny amounts of precious metals - gold, silver, rhodium, copper, etc. If a debit/credit card does contain some gold or silver, it is such a tiny amount that you would be lucky if it added up to more than a penny or two.

Keeping your card's magnetic strip away from magnets is one way to take care of your credit card, but magnets aren't the only causes of damage. ... Luckily these chips aren't affected by magnets, but scratches or prolonged exposure to water can cause damage or make them stop working altogether.