American Express announced on December 11, 2017 that they will be getting rid of the requirements attached for merchants to collect signatures at store checkout. This update will be effective beginning April of 2018, around the same time that Mastercard and Discover plan to eliminate signature requirements as well. With Chip and Pin security, it was a necessary question towards if we really needed signature requirements since they basically provide absolutely no grounds towards security this day and age. Unlike Mastercard and Discover’s card network, American Express plans to eliminate this requirement globally. As of current, AMEX does not require signatures on purchases less than $50 in the United States.
| BONUS LINK | OFFER | REVIEW |
| Chase Business Complete Checking® | $300 or $500 Cash | Review |
| Chase Private Client | $3,000 Cash | Review |
| Chase Total Checking® | $300 Cash | Review |
| Chase College CheckingSM | $100 Cash | Review |
| J.P. Morgan Self-Directed Investing | Up To $700 Cash | Review |
| Chase Secure BankingSM | $100 Cash | Review |
American Express Signature Requirement Updates Summary:
- American Express announces methods towards eliminating signature requirements globally.
- As of current, AMEX does not require signatures on purchases less than $50 in the United States.
- By April 2018, AMEX will eliminate signatures as a requirement in whole.
- This comes after Mastercard and Discover announces the same plan.
- VISA is the only one left out the the major four credit card networks to address any signs of updates towards the signature requirement.
Our fraud capabilities have advanced so that signatures are no longer necessary to fight fraud. In addition, the majority of American Express transactions today already do not require a signature at the point of sale as a result of previous policy changes we made to help our merchants.
The need for signatures has declined around the world due to a number of advancements in the payments industry. These include the growth of contactless payment options, including card-based and mobile tap-and-pay methods, the global adoption of EMV chip technology, and the continued expansion of online commerce. American Express has also deployed advanced machine learning algorithms that allow for more precise detection of fraud while minimizing disruption of Card Members’ genuine spending.
Conclusion:
After Mastercard and Discover announces plans towards eliminate signature requirements, American Express announced on December 11, 2017 that they will also be ridding the requirements attached for merchants to collect signatures at store checkouts. This provides more convenience, especially since American Express announced that the update will be provided at a global extent. Now we’ll just have to see whether individual retailers will initiate steps towards eliminating signature requirements at checkout. Surely, if VISA joins in, it’ll be a reality much quicker; saving consumers and merchants time. To conclude this post, be sure to check out our complete list of Credit Card Promotions for all your credit card bonus needs!
