A magnetic stripe is a thin strip on a card, typically on the back, that contains important information. It uses magnetism to store data, like a code or numbers, which can be read by machines when swiped through a card reader. Full definition
Yes, when chip & PIN is implemented, the credit limit on the account is shared between all the cardholders just the same way as with magnetic stripe cards. (vancitycommunityinvestmentbank.ca)
In certain countries, for example, it's not uncommon for travelers to encounter merchants that don't accept cards with magnetic stripes at all. (creditdonkey.com)
Chip cards are effective at preventing fraud because they work differently than traditional magnetic stripe cards. (smallbusinessesdoitbetter.com)