I believe it is chip and signature... I got mine from Bank of America... no pin necessary when the chip is used (and it still has the magnetic strip for stores that don't have chip readers).
Even travelling through a lot of small towns in rural areas I don't think I've run into a magstripe-only reader in the past couple years at least.
There was a period where it was a guessing game every time you paid for something whether it was magstripe or chip (some locations even had a chip-capable machine, but didn't have the service enabled with their payment processor, so you still used the magstripe...).
