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The word "credit" in banking is a measure of a person's ability to pay their debt. This ability is compiled by the credit bureau; it is known as a credit history and is visible in the credit score of every person having a bank account. The better the credit score a person holds, the more purchases and loans they can obtain in the future from the banks.
A credit card is the most common way to get into this line of credit. A credit card is a rectangular piece of plastic issued by a bank that allows the cardholder to borrow funds from the bank or financial service company to pay for the goods and services to those merchants who accept this mode of payment. The credit card holder must pay the borrowed money on the billing date with the applicable interest and additional agreed charges.
When the credit card holder pays back the amount they spent through their credit card at the end of the month, they can expect their credit score to rise. The better the credit score, the higher the chances for the credit card holder to qualify for better loans at a higher amount in the future.
One of the best things about credit cards is that they offer several reward programs to the account holder for every dollar they spend. These rewards can be redeemed for cash back, frequent flyer miles, or different goods and services. At the same time, if the account holder fails to pay the bill at the end of the month for the amount they spend, they might have to pay interest and additional charges for the delay.
Now that we know about credit cards and their importance, let's learn about credit card numbers. It’s funny how we use our credit cards almost every day but know so little about what they represent and their objectives. Those lengthy credit card numbers that we can never quite memorize are packed with crucial information. These aren’t some randomly allotted numbers but are organized strategically, pursuant to an international standard. The sequence in which the credit card numbers are printed not only informs the bank issuing the card but assists in preventing credit card fraud and reducing errors.
A credit card number is a 15 or 16-digit number stamped either on the front or at the back of a credit card. These numbers can give information about the cardholder and the company issuing the card. Apart from this, the digits on the credit card can assist in verifying whether the credit card number is valid or not. These numbers are printed when the numbers pass the complex algorithms.
The 16-digits credit card number isn't a random number taken out of a hat but is allotted by using a complex algorithm. The credit card number is created using the American National Standards Institute. The first six digits identify the credit card issuer, and the very first digit is known as the Major Industry Identifier. For example, entertainment cards begin with the number 3, Visa cards have MII of 4, and MasterCard has MII of 5, and that’s how the first digit denotes their industry.
The next five numbers stamped are the Issuer Identification Number (IIN), also known as the bank identification number. These five numbers indicate and clarify which card network the credit card originates from. This bit assists one to know about the benefits available to the cardholders. For example, Visa is known for using numbers from 2 to 6 as its IIN. Similarly, MasterCard uses digits 2 and 3 to identify the brand of the card, and American Express uses numbers 3 and 4.
The next 9 to 12 numbers following the identity of issuers are the numbers that identify the card’s individual account holder. These digits connect with the account number. Considering the prevalence of credit cards, one can safely assume that each issuing bank has approximately a trillion potential account numbers.
Finally, the last digit shows whether or not the credit card is a legit one. There is no denying the fact that credit cards are used almost every day for instant payments, which is why it is crucial for the banks to ensure the validation process decrypts the sensitive data immediately and accurately. This is where the last digit, also known as the Luhn Algorithm, comes into play. This algorithm was developed by Peter Luhn, who is also known for his crucial involvement in the development of the Internet. All thanks to the Luhn algorithm, the errors are almost immediately detected when people transcribed the credit card number inaccurately.
Now that you are well aware of the numbers printed on the front of the credit card, it’s time to look at the back of the credit card. Here, you typically find:
A security code
A magnetic strip
A signature box
Hologram
Let’s understand the importance of the CVV or remaining digits stamped on the back.
The card verification value, also known as the card verification code, it's a 3-digit number found on the back of the credit card, which represents another validation process of the credit card and adds another layer of protection to prevent fraud or any other kind of data breaches. The CVV code verifies that the holder is in the possession of the card and it is not stolen. Whenever you order something online or through your phone, you observe that the point of sale (POS) system often seeks an additional piece of information by verifying the CVV code; by rightfully giving this code, you assure that the account owner has the possession of the card.
Visa and MasterCard are known to print a three-digit code at the back of the card, whereas American Express Cards display a four-digit code at the front.
As mentioned earlier, a credit card number consists of three parts:
Bank identification number
Account holder number
The check digit
The first two digits of the credit card will answer the following:
The company issuing the credit card
The brand of the credit card
The kind of credit card it is and its level
The very first digit of the card will narrow down your queries for its issuer. Various companies like Visa and Discover have unique identifying numbers as the first digit, so the first digit on the credit card will identify the issuer.
To identify the credit card issuer, one can analyze the following digits. The credit card companies like American Express and Diners Club have the same first digit i.e 3. However, to further narrow down the issuer, look at the digits following the first number.
For example, if the first digit is 3 and is followed by a 4, the card belongs to American Express, but if the following digit is, 6 then the credit card belongs to Diners Club.
Another way to identify the issuer is to look at the length of the credit card number. If the credit card number starts with 4 and contains 19 digits, it’s a Visa, whereas MasterCard has only 16 digits.
Each issuer uses a different identification, but the materials and manufacturing process remains the same.
Credit cards are multiple layers of plastics that are laminated together. A card begins with the core, which is made from a plastic resin that is further mixed with opacifying materials and plasticizers that provide a proper appearance and consistency when used in an accurate proportion. This core material is then laminated with polyvinyl chloride acetate, which adheres with the core when applied to heat.
Various dyes are used to print the credit card in assorted colors. Some manufacturers prefer special magnetic ink to print the strip on the back of the card, and others use featured holograms to add a special printing process to their credit cards.
The manufacturing process involves multiple steps. First, the plastic core is melted and blended. The plastic core is printed with graphics and digits, which is done by using a silkscreen process. Following this, the magnetic strip is added by the stamping method, after which the core is ready to be laminated. Lamination assists in strengthening the card and protecting it. The core sheet goes through multiple systems of rollers that are fully bonded with metal platens to make the card more durable. Once the lamination is completed, the finished assembly is cut using the die-cutting method. The finished card is then prepared for shipping.
These credit cards are manufactured carefully by complying with standards established by the MasterCard, American Express, and Discover. Every blank piece of plastic is very thoroughly coded and tracked in the entire process of designing a credit card.
As the name suggests, an issuing bank is a bank issuing credit cards or debit cards to their customer. They are also known as credit card issuers. Whenever a transaction is initiated from the merchant, the issuing bank is at one end of the payment. For instance, if you initiated a transaction by purchasing an item from a retailer, the said transaction will travel from the merchant through an acquiring bank via the account number you used for making the payment and finally on to the credit card issuers, which is ultimately responsible for authorizing that transaction. Once the transaction is sanctioned, the funds will be moved from issuing bank to the acquiring bank; this process is called a settlement.
In today's world, the sheer number of choices available to the customers for an array of credit cards is unbelievable. However, one doesn't have to be overwhelmed with this array of multiple choices; rather, they should focus on what they need and choose the right credit card company and financial institution accordingly. To identify which credit card serves you the best, consider the types of credit cards defined below and pick the best for you.
This card provides the holder with cash back or points depending on the holder's spending. There are some companies that offer bonus points on using a credit card for basic purchases like grocery, gas, and dining out. These cards offer different ways to redeem the points, like statement credits, gift cards, or merchandise.
This start offers the opportunity to earn rewards perfectly for traveling. The reward can vary from flexible travel credit or getting your point to transfer to an airline or hotel program. Few credit card companies have tie-ups with specific programs such as frequent flyer programs or hotel loyalty programs. If your business often makes you travel or you love traveling, several luxury travel credit cards provide access to airport lounges, annual travel credit, etc. Some of the famous travel credit cards are Discover Card and American Express Gold card.
This card allows the cardholder to separate their personal and business expenses. To qualify for this card, one needs to have a business or income-producing activity. This card makes business running easier through its generous reward program, expense tracking abilities, flat reward rate for all the purchases, and many more benefits. If one wants to redeem their awards, they can exchange them for cash back or airline miles.
They are also known as started credit cards that focus on young people with a limited credit history. The application requirements for students' credit card is not as stringent as other credit cards and is easily approved. Most credit card companies don't charge annual fees and give generous rewards for every dollar spent. This is a good way to help students build their credit history.
Several credit cards offer 0 percent intro APR for a limited period, which means that for the introductory period, no interest will be incurred on new purchases, balance transfers, or both. However, this doesn't include cash advances. In some cases, the intro period of one card might be greater than the other; for example, some banks allow 18 months on balance transfers, whereas others provide 21 months.
Although most credit cards are unsecured, some of them are secured, which means one has to put down collateral or cash deposit to secure a small line of credit. For instance, a credit card holder can sign up for a secured credit card and deposit an initial $500 to receive a similar amount for the line of credit. Although this does not sound like the ideal credit card concept, this is the easiest type of credit card to get approved. Apart from this, a secured credit card is the best way to build credit from scratch or repair your bad credit score.
Credit cards and debit cards typically look identical when it comes to the card numbers, expiration date, and EMV chips printed on them. However, there's one huge difference between both. A credit card issuer allows the holder to spend money by issuing a line of credit which the holder pays at the end of the month, whereas debit-card holders can only spend the money actually available in their respective bank accounts. Other differences include:
In a credit card, the line of credit is issued by a bank, which allows the credit card holder to make purchases; these expenses are paid by the account holder at the end of the month. On the other hand, in a debit card, the money is deducted directly from the bank account. To make a purchase through debit cards, holders must have sufficient amount in their bank account.
As read above, a credit card allows access to a line of credit, which means cardholders can make purchases whether or not they have the amount in their account, but they will have to pay the same at the end of the month. If the holder spends more than they can pay back, this can lead to debt accumulation; however, if one makes a payment using debit cards, they cannot spend more than what they have. This saves the cardholder from accumulating debt.
If a cardholder fails to pay the bill, they will have to pay interest or additional charges for the delay, but as no bill is raised when the payment is made by debit cards, the holder doesn't need to worry about the interest or fees.
Using a credit card and paying off the bill on time assist the holder in building a good credit score and credit history with the bank, which helps the holder in acquiring a loan in the future. There is no access to a line of credit while using debit cards, so it doesn't help in building credit of any sort.
A credit card is not a luxury anymore. In today's digital world, this is a necessity. A credit card, if used strategically and paid off on time, can help a person build a safer future. One should be very careful when it comes to their credit or debit cards because there are many scammers and fraudsters waiting to rob people digitally. Although technological advancements are made to ensure no such wrongful deed is executed, still, one should keep their cards safely.
