What You Need To Know About The Different Parts Of A Credit Card
What You Need To Know About The Different Parts Of A Credit Card: With increasing crime rate as well as the simple convenience of it, the world has largely shifted towards the concept of plastic money. Instead of wallets bulging with money bills and little coin purses making happy clinking noises, the no-mess swipe of credit and debit cards is now the norm.
Credit/debit cards also have the added advantage of allowing us to shop at home, overseas or even online.
The parts of a credit card.
At one point or another, when we have a minute to spare in our busy lives, we might have wondered what the different parts of a credit card actually mean. Reasons for credit card numbers on the back? That little strip of silvery material? What is that? And so on. Well, here you will find the basics of the main parts of a credit card!
- Bank Branding
Band branding signifies the issuing authority of the card, that is to say, what bank has issued said card. It may be in the form of a logo, or a complete name.
- Card Number
This is one of the most important aspects of a card. It is a 16 digit number that links your account to the card that you have been issued.
- Cardholders Name
The card is issued in the name of a person, and the cardholders name is just that. The card holders name could also be the name of a person who has been authorized to use the card but did not actually open the account.
- Smart Chips
Smart chips serve to add a layer of protection. They make it harder for stolen cards to be used, as well as minimizing the risk of fraud.
- Magnetic Stripe
The magnetic stripe along the back of the card encodes information about the card as well as the user. It is read by specialized devices, such as those that the card is swiped against in order to make a payment.
- Security Codes
Reason for credit card numbers on the back are that they provide an additional veil of security. For payments online for instance, these numbers are required to assure authenticity.
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