Credit cards are cards issued by a bank or by some other financial institution. Using this card one can borrow money at any time from a financial institution that provided the card. However, the borrower had to return the credit card money with interest. This interest rate kept on increasing with delay in return. With credit cards, one can pay at money places more than the debit card. One can pay the online fee, purchase tickets, and many more. Credit cards are better protected against the fraudulent. Bank provides more facilities to credit card owners comparing with debit card owners because they earn more from credit cards.
There are pieces of information about credit cards, these are credit card numbers, card verification values,
and virtual credit cards. This information is associated with the user details, credit card number is the information about the user and the issuing authority. Similarly, CVV is used to establish the identity of the owner to minimize the risk of fraud and virtual credit card hand then virtual credit cards are the virtual credit card numbers associated with your original credit card number and allow the transaction on original credit card numbers without using the original number, this is to avoid the frauds as well.
Overall, these three credit card numbers, CVV and Virtual credit cards are holding the information of credit cardholders and make sure that the security against the fraudulent must be impeccable. These details increase the trust of account holders to go for credit cards. The details of these three credit card numbers, CVV, and virtual credit cards are discussed below.
The three mentioned words, credit card number, CVV and virtual credit cards need a bit more to explain. In this section, we will discuss and try to understand them better. Following are the details of each of them
Credit Card Number
Credit card number is usually but not always mentioned on the fro of the credit card. This number is mostly a 16-digit code. However, it could be up to 19 digits. The number holds the information of both the holder and provider of credit cards. That is the number is not just a random number it is a piece of code-based information. Following is the explanation of the credit card number
Overall the credit number is divided into 4 domains, the first number, numbers 2-6, number 9-12, and then the last number. Let us see the information in these numbers.
- The first number specifies the institution that provided the credit card. The first number is also known as the major industry identifier or MII. There are some details about the first number. If the first number is 1,2 and 3 it represents airline, airline and finance, and travel and entertainment, respectively. 4,5 and 6 represent banking and financial (visa), banking and financial (master card), and “merchandise and banking”, respectively. Numbers 7,8 and 9 represent petroleum, “health care and communication” and government, respectively.
- The next five digits are called Issuer Identifier Number (IIN) or bank identification number (BIN). This number contains the information of the credit card company that provided the credit card. As well as the information of the network is also hidden in these numbers. Every company uses this number according to its protocols. For instance, in the case of the Visa card, digits 2 to 6 have are the bank numbers. However for MasterCard, the second and third number represents bank number, bank number can be found in second and third number up to second, third, fourth, fifth and sixth number. It means MasterCard us two to five numbers for bank information. For American Express, the third and fourth numbers are the bank number.
- The next 9-12 numbers depend upon the total number of credit card numbers are the card account number. It is also a unique personal identifier as well as holds the information of the account holder. This number is unique for each cardholder.
- The last digit is an identifier. This number identifies if the credit card is valid or not. This number is also called the checksum. There is a mathematical algorithm behind this number called the “ Luhn algorithm’. The Luhn algorithm is used to identify the validity of the credit card using the last number.
Credit Verification Value (CVV)
Credit Verification Value or CVV is a three-digit number on Visa, MasterCard, and Discover credit cards and a four-digit number on an American Express card. CVV is normally located at the back of both credit and debit cards. The main purpose of the CVV is to help the credit card holder with security features. This code is used by a service provider to identify the cardholder, once the cardholder is identified he can easily use the credit card for certain purposes. The service provider will help with the security features. CVV numbers are also known as CSC card security codes.
Virtual Credit Card
Virtual credit cards are virtual credit card numbers. These numbers can be used for the transaction on the credit card. These are not the original card numbers but they are associated with the original credit card. These virtual numbers are for security purposes if the cardholder feels insecure to share the original credit card number, he/she can use the virtual card. Many credit cardholder uses a virtual credit card for security purposes.
To obtain a virtual credit card you have to apply for it at your bank or credit card holder institute. That’s how you can get it conveniently. The credit card provider may allow you to set an expiry date of a virtual card that will be different from the original date. These are all the efforts to make use of credit cards more and more secure.
The credit card number, CVV and Virtual credit cards have number-based information and codes for better usage of the card. As well as these are the tools to make usage of credit cards more secure to avoid any fraud. As the misuse of a credit card can cause a lot of loss. That is why it is important to use it more securely. People nowadays have more trust in credit cards than before because they are more secure and reliable.
Virtual credit cards are unique credit card numbers that allow you to transact on your main credit card account without using — or exposing — your main credit card account number. … And you may also be able to specify a spending limit or a particular expiration date for a virtual credit card.