Typically, you can locate this in the bottom right-hand corner. Again, when paying online or in-store, many businesses require you to select your card type, as not every establishment will accept the same kind of card. While debit and credit card numbers are mainly on the front side, the back of the card also features critical information.
Each time someone swipes a card, the reader knows whether or not the card has expired. The strip also denotes whether the account associated with the card has sufficient funds for that particular transaction.
Hologram: This is the small, three-dimensional image near one of the bottom corners of the card. It serves as a security measure first and foremost; these are very hard for counterfeiters to fake. Backside contact information: This exists in case a problem should arise regarding your card, and you need to talk with your bank via phone. Security codes: The security code on a credit or debit card , also known as the CVV, is a group of three digits included below the magnetic stripe and certifies that the card is indeed valid.
Logos are there to help you know which ATMs you can use for free without paying an additional charge. Debit and credit cards appear to be very similar at first glance, but they aren't. When you use a debit card, you're drawing money directly from your bank account. A credit card essentially allows you to borrow the money until you pay it back as part of your monthly bills. As a concept, this is what financial institutions and vendors alike sometimes refer to as having a line of credit.
Now that we've broken down the basic features of debit and credit cards, let's take a closer look at the numbers themselves and discuss how they work.
After all, these are arguably the most vital features of every card. The digit numeric series located on debit and credit cards have the same function, but remember: The sequence of numbers will always vary. Even if you possess both types of cards, the digits will not be identical. Additionally, the bank or credit card company determines the actual pattern. In this context, numbers one through nine all signify a specific professional sphere that corresponds to the card's purpose. They are as follows:.
Numbers one and two represent airlines, three is for travel and entertainment, and four and five refer to banking and other financial purposes. You can withdraw from Rs 15, to 2 lakh or even higher, depending upon the type of card you are using.
For premium cards withdrawal limit of cash and point-of-sales limits are higher. Are any charges levied for using a debit card for cash withdrawal? Basically, cash withdrawals from the same bank's ATM are absolutely free. In fact some bank charges nominal charge in case more than five transactions you made from you bank's ATM. When ATM-cum-Debit card is lost or misplaced whet immediate steps are to be taken?
Contact Toll free help line number and inform about the loss of card and make request to BLOCK the card and stop the operations of the card on the network. Please note to take ticket number from the Contact Centre. In case customers are not able to contact the Contact Centre for hot-listing there cards, they can approach any branch of the Bank. Inform immediately the card issuing branch telephonically about the loss of card followed by written request to BLOCK the card.
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Try and get a blan. This is unbelievable. This code is a fraud prevention tool used when using the card non physically. The first digit represents the industry or MII Major Industry Identifier code which helps you identify the industry the card was produced for. This algorithm is a simple checksum algorithm that helps to verify identification numbers. This checksum is used for credit card numbers, IMEI numbers, Social security numbers in some countries.
This algorithm verifies the series of number with the included check sum number as below. Step 1: From the right most side- ignore the last checksum digit and double the value of every second digit on the left.
Step 3: Now sum all these equivalent digits. Step 4: Take the units digits from the sum and subtract it from 10 which should give you the check digit. Thus this credit card number is valid. Thus it is not meant to be used to prevent malicious attacks but more of protection against accidental error on the numbers. Ideally you should not share the CVV or the Security code behind the back of card easily. Although the credit cards number should also be kept confidential and used with caution.
The combination of these may be enough for some hackers to use your card. You must be logged in to post a comment. As a foreigner in Singapore, one might wonder if he or she should continue using their overseas credit card or get a local credit card in Singapore.
Are foreigners eligible for a credit card in Singapore? Well, most Credit cards in Singapore are offered with various reward categories and offer as well as of different types.
What are the various types of credit cards in Singapore and how many different kinds of credit card rewards When it comes to Credit card bills, many of us will agree to fear the high credit card interest it carries.
Most of us would like to clear our credit card bills and maintain a healthy credit rating.
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