Learn more about your Credit Card:

Let's take a closer look on your credit card and learn more about your credit card parts and components. What do they do and how does they work. Your credit card may look normal but each of those fancy parts plays an important role for your safety and security.

The Parts of Your Credit Card:

Bank Name:

The name of the bank institution that offered you the credit card with. This is the bank responsible for debting your financial accounts and all transactions made through your credit card. They are the one whose paying your credit to merchants and this is where you pay your dues along with insterests.

Smart/EMV Chip:

The gold like part of your credit card also called smart chip or IC Cards. Due to numerous reports that the old black stripe of those credit cards can hacked they have added this feature for newly issued credit cards. This is the latest feature of credit cards that store data on integrated circuits that is used to communicate with credit card terminals. The same process performed by magnectic black stripe the long black part of your credit/debit card found at the back, but Smart Chip is more secure and safer to use this the old black stripe.

Credit Card Number:

This is a unique card number or simply a card identifier. This series of number are different of those numbers below which usually mistaken as account number. Credit card numbers are generated using a unique checksum formula called Luhn Algorithm which is designed to prevent typo errors or guessing game. Since the formula is to generate a unique number that cannot be guess it is important to be used on secured facilities like credit cards, social security system accounts and many more.

For your better understanding with the Luhn Algorithm you may refer the image below. To learn more about Luhn Algorithm please go to here.

Credit Card Expiration Date:

Simply the date where your card will expired. You may need to renew it if you want to continue using your credit card account. Having expiration dates to cards help banks or any institution replace your old card that has already been worn out and protect your account from fraud and other scheme. Usually, credit/debit cards expires after 3 - 5 years by this time your card must have worn out magnetic stripe. It's time to replace it.

Card Holder Name:

To whoever the credit card has been issued and this was the credit card holder/owner. This is the name whose responsible for paying dues and the only person authorized to use the credit card. Merchants are encourage to verify the owner of the credit card before making payment. However, this has not been always done so we encourage credit card users to be extra careful with your credit card. Treat it as it was a real money that if it was lost you will almost never get it back.

Magnetic Stripe:

The Black like 1 cm in width from edge to edge located at the back of your card. Inside are sensitive information this is like a key to access your bank account. Recently, there have been numerous reports that this feature are becoming obsolete and vulnerable against hacking like an ATM Skimming device that easily reads and copy information stored on it. Institutions now added a more secure feature of credit cards the smart chip (emv) feature which you can read above.

Signature Area:

Right after the bank released your credit card. You will notice an area at the back of your card where you should sign. This add extra feature to your credit card unpon validation during payment. Although, this area are plastic and make it hard to write down your signature do your best to do so and use a permanent pen as well so your signature will last.

CVV or Security Codes:

CVV or Card Verification Value or most website refer this as security code is a series of 3-4 digits at the back of your credit/debit card usually beside the signature area. Make sure you hide this part when photocopying your credit card for verification purposes and do not just give out this information. Security codes can be CVV, CVV2, CVC, CSC, CID, or similar.

Issuing Bank Details:

Your issuing bank phone and address details so you can contact them out easily if you have some questions and report incident of theif/hacking that you have experienced while using your credit card. Most bank contact support are accessible for 24 hours a day and 7 days a week. Make sure you immediately report your concern so they can act as fast they can.