Logic behind credit card numbers
Have you ever thought about the logic behind credit card numbering? This numbering idea gives easy ways to identify & classify billions of transactions done every day.
Number on your credit card
Every number on your credit card has its own relevancy. Following are some interesting facts about credit card numbers.
Do you know that the first digit of a credit card will be always 3, 4, 5 or 6. It helps to you identify the card you have.
What does First Digit stand for
- 3 – Entertainment or Travel card like American Express or Diners Club
- 4 – Visa Cards
- 5 – Master Cards
- 6 – Discover Cards
The other numbers are usually used to identify other purposes depending upon the card issuer. In general the remaining numbers are grouped to identify the routing number of the bank and the user details. The secret about the last digit is that is a automatically generated special number upon a formula, which is used by the card issuer to find a fraud.
Each number after 1st digit have different meaning depending upon the card type.
It can give simple information like Country of origin, primary card or not, bank details.
By maintaining this kind of numbering system, the credit card issuers can easily produce statistical information about their customers including their spending style as well. The geographical information thus produced helps them to generate new cards to meet their specific customer needs.
The major players in the Credit card industry is Master Card and Visa Card. They have already tied up with Indian Banking industry to set up ATM and other Hi-Tech banking services.
In India, RuPay card is getting popular, but we haven’t been into the “credit card” segment.
Recommended Read :
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- What is a Credit Card?
- Who are Credit Card is suers?
- Who is a Credit Card Merchant?
- Secrets Behind Credit Card Numbers
- How does a Credit Card work?
- How to Compare & Find the best Credit Card?
- Use Credit Cards wisely – Avoid Heavy Debts
- Alert!! – Reswiping Credit Cards by Merchants
- Beware of Credit Card Thefts
- 10 Safety Tips – Credit Cards
- What are Credit Cards and Loans?
- Importance of Prompt Credit Card Payments