Credit card numbering
We
all are talking about the credit card, now will discuss about the how to make a
credit card numbers.
The
numbers found on credit cards have a certain amount of internal structure, and
share a common numbering scheme.
The
card number’s prefix, called the bank identification Number, is the sequence of
digits at the beginning of the number that determine the bank to which a credit
card number belongs. This is the first six digits for master card and visa
cards. The next nine digits are the individual account number, and the final
digit is a validity check code.
In addition to the main credit card number, credit also
carry issue and expiration dates, as well as extra codes such as issue numbers
and security codes. Not all credit cards have the same sets of extra codes nor
do they use the same number of digits.
Credit cards in ATMs
Many credit cards can also be used in an ATM to withdraw
money against the credit limit extended to the card, but many card issuers
charge interest on cash advances before they do so on purchases.
The
interest on cash advances is commonly charged from the date the withdrawal is
made, rather than the monthly billing date. Many card issuers levy a commission
for cash with drawl, even if the ATM belongs to the same bank as the card
issuer.
Merchants do not offer cash back on credit
card transection because they would pay a percentage commission of the
additional cash amount to their bank or merchant services provider, thereby
making it uneconomical. Discover is a
notable exception the above.
A
customer with a Discover card may get up to 50 dollars cash back if the
merchant allows it. This amount is simply added to the card holder’s cost of
the transaction and o extra fees are charged as the transaction is not
considered a cash advance.
Many
credit card companies will also, when applying payments to a card, do so for
the matter at hand, at the end of billing cycle and apply those payments to
everything before cash advances.
For
this reason, many consumers have large cash balances, which have no grace
period and incur interest at a rate that is higher than the purchase rate, and
will carry those balances for years, even if they pay off their statement
balance each month.
Problems
Travelers from the US have encountered problems abroad because
many countries have introduced smart cards, but the Us has not. As of 2015, the
US banking system had not updated the cards and associated readers in the US,
stating that that the costs would be prohibitive.
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