Cards Terminology

Credit card details: When you hold your credit card, it contains lot of information. Here are the various details present on a credit card:

1. Issuer name: Issuer or the financial institution which lends the money: Example: American Express, Citi etc.
2. Card name: Name of the credit card like Quicksilver or Double Cash.
3. Card number: 15 or 16 digit card number
4. Expiration date: Expiration date of physical credit card. It is not the expiration date of card account. Issuers generally renews a card in good standing before expiration date
5. Name: Name of the card holder
6. Network: Payment processing network. Example: Visa, MasterCard
7. Magnetic stripe: Strip on the card which is used to make payment by swiping the card at the POS terminal
8. EMV Chip: Computer chip on the card which is used to make payment by inserting the card at the payment terminal. These chips are more secure in protecting user data
9. Contactless symbol: A small chip is embedded inside the card which emits short range radio waves to make payment by tapping the card at the payment terminal. Payment is initiated when the card is tapped or placed near the payment terminal.
10. CVV Number: It is a 3 or a 4 digital number at the back of the card. It provides additional security when making purchases online or on phone. It is extra layer of security to avoid unauthorized transactions.
11. Signature: Space for cardholder’s signature.