How does a bank card work

Written by: smm

on: 01/11/2022

Do you know how much information your bank card contains? Let’s see what it is:  

  1. Bank logo. The card can also be co-branded which means that it has been produced with a partner company, like the SharPay card. That’s when a partner logo is also added to its design.
  2. Card number consisting of 16 digits. This is its unique identifier.
  3. Name of the card owner (there are sometimes cards without a name on them).
  4. A card expiration date displaying a month and a year. Upon expiration of the said time period, the card becomes invalid, and the bank may replace it with a new one.
  5. Contactless identifier (PayPass) to make a payment by touching the terminal with a card. The majority of bank cards have this feature nowadays. 

Information you’ll find on the back:

  1. Magnetic tape. It contains an encrypted access key to your account. 
  2. A section for your signature confirming that only you can use the card (some cards don’t have it).
  3. A protective hologram of the payment system which protects the card from forgery. 
  4. CVV2 which is a 4-digit code to ensure online  payment safety.
  5. Contact details of the bank (address and phone number).

A couple of things you need to remember:

 —  Never keep a plastic card near any working electrical devices or heat it up. This may cause it to become demagnetized and thus non-operational.

 —  Do not share your CVV2 code or a PIN code to your card with anybody else. This information is strictly confidential.

—  Your card number and number of your bank account are not the same thing. One bank account can have several cards tied to it.

— A virtual card contains the same data as the plastic one. You can check out this information by logging into your personal account or going on the app.