You find something you absolutely have to have, slap down a piece of plastic and voil its yours! Life sure is good, isnt it? But have you ever wondered what happens behind the scenes, from the time your credit card gets swiped (actually or virtually) until the time the purchase shows up on your credit card statement?
Anatomy of the credit card
Transmission of the account number, a systematic rather than a random combination of numbers, is where it all starts. The account number identifies: the type of credit card being used (VISA, American Express, etc.), a bank number, an account number and a check digit. In the case of America Express, the third and forth numbers indicate the currency.
Equally important is the magnetic stripe on the back and it tells quite a story. For simplicity, lets just say the stripe contains the account number, cardholder name, country code, expiration date and other validating information thats unique to the credit card issuer and the banking industry.
The Credit Card Family
Quite a few organizations are involved in the credit card purchase and approval cycle. Here are the major ones:
Acquiring Bank The bank...
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