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In order to better fulfill your requests, Qonto gathers and uses your personal data. Find out more about your rights and how we handle your data.
In order to better fulfill your requests, Qonto gathers and uses your personal data. Find out more about your rights and how we handle your data.
In order to better fulfill your requests, Qonto gathers and uses your personal data. Find out more about your rights and how we handle your data.
Olinda SAS (Société par actions simplifiée), a simplified joint stock company under French law, is known by its commercial name Qonto. It is registered at the Paris Trade Register under the number 819 489 626, and is led by its CEO, Alexandre Prot, and president, Steve Anavi. The company’s headquarters are located at 18 rue de Navarin, 75009 Paris, France.
With registration number 16958, issued on June 21, 2018, Olinda SAS is a payment institution licensed by the French Autorité de Contrôle Prudentiel et de Résolution (ACPR). `.
Operating in Germany, Qonto is overseen jointly by the German Federal Financial Supervisory Authority (BaFin) and the ACPR through its branch OLINDA Zweigniederlassung Deutschland (Warschauer Platz 11–13, 10245 Berlin), where it is represented by Permanent Representative Lukas Zörner. The company is registered with the local court in Berlin (Charlottenburg) under HRB 213261 B.
All of the money that our clients deposit is protected in accordance with the applicable laws. A portion of these funds are held by Crédit Mutuel Arkéa or Natixis, our banking partners. In the event that Crédit Mutuel Arkéa or/and Natixis files for bankruptcy, the French Fonds de Garantie des Dépôts et de Résolution (FGDR) will protect the deposits up to a maximum of €100,000 for each of our banking partners and clients. Two stand-alone guarantees, one from Crédit Agricole CIB, a division of Crédit Agricole S, completely cover the remaining portion of the funds. A. , the other by BNP Paribas. `.
How To Read Your Credit Card Number
Your card’s front number is a long number that contains important information. The digits are arranged strategically, adhering to an international standard, rather than in a random order.
You can obtain your account number, the issuing bank, and other information from that sequence. Above all, the technology underlying the number minimizes payment problems, lowers errors, and helps prevent fraud.
How? It all dates back to the days when the credit card business was having trouble attracting consumers.
Find the Best Credit Cards for 2024
There isn’t a single credit card that works best for every family, every transaction, or every budget. The best credit cards have been chosen by us in a way that will be most beneficial to the largest range of readers.
The Four Major Credit Card Networks: A Brief History
A credit card is more than just a metal and plastic rectangle. Everything adheres to a strict standard. Yes, even the card’s actual material and shape A credit card is an effective instrument provided by a bank or credit union that permits you to take out loans.
Financial institutions employ a third-party business known as a credit card network to enable communication between the issuing bank and the payment terminal. Electronic transfers are thus quicker. Global markets are dominated by four major credit card networks: American Express, Discover, Mastercard, and Visa.
The first and largest network was originally called “BankAmericard. When Bank of America launched the card in 1958, it was an attempt to provide a credit solution targeted more at individuals than at companies. BankAmericard had entered foreign markets by 1974, and in 1976 it changed its name to “Visa.” Following Bank of America’s trial balloon, smaller banks embraced the idea.
Mastercard, known at the time as “Interbank,” appeared in 1966. The business expanded internationally by the 1970s, and the card changed its name to Mastercard prior to 1980.
The history of American Express started in 1850 with a tiny freight forwarding business. It had experienced significant growth and had entered the financial industry by the 1950s. In 1958, American Express issued its first consumer charge card. Fun fact: These primitive cards were made from paper.
Discover Card is the smallest of the four main credit card networks. In an effort to enter the financial industry, Sears introduced the Discover Card for the first time in 1985. The card grew rapidly in a short period of time. It is now used by millions of merchants worldwide.
All of these networks wanted to satisfy customers’ demands for instantaneous access to money without requiring physical currency. The history of modern credit cards is complex and sophisticated, with a major focus on safeguarding users from fraud.
Front of a Credit Card
On the front of your credit card, you’ll typically see:
- The bank’s branding
- A unique card number
- The cardholder’s name
- An expiration date
- A smart chip
- The payment network logo
The Structure of the Card Number
The numbers on a credit card are arranged purposefully and contain important information, despite their seemingly random appearance. Without the precise shape, size, and number sequence that follow stringent guidelines set by the ANSI (American Network of Standards Institute) and the ISO (International Organization of Standardization), accurate transactions would not be possible.
These standards allow cards to be used worldwide. The only distinction between them is that American Express uses a 15-digit format, but Visa, Mastercard, and Discover are always 16 digits.
The First Six or Eight Digits
The Issuer Identification Number (IIN), sometimes referred to as the Bank Identification Number (BIN), is represented by the first six or eight digits on the credit card. These digits clearly identify the financial institution issuing the card. The American Banking Association assigns the Major Industry Identifier (MII), which is the first digit. Each major credit card network has its own MII:
- The first digit on American Express cards is always 3, specifically 34 or 37.
- Visa cards begin with the number 4.
- Mastercards start with the number 5.
- Discover Cards begin with the number 6.
The issuing bank is identified by the next five digits of the IIN, which is also referred to as the Bank Identification Number, or BIN. These numbers make it easier to exchange data in order to clear a transaction. The IIN for each of the four major networks:
- Visa uses numbers 2 through 6 as the BIN.
- The numbers 2 and 3, or 2 through 4, 5, or 6 are used by Mastercard.
- American Express utilizes digits 3 and 4 to designate the card brand (e g. American Express Platinum card, Delta Card, etc. ).
The account number appears after the initial six to eight IIN numbers. This sequence can reach up to 12 digits. Issuing banks assign this number to their individual customers. Each issuing bank has about a trillion potential account numbers.
Networks and credit card issuers use mathematical techniques to stop fraud and data breaches. The Luhn Algorithm or Modulus 10 is one such device. It was created in the 1960s and verifies validity using identifying numbers like credit card numbers and Social Security numbers.
Credit cards are meant to be used instantly for payments. For this reason, sensitive data must be encrypted and decrypted right away in the validation process that banks use. Here’s where the Luhn algorithm comes in. It makes it simple to verify card numbers and confirm their validity.
The Luhn algorithm is simple to use. The sum of the check number and the remaining numbers on the card should equal zero. When making an online purchase, if you enter the incorrect number, it will be immediately apparent because the total will not be zero.
The last digit is used by the other major networks as the checksum, whereas Visa typically uses digit 13.
Back of a Credit Card
Now that we know what a credit card looks like on the front, let’s take a peek at the back. Here you’ll typically find:
- A security code (CVV)
- A magnetic stripe
- A hologram
- The bank contact detail and customer service phone line
- A signature box
- The card network logo
If it isn’t already on the front, some credit cards also have the expiration date on the back.
Other Card Numbers: The CVV and the Expiration Date
Typically located on the rear of the credit card, the Card Verification Value (CVV) is a string of three or four digits. It adds a layer of protection by serving as an additional validation process. The Card Verification Code (CVC) is the term used by certain credit card issuers. Its purpose is the same regardless of its name.
A Point-Of-Sale system (POS) increases the assurance that the account owner is in possession of the card and that the number hasn’t been stolen by requesting this minor but important extra piece of data.
The card’s issuing bank assigns an expiration date, which can enhance security by requiring an additional verification step. Even if a card number has been stolen, it is essentially worthless without the expiration date.
Chip Card Technology and Magnetic Stripes
These three numbers are kept in the magnetic stripe and the Europay, Mastercard, and Visa chips (EMV): PAN, CVV/CVC, and expiration date.
The magnetic stripe, sometimes referred to as the magstripe, is a strip on the back of the card that transmits data from the card to the point of sale. The data transmitted is static. Stated differently, the data is entered into the stripe and stays there.
While most cards still have a magstripe, the majority also have chip or EMV card technology. This microprocessor is positioned on the card’s front, where it communicates with the POS and transfers data. In contrast to the stationary magnetic stripe, the EMV employs a dynamic transmission method.
How does it all work? The transaction generates a unique one-time code for you each time you use the card. The EMV technology is considerably safer thanks to this procedure against card fraud, including skimming and counterfeiting.
You guessed it: The ISO has standardized every aspect of the EMV and magstripe chips.
Credit Card Numbers Versus Account Numbers
A lot of people think their account number and the number on their credit card are the same. This is false. However, the two are connected, and your credit card statement will typically include your account number.
Your account number will not change if you need to replace your credit card due to theft, loss, or damage. Instead, you will be issued a new card number.
Customer Service Phone Line
Customer support phone numbers are not required to make purchases and do not in and of themselves protect your credit card from fraud. However, it’s still the most effective way to contact a bank representative when you need to.
For example, a lot of fraud attempts are made through email or the phone. Calling the number on the back of your card is the easiest method to find out if a call or message is legitimate. When you speak with a representative from your bank, they will be able to check if you have any messages.
To ensure that no one else can use your card in the event that it is lost, make a note of this number and keep it apart from your card.
Because they are hard to counterfeit, holograms can be an excellent security feature. This small mirror-like patch shows a three-dimensional . You can see the movements when you adjust the viewing angle if you pay close attention.
How To Protect Your Credit Card Number
Unfortunately, credit card numbers are frequently stolen. The best defense against this is to exercise caution whenever you make a purchase.
When shopping online, pay close attention to the platform. Use services like PayPal that protect your credit card number if at all possible. If not, research the business and confirm that the website is safe and has an SSL certificate.
Also, keep an eye out for phishing emails. Don’t download any attachments or click any links if something seems fishy. Verify the sender or call your bank. Lastly, remember to ensure that spyware and malware are not present on your computer.
The features of credit cards that we use today are the result of years of perfecting transaction methods and the introduction of the credit card network. Your credit card helps streamline your life and the way you make payments because it is filled with vital information, even though the application process can be challenging.
What is a credit card number?
A credit card number is a lengthy string of numbers that is typically found on the front of the card. Finding the credit card issuer and the account holder is its aim. It also helps prevent fraud.
How long are credit card numbers?
Typically, credit card numbers consist of 16 numbers that are placed in groups of four. American Express numbers contain 15 digits. Though rare, some credit card companies employ 19 digits.
How do people steal credit card numbers?
Phishing calls and emails continue to be the most popular ways to steal. Spyware and malware are also increasingly common. However, don’t overlook the traditional methods like mail and trash collection. Make sure your card number cannot be read before discarding your paper statements in the trash.
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Chauncey grew up on a farm in rural northern California. When he was eighteen, he fled and traveled the world with a credit card and a backpack, learning that the experience that a point or mile can provide is what really matters. Though he still spends most of his time on a tractor, he has come to realize that discomfort can sometimes be more fascinating than comfort. lorem Is it really your intention to put your decisions on hold? The Forbes Advisor editorial staff is impartial and independent. We receive compensation from the businesses that advertise on the Forbes Advisor website in order to support our reporting efforts and keep this content available to readers for free. This compensation comes from two main sources.
FAQ
Are all credit cards 16 digits?
Typically, credit card numbers consist of 16 numbers that are placed in groups of four. American Express numbers contain 15 digits. Though rare, some credit card companies employ 19 digits.
Do all credit cards have 15 digits?
The number of digits in a credit card can vary from 15 to 19, contingent upon the card issuer. Typically, credit card numbers are 16 digits long.
Do credit cards have 20 digits?
Most credit card numbers are either 15 or 16 digits. Credit card numbers, however, vary in length from eight to nineteen digits.
Do all credit cards have 12 digits?
Typically, a credit card number consists of 15–16 digits, but in certain situations, it may have as few as 13 or as many as 19.
Read More :
https://www.forbes.com/advisor/credit-cards/what-does-your-credit-card-number-mean/
https://qonto.com/en/glossary/credit-card-number