What Do You Know About Your Debit Card?

What Do You Know About Your Debit Card?

Due to globalization and technology advancement, cash transactions have reduced tremendously and this is largely encouraged. We either use our debit or credit card for spending except in few a petty shops that do not accept any card transaction. They can be spent anywhere, anytime either physically or through online. We carry them everywhere we go. But, how many of us know the parts of the debit card both the sides. Hardly any of us have given a thought to realize and understand this power tool. Let us quickly learn the contents in a debit card.

Front of a debit card

The front side of your debit card contains the following information

  • Bank name: The issuer bank of your debit card.
  • Card number: The most pivotal part of your debit card. Your debit card is a sixteen digit number that is linked to your bank account of the issuer bank. When making an online payment using the debit card, you are obligated to provide this 16 digit number to authenticate your payment. You must give the utmost care to protect your card number.
  • Cardholder’s name: Below the 16 digit card number, you will find the cardholder’s name i.e. the authorized user. The name of the person authorized to operate and use the debit card. The user is open to make purchases and spend amount with his/her card
  • Smart Chips: You will notice this tiny small square shaped chip just above your card number on the right corner. This tiny processor secures your card. This is exclusively embraced to protect from any theft.
  • Expiration date: I am sure most of us notice this information while making an online payment as your payment merchant asks for the card expiration date. Debit cards are valid only for a particular period. You would need to replace your card if the term expires.
  • Logo: Logo indicates the type of card you hold. The most commonly used card is MasterCard and Visa. This is usually placed in the left end corner of your card. The logo detail is normally asked when you make an online purchase.

The backside of the debit card

The additional important feature is captured in the backside of the debit card.

  • Magnetic Stripe: The lengthy black stripe that you will notice in the back side of the card. This contains the information about yourself and the card that the special device “card readers” will read. Hence, when you swipe a card, you will run the magnetic stripe area through which card reader could read your details.
  • Card Verification Value: A CVV is a three digit number which is displayed next to your signature area. This is an additional code for security purpose. Again, CVV is generally asked when making an online transaction.
    • Signature panel: This is right below your magnetic stripe. Your card is said to be valid only when it is signed. This is a requirement for bankers and merchants must verify the signature in the card.

It is essential that we understand in what we do. This basic skill is required primarily in our job. Even though we have the Bitcoin Code software that helps the trader to trade efficiently, it is the primary responsibility of a trader to learn basic skills of trading before executing any trade.

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