You may be surprised to know that all those numbers you see actually do stand for something, and it's not just who YOU are. Let's take a look.
Most of the major credit card companies operate on the same system when choosing a credit card number. Other cards like gas cards, department store cards and phone cards go their own way. Let's concentrate on the ones that all play by the same rules.
The very first digit in the series will be a 3,4,5, 0r 6. This number designates the type of card as follows:
3 = a Travel & Entertainment Card like American Express or Diners Club.
4 = Visa and Visa-branded debit cards, cash cards, etc.
5 = MasterCard and MasterCard-branded debit cards, cash cards, etc.
6 = Discover
American Express and Diners Club use the second digit to identify the company. That means that Diners Club cards will start with either "36" or "38", and American Express cards will use either "34" or "37".
The remaining numbers in the series are used for different purposes depending upon the card type and issuer.
In most cases, the next group after the opening series of numbers represents the routing number of the card-issuing bank, the group after that is the user's account number, and the final digit is a check digit. The check digit is a number that is calculated by applying a special formula to all of the other numbers. The check digit is the result of that formula and is used as an anti-fraud check.
To keep things from getting too confusing, look at your card as you follow along for the next steps.
American Express
The American Express Card uses digits three and four for type (business or personal) and the currency of the cardholder's country of origin. The next digits from the fifth through the eleventh are account numbers. Digits twelve through fourteen indicate the card number within the account and the last digit is the check digit.
Visa
With Visa, digits two through six represent the bank number. Beginning with the seventh digit and running through the twelfth or the fifteenth represents the account number and the last number is the check digit. Since all Visa cards do not have the same amount of numbers in the sequence, the number of digits in a group may vary.
MasterCard
For MasterCard, the second digit, through to anywhere between the third and the sixth digit is the bank number. All remaining digits, except the check digit at the end of the series, identifies that cardholder's account.
Now that we've gone over it all, you're probably wondering why you were ever wondering in the first place. Just remember though, knowledge is power. Some things are just fun to know.
The credit card companies tend to worry a lot of people because most people don't think that credit card companies don't come out directly and tell you what their credit card is all about. To make you feel better, the terms and conditions do tell you what the credit card is all about but sometimes it just doesn't make sense to the consumer. I'm sure you know by now that there are all kinds of cards and today I'm going to show you the secrets of a gas card.
Learn where you can use the credit card
When you're looking to save on gas, make sure you know where you can use your card. Some cards only allow you to use a card at a certain gas station and some cards allow you to use them at every gas station. An easy way to find out where the card can be accepted is to simply look at the card's design or name. If it has a gas station company logo or name on the card, the chances are it's for a particular gas station.
Check the rebate details
The reason you're probably applying for a gas credit card is to save on gas. Make sure that you know the difference between an intro rate and the regular rate. The introductory rate usually lasts no longer than ninety days and this rate generally is double of what you'll get in the future. When you do find out what your regular rate is, make sure you're also aware of the cap limit. Some credit cards may apply a cap where you can only save so much per year. If you tend to fill up a lot, you may want to stay away from these types of cards.
Know your rates
When I say ?know your rates?, this should apply to any card you're looking for. You're going to want to know what your intro APR is, what your APR is going to be throughout the length of your card, and if the card is going to have an annual fee. It's always best that you compare all of the cards to other cards you're interested in. The best way to do this is to keep a little piece of paper with each category. When you fill it all out, you should get a good idea on what card will work for you.
A lot of people benefits from gas cards and you have to remember that the only way you can benefit from these rewards is by paying off your card in full each month. If you fail to pay your card off in full each month, you're going to have interest applied to your unpaid balance. As you should know by now, the interest is going to be a lot more than the rewards you're going to get. If you can be disciplined with your credit cards and you understand the secrets, you shouldn't have any trouble finding the card that best suits your gas saving needs.
Both Raghavrai & Tom Tessin are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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