Think about this: Your mother's birthday is in two days. You want to buy a pretty necklace for her, but it is expensive. You do not have enough funds to buy them. But you are sure you want to buy that necklace. A Credit Card could help here. It offers money to buy that necklace. You can repay the credit amount whenever you receive your salary. Besides being useful for significant purchases, your Credit Card helps during financial emergencies.
Hence, you should apply Credit Card online. When providing the card and setting the credit limit, the bank checks your income and credibility. Banks readily offer Credit Cards to those with stable incomes and excellent credit scores.
About Credit Card CVV’s
CVV full form is Card Verification Value. It is also called the Card Security Code or the Card Validation Code. Note that a CVV is different from a PIN. A CVV is a three-digit code you need to enter to validate and secure your online card transactions. When you apply for these cards online, you get a new and unique CVV. The bank generates it by considering your Credit Card number, card expiry date, service code, and the issuer's unique code.
Hence, the CVV is not three random digits, nor can two cards have the same CVV. You can find your card's CVV printed either on the back or front.
What are the two components of a CVV?
A card's CVV has two components:
- The first is covered with a magnetic strip. It holds valuable card data that is readable when you swipe your card to make a physical transaction.
- The second part is a three-digit numeric. You should enter the card number, expiry date, and the CVV to complete any online transaction.
Purpose of Credit Card CVV’s
Innumerable cases of online fraud are registered daily. These cases go unregistered as well. Banks introduced CVV to counter the rising online fraud cases. Your CVV number protects you from online fraud. Merchant websites save your card number and expiry date to facilitate seamless transactions in the future. Since these card details are stored, they can be tracked down, making you vulnerable to online fraud.
According to the Payment Card Industry Data Standards, merchant websites cannot store your CVV. Hence, you cannot track them down. This means even if a fraudster gets your card details, they cannot transact through it, as they do not have your CVV. This secures your online card usage. Ensure to not reveal your card details, especially your CVV, for maximum security.
