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1

What is generally stored in the mag stripe and also from what I know in the EMV is the pin offset, not the actual pin. The pin offset is a pointer to the actual value of the pin on the banking accounting server. The offset effectively is the memory address of the person's PIN. Done that way, they can change your pin at any moment, and it has no effect on ...


27

The EMV standard supports two (technically three) methods of verifying a PIN. In the first method ("online"), the PIN is encrypted and sent to the bank for verification. The other method ("offline") asks the chip to verify the PIN, and only the result is transmitted to the bank. (Offline is further subdivided into "encrypted" and "plaintext", depending on ...


8

I can see why it is confusing, but part of it is that you do not have your facts correct. A credit card is a loan With a credit card, you have a whole special revolving credit account. When you make charges, it adds to the loan amount that you owe. It's an account where the balance is usually zero or negative. And monthly, you "pay off the loan" in ...


1

There are three main types of cards in the US: credit, debit, and prepaid. There are also charge cards, but they are rare nowadays. There are also ATM cards, but those have largely merged with debit cards. A credit card accesses a line of credit. The issuing bank pays the merchant, and then the amount of the purchase is money you owe the issuing bank. A ...


6

This is my experience as a consumer in France. In France, cards are usually issued by your bank and tied to a specific bank account, and called "débit immédiat" or "débit différé". Paying with a "débit immédiat" card will remove the amount from your bank account immediately (within seconds to a day or so). Not having the amount in your account may either ...


21

EU and more specifically Germany: (Colloquial) terminology is roughly: the card automatically issued by your bank is the "bank card", and cards issued by e.g. Visa, Mastercard, Diners, American Express are "credit card" (I'd almost say that credit card [EN-US] vs. DE Kreditkarte is a false friend). the debit cards automatically issued with a [checking] ...


2

In the United States, there are separate laws regulating credit cards versus debit cards, the Fair Credit Billing Act and the Electronic Funds Transfer Act. While a specific business can implement a policy that often is kinder as a commercial practice (e.g. $0 liability for either, especially for high net worth customers), under the law the cardholder's ...


3

In a comment you asked about the EU specifically, and while the other answers have very good and detailed descriptions of what the different types of cards are and their inner workings, there are some small(ish) differences in how they're used and how they're viewed. So this is not a complete answer (why add to the choir) but rather some extra information. ...


13

Other answers cover the differences between the types of card (debit vs credit vs charge). However, there's another layer of important differences - the card processing network and the processing method used for a specific transaction. In some cases, this can cause card types to behave differently on a transaction by transaction basis. When you swipe a card,...


16

This is accurate for the USA. https://www.investopedia.com/terms/c/chargecard.asp A charge card is a type of electronic payment card that charges no interest but requires the user to pay his/her balance in full upon receipt of the statement, usually on a monthly basis. Charge cards are offered by a limited number of issuers. https://www.nerdwallet.com/...


7

A debit card is a card linked directly to a checking/savings account. If you use the card money is removed from the account almost instantaneously. And by instantaneously I mean from a few seconds to a few days. A credit card is one that doesn't remove the funds immediately. Every 30/31 days they close the cycle, and you are billed for the amount you owe. ...


3

They are not all italic. Many are because they are one brand or another despite the bank/institution branding. Most are either Master Card or Visa and those companies have come up with a standard on how to print. My last AMEX had its security code embossed like the credit card number. My latest visa has a printed credit card number and the security code ...


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