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You probably know your credit card numbers by heart, either fully or at least the last 4 digits. But, if you’re like most people, you probably have no idea what they mean.
Credit card numbers each serve a particular function that determines how each transaction will be routed and enhance security.
Unlike other account numbers, like those of the gas or phone company or even department stores, credit cards all use the same numbering system. In this system, the number and structure of the numbers on the card indicate what kind of card it is and to whom it belongs.
The first 4-6 digits of a credit card number are called the bank identification number (BIN) and show which institution issued the card. The very first of these numbers is called the Major Industry Identifier (MII) and notes the card network that your card belongs to. The MIIs for the some of the biggest card networks are as follows:
The middle numbers of a credit card represent the customer’s account with the card issuer. Typically, this number is not the same as the customer’s bank account number.
The “check” or “validator” number is the last digit of your credit card number. The purpose of this digit is to make sure that your credit card number is divisible by 10. If it isn’t, the number won’t conform to a specific algorithm (called the “Luhn” algorithm) and won’t be validated by credit card processors.
In short, the check number helps identify mistakes in card numbers that are submitted to complete payments.
Within each card system is a structure that is unique to that credit card company. For example:
While it is more important to know where you are spending your money than the function of your credit card numbers, it is helpful to understand the complexities of the credit card system. Once you realize how much effort has gone into ensuring security and efficiency you will have more appreciation for your card.
To learn more and explore popular cards on the Canadian market, check out our detailed guide on credit card issuers versus credit card networks.
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