subject: Credit Card Bin Numbers Are Extremely Important For Various Financial Transactions [print this page] Credit Card BIN numbers or Bank Identification Numbers are unique numbers associated with the credit card that allows the authorities, merchants and the system to identify it and associate it with particular banks and card types. In the modern world, there have been high levels of development in the field of finances and that includes the usage of credit cards. If you take a good look at the type of credit cards that are now available in the market, then you will realize that there are different types of cards for you to select and opt for from various types of credit card providing financial institutions.
Since this BIN number is different for different credit card providers, the credit card bin Amex is going to be different from credit card bin Visa numbers. As you might be aware of, the major credit card service providers are Visa, MasterCard, Amex, Bankcard, Diners Club, Discover and JCB. With the help of the specific credit card BIN numbers, the authorities will be able to verify the owner of the card and also identify the card provider. This is the reason why the card providers always request the owner of the cards to report a theft, as then the card providers can block the card immediately.
When the credit card issuing organization blocks a particular card, they assign a particular code to it specifying that the card is not in use since it is either lost or stolen. In case someone tries to use it illegally, then the merchants will immediately know that it is a stolen one. Therefore, you can imagine the usefulness of the credit card bin #. The BIN numbers are not only used by merchants to associate the user's connection with the card, but they also use this unique number to identify the card type as well.
One particular credit card providing organization can provide different types of credit cards. The differentiation can be based on credit limits, the offers, the features, the interest rates and many such other things associated with financial transactions. To differentiate the cards based on the type and allow the merchants to provide various offers or promotions on different types of cards, the credit card providing organization might be using a particular series of unique BIN numbers instead of a single one. This range of numbers helps not only the providing organizations, but also the merchants as well. Moreover, you too can avail different credit cards from the same organization having different advantages.
So far, we have seen that the credit card BIN numbers have provided not only unique identifying features, but they also have provided unique opportunities in terms of financial transactions as well. Moreover, in terms of security as well, the BIN number comes as a unique feature. If you wish to know more about BIN numbers, then you can always search for credit card bin free lookup facilities or you can also download the credit card bin database software. Getting to know your credit card BIN numbers is highly essential.
