We all are familiar with that little magnetic strip on the back of the credit card. We all know that it is very important on the card. But what happens if that strip gets ruined? Will your card still work? Donâ€™t get all panickedâ€¦breathe and letâ€™s find out what will happen.
The Magnetic Strip: The Key to Important Information
The Magnetic Strip on the back of the credit card is extremely important. Its name is CVV1. It is the holder of all the important information on the card. Information can be stored on there at anytime, and it can be accessed at anytime. But it can only be accessed by those who know the code to get the information (often through a PIN number). This is the most important part of the credit card, essentially. This is how you can make purchases, and access your bank information. So it is very obvious why you would need to keep this part of the card protected at all times. Some great damage can be done if someone unauthorized to use the card got a hold of it. Credit cards offer many important safety features to help you stop fraud from happening to your account.
What Happens If The Strip Gets Ruined?
Well, first of all, do not panic. You should definitely get a new card, but if you cannot, or you have to wait a while, then you can still use the numbers on the front of the card. All your information can still be accessed through the use of the number. But since the strip isnâ€™t working, most retailers will recognize this and you will be asked to provide some extra information. This can be something like a zip code, and it is done for verification purposes by the bank or card issuer. This is done for your protection as a means to deter people who may have stolen your card or accessed your information. But you will want to get a new card as quickly as possible. Just know that in the mean time, you can still use your card. Just as long as the numbers are still readable on the front. Because credit card companies know accidents happen when it comes to their cards, they have expiration dates that help you have a fresh card frequently.
The Strip is Meant to Help You
It holds all your important information, and is the key to your finances. You can understand why it is a good idea to keep it safe. It is especially important to cut up your old card when you get the new one! Even if the strip does not work any longer you still need to cut through it, and cut through the numbers on the front. Protect all your information! Because you do not want the strip to fall into the wrong hands. It may seem like it does not work any longer, but people will still find a way to pull all your key information off of it. This is not something you want to happen ever. Just be careful and everything will be fine.
Team Your Credit Network