How Do Unsecured Credit Cards Work?
Every unsecured credit card has a series of numbers. Most financial companies use the standard ANSI numbering system. A common person would not be able to understand the significance of these credit card series number but in the eyes of an expert the numbers would signify the type of the unsecured credit card, your bank account number and also the type of currency being used.
The second most important element in an unsecured credit card is the magnetic strip. This stripe contains small magnetic elements and most credit cards have 3 tracks of them. When you are using an unsecured credit card to make a purchase, you would be using only the first two tracks for your credit card purchase.
PIN Number- Now days in order to ensure a safe and secure transaction when you are using your credit card, you would need to key in your PIN code in order to complete your credit card transaction. This ensures that only the unsecured credit card holder uses the credit card and enjoys its varied benefits.
What is the Process that Occurs When an Unsecured Credit Card Transaction Occurs in Online Transactions?
- You choose your product and start the online transaction sales closure process in an online store.
- After you confirm the product being purchased by you, you choose credit card payment system and then key in your unsecured credit card number.
- Once the credit card details are typed in, these details are then sent to the payment gateway. The payment gateway then transfers these details to the merchant account where the money from the unsecured credit card institution is transferred into it immediately. Here the bank may confirm the transaction or might reject it also.
- The payment gateway sends vital transaction data to the online store and confirms that the transaction has been completed. Here you as a customer would view in the web page that whether your online transaction has been completed or not.