The credit card is a convenient means of payment. Both offline and online. But should you or should you not provide your credit card details with an online payment? What is safe?
Why a credit card?
Of course: credit cards are much older than the internet. But the online world did give its use a huge swing. Credit cards are very versatile. The first online payment options were exclusively via credit card. But a credit card is often also required for a hotel reservation. Not that prepayment is required, but the credit card details are then a kind of deposit. What do you pay attention to when you have to enter credit card information?
Credit card details
In the Netherlands, almost all credit cards are from two credit card companies: Visa or Mastercard. They do not issue the credit card. That is what banks and other financial institutions do. The various credit cards may differ from each other in appearance. (And of course also regarding the conditions.) But the structure is always the same. Different information is visible on each credit card.
Visible on the front:
- The number of the credit card. Sixteen digits in four sets of four digits.
- The expiration date, expressed in [maand]/[jaar]. For example 11/21. This means that the card can be used until November 2021.
- Owner’s name.
Visible on the back:
- Owner’s signature. Without a signature, a credit card is invalid.
- A three-digit code, to the right of the signature.
The card verification code
That three-digit code on the back is the card verification code (CVC). This confirms online payments. It is in fact the electronic version of your signature. You may also encounter the code under the name cvv (card verification value) or csc (card security code).
When and how do you use the cvc?
You understand: don’t just give that CV away. Because anyone who knows the number, expiry date, name and CVC can transfer money. So how do you deal with this?
Physically
Anyone who pays in a physical store, hotel or restaurant does not need the CVC. Then the signature is enough. Or you use a PIN code for confirmation. In such a case, never hand over the CVC.
Online payment
If you want to pay online by credit card, you must also complete the CVC. Without CVC, no money is transferred. This applies to all payments: at online stores such as Bol.com, when booking a plane ticket or hotel and renting a car.
Online reservation
Sometimes you reserve something via the internet but pay on the spot. For example a hotel room or rental car. In that case, no CVC code is required. You only provide the number, name and expiry date of the credit card. The hotel or rental company can then reserve an amount on your credit card, but not debit it. This is called pre-authorization. The amount is only actually debited after your permission (via the signature you put).
Safety
Paying online with a credit card is safe, thanks to cvc. But make sure you buy from the right stores. If your credit card details (with CVC) fall into the wrong hands, money can just be debited. In the event of fraud, you are in most cases insured. Read more about this on the website of credit card.nl