What is Credit Card

Did you know that the dark stripe on the back of your credit card called a magnetic stripe. or magstripe is actually a type of magnet?
It consists of hundreds of tiny magnetic particles contained in a film of plastic. Magstripes have three tracks that contain varying amounts and types of information in specific formats based on established banking standards.
The first track contains proprietary information relevant to the card issuer and often you, the cardholder.
The second track is primarily used by financial institutions and contains account information, among other things.
Most credit cards only use the first two tracks, as there are no standards governing how the third track should be used.
Although credit and debit cards are ubiquitous today and integral to Internet commerce, they have only been around since 1950 when Diners Club was issued as the first general credit card that could be used with multiple merchants.