The first digit of a credit card number is the major industry identifier (MII) or bank identification number (BIN). The first two digits are the account type, and the third digit is the check digit. The issuing bank assigns the last four digits of that particular credit card. This article will explain how these numbers work together to create your credit card numbers, why it is so important to memorize them and how you can use this information when purchasing goods online or over the phone from merchants.
First Digit
The first digit of a credit card number is the Major Industry Identifier (MII) number. It can be any number from 1 to 6, with 1 being Airlines and Hotels, 2 for Utilities and Telecoms and so on.
The MII code represents the main industry that your business belongs to when it comes to financial transactions like taking payments through credit cards or online payment gateways such as PayPal or Stripe.
First Two Digits
The first two digits of the number represent the type of card. For example, you can see that many cards have numbers beginning with 0 through 6, and those digits represent our first digit. The second digit represents the type of issuer or bank that issued the card.
First Three Digits
The first three digits of a credit card number are known as the Bank Identification Number (BIN). The BIN is assigned by the bank that issued the card, and it is used to identify your credit card issuing bank. It’s not just used for this purpose, though, as it also identifies your type of credit card.
The Three Major Industry Identifier (MII) Numbers
The three major industry identifier numbers are a code that identifies the issuing bank and card type. They’re usually found on the back of your credit card, just below the signature line on the front of your card. The first three digits are your Issuer Identification Number (IIN). This is used to identify what bank issued your credit cards, such as Visa or Mastercard. The following five digits represent your Account Identification Number (AID), which identifies where you can use this particular account number on their network.
Finally, there’s a single digit that indicates whether or not this is a debit or credit card (1 for Debit; 2 for Credit). “Of the four major card networks, Visa, Mastercard, and Discover card numbers all have 16 digits,” says experts from SoFi.
The Major Industry Identifier (MII) and the Preliminary Account Number (PAN)
The Major Industry Identifier (MII) and the Preliminary Account Number (PAN), also known as the Bank Identification Number (BIN), are the first digits of a credit card number. The MII is always 0, 1 or 2, depending on whether you’re looking at domestic or international transactions. The PAN is a unique identifier for each issuer and allows for domestic transactions to be processed quickly by retailers’ payment terminals. The PAN can be found on your credit card’s front side; it’s often printed in black or red ink alongside other information like your name and address.
The first digit determines the significance of a credit card digit. This number represents the major industry identifier (MII) and preliminary account number (PAN). The MII number identifies the type of business or government entity that issued your credit card, while PAN is used for routing purposes when transferring funds between banks.