111. What is a PIN, and what good is it?
Description
This article is from the Credit cards and Consumer Credit FAQ, by adams@spss.com (Steve Adams) with numerous contributions by others.
111. What is a PIN, and what good is it?
A PIN is a password that goes with your card that allows you to make
certain types of electronic transactions involving your card. In some
countries (notably France), most credit card purchases are validated
with a PIN. (Although you can still use your card without one, they
may sometimes have to phone for authorization.) Also, if you have a
PIN, you can get cash advances from many cash machines. Note however
that it is best to get a 4-digit PIN; longer PINs are not accepted by
some networks (notably the French).
Also, protect your PIN like it was money. Do NOT write it down, etc.
With this number, and your card, a thief could run your card to its
maximum in cash advances.
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