Bank Identification Number - BIN

AAA

DEFINITION of 'Bank Identification Number - BIN'

The first four to six digits of a credit card. The bank identification number identifies the institution issuing the card. It is critical to the correct matching of transactions to the issuer of the charge card.

This prefix system also applies to debit cards, charge cards and electronic benefit cards.

INVESTOPEDIA EXPLAINS 'Bank Identification Number - BIN'

Although it is called a bank identification number, BINs are also used by other institutions, such as American Express. As increasing numbers of issuers are opting into the BIN network, the term issuer identification number (IIN) is increasingly used interchangeably with BIN.

The prefix system is also used to help identify potential security breaches or identity theft, by comparing such things as the location of the issuing institution and the address of the cardholder.

RELATED TERMS
  1. Credit Card

    A card issued by a financial company giving the holder an option ...
  2. Identity Theft

    The crime of obtaining the personal or financial information ...
  3. Offline Debit Card

    A card that combines characteristics of both a traditional (online) ...
  4. Charge Card

    A card that charges no interest but requires the user to pay ...
  5. Credit Limit

    The amount of credit that a financial institution extends to ...
  6. Account Number

    The primary identifier for ownership of an account, whether a ...
Related Articles
  1. Insurance

    Identity Theft: How To Avoid It

    Don't be a victim of this disturbing crime. Get insight into how perpetrators commit this form of fraud.
  2. Credit & Loans

    Credit, Debit And Charge: Sizing Up The Cards In Your Wallet

    Not all plastic is equal! Learn the difference between the three kinds, and how each can affect your finances.
  3. Credit & Loans

    Take Control Of Your Credit Cards

    The plastic in your wallet doesn't have to hurt your finances. Learn how to manage it responsibly.
  4. Budgeting

    Should You Pay In Cash?

    Avoiding all forms of plastic payment can do wonders for your stress level and pocket book.
  5. Credit & Loans

    How Credit Cards Built A Plastic Empire

    A decade before Mastercard or Visa existed, the first credit card company was introduced.
  6. Options & Futures

    6 Major Credit Card Mistakes

    Avoid these pitfalls to keep your credit score healthy and your debt under control.
  7. It can be great to live in the moment, but the actions and decisions you make now can greatly impact your sense of financial security down the road.
    Personal Finance

    How Do Americans Keep Minimizing Their Net Worth?

    It can be great to live in the moment, but the actions and decisions you make now can greatly impact your sense of financial security down the road.
  8. It's tough to get a credit card when you move to the U.S. with no Social Security number and no American credit history. Here's how to get started.
    Credit & Loans

    Top Credit Card Options For International Students

    It's tough to get a credit card when you move to the U.S. with no Social Security number and no American credit history. Here's how to get started.
  9. Personal Finance

    What Canadian credit cards offer the best travel rewards?

    Discover Canada's best credit cards for travel rewards and the benefits that they offer. Learn how these cards can help you travel safely and happily..
  10. Building back credit after bankruptcy generally starts with getting a secured credit card. Here's how to identify the best deals among the limited choices.
    Credit & Loans

    Which Credit Cards Are Best After Bankruptcy?

    Building back credit after bankruptcy generally starts with getting a secured credit card. Here's how to identify the best deals among the limited choices.

You May Also Like

Hot Definitions
  1. Deferred Revenue

    Advance payments or unearned revenue, recorded on the recipient's balance sheet as a liability, until the services have been ...
  2. Multinational Corporation - MNC

    A corporation that has its facilities and other assets in at least one country other than its home country. Such companies ...
  3. SWOT Analysis

    A tool that identifies the strengths, weaknesses, opportunities and threats of an organization. Specifically, SWOT is a basic, ...
  4. Simple Interest

    A quick method of calculating the interest charge on a loan. Simple interest is determined by multiplying the interest rate ...
  5. Special Administrative Region - SAR

    Unique geographical areas with a high degree of autonomy set up by the People's Republic of China. The Special Administrative ...
  6. Annual Percentage Rate - APR

    The annual rate that is charged for borrowing (or made by investing), expressed as a single percentage number that represents ...
Trading Center