What defines the functions and responsibilities of a card issuing bank?

The defining functions and responsibilities of a card issuing bank include managing credit and debit card programs. This encompasses the overall administration and oversight of various aspects such as card production, distribution, customer service, transaction processing, risk management, and compliance with regulations. The card issuing bank is responsible for ensuring that cardholders have access to their accounts and can use their cards effectively and securely.

Management of these programs often involves setting credit limits, determining interest rates for credit accounts, handling rewards programs, and implementing fraud detection measures. In essence, the card issuing bank serves as the central authority and administrator for the credit and debit card accounts it issues, making this responsibility fundamental to its role in the payment ecosystem.