Computer readable universal authorization card system and method for using same

A system for facilitating online transactions comprising:

• a computer readable universal authorization card having a card length and a card width and comprising:
• a computer readable non-volatile memory portion, and
• a magnetic stripe on a side of the computer readable universal authorization card and having a stripe length and a stripe width, the stripe length being shorter than the card length;
• and
• a cardholder computing system comprising a local computing device having a connector for interfacing with the computer readable non-volatile memory portion and for enabling a merchant computing device to remotely access and read data stored in the computer readable non-volatile memory portion via a global network, the merchant computing device being adapted to communicate the read data to an issuing institution computing device via another network,
• wherein the issuing institution computing device is adapted to read the communicated data and to query a holder of the computer readable universal authorization card for an access code assigned to the computer readable universal authorization card, and
• wherein the issuing institution computing device is adapted to authorize a transaction upon verification of the access code.