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The card will be forever banned on Steam.
https://support.steampowered.com/kb_article.php?ref=6687-HJVM-8966
After the 6 weeks those restrictions are lifted and the payment method used ( credit card) will be permanently disabled for your account as a option.
In case of another offense your account will most likely be permanently suspended.
They dont hand out permanent locks anymore on a first offense.
You won't loose access to the account or what you already purchased though.
Should be just that specific credit card.
That specific card. And if it becomes permanent, with that account.