This article explains what a virtual credit card is, its benefits, and how to use one. So continue reading to find out more.
Features of a Virtual credit card
Aside from being virtual, a virtual credit card includes the following characteristics:
Virtual credit cards safeguard you from any data compromise caused by an unsecured network connection. These credit cards aid consumers in protecting their online identities. A virtual credit card can be generated utilizing the bank’s internet banking service. You will not be required to make more payments to receive a virtual credit card. Credit card companies do not have to issue virtual credit cards physically. To use a virtual credit card, all you need is your phone. Virtual credit cards are intended for one-time usage only and have a maximum validity period of 48 hours. It should be emphasized that virtual credit cards are only available to primary cardholders.
Benefits of Virtual credit cards
Virtual credit cards come with a slew of advantages. Here are a few of them:
Because these credit cards do not show your credentials to the merchant, they are safer than standard credit cards. Non-credit cardholders can also obtain virtual cards by contacting their banks. Customers may use these credit cards to make online purchases more convenient. Because credit cards are available online, consumers may access their cards immediately. Cardholders can also promptly disable their credit cards if they sense a threat to their card. If your virtual credit card expires and there is an unutilized credit limit on your card, it will be moved to your actual credit card, assuring full use of your credit card’s maximum. Banks and credit card companies provide virtual credit cards at no extra cost. All national and international transactions are possible with these kind of credit cards.
Are Virtual credit cards safe?
Here are a few reasons why a virtual credit card is completely secure to use:
Because virtual cards are only valid for a limited number of transactions, they give an extra layer of protection. If your virtual credit card data falls into the hands of a fraudster, you may easily cancel that virtual card without having to shut your entire credit card account. A virtual credit card is sometimes only intended for one-time usage. The card will become invalid instantly if a fraudster acquires your virtual credit card’s details as a result of a data breach or an insecure internet connection.
How to use a Virtual credit card?
Before using a virtual credit card, ensure your credit card company offers them. If it does, you must submit your debit/credit card details and ask your credit card issuer to give you a new card. After completing your request, you will be given a card number, expiration date, and security code for your virtual credit card.
You may use your virtual credit card to complete any online transaction after you have all of this data. To make the transaction, follow these steps:
Put the virtual credit card number in the box. Fill in the expiration date of your credit card. Please enter the one-time password (OTP) provided to your registered cellphone number. Your money will be handled when you confirm the transaction.
The transaction will display on your credit card account statement in the same manner as any other credit card transaction.
In comparison to regular credit cards, virtual credit cards are seen as superior in many ways. These cards limit the danger of credit card theft by preventing your credit card credentials from being shared with anybody other than you. Virtual credit cards may also be readily discarded because they are only good for a limited number of transactions. Because these cards are only accessible to the user, there is a low risk of fraud.
- How can I obtain a virtual credit card?
Contact your credit card provider to find out if virtual credit cards are available. If it does, you must submit your debit/credit card information and request a replacement card from your credit card provider.
- Can I use a virtual credit card to make an international purchase?
Yes, you may make international purchases using a virtual credit card.
- Is there anything wrong with using a virtual credit card?
While virtual credit cards are useful in most situations, they can be counterproductive in others. You must submit the credit card information used to make the transaction if you want a refund from a retailer. You will not be entitled to a refund if your disposable or virtual credit card has expired.
