All you need to know about the virtual credit cards

virtual credit cards

Whenever you are making purchases from the giant e-commerce stores, you can be assured about the fact that they aren’t going to misuse any of the private information that you have provided to them. But when it comes to the new E-Commerce stores, providing your personal information is quite risky. Since the merchant will have all your billing address, your card number along with its expiry date as well as CVV, they can utilize it for illegal purposes as well. Though,indeed, you won’t be liable for any kind of unauthorized charges, but in the event, the charges get reversed to your account for not having enough credit on valid purchases, you will be liable for it. When you pay your amount using the online credit card, you can shop without worrying about any kind of money theft or other risks.

What are virtual credit cards?

The virtual credit cards are randomly generated numbers which are associated with your actual credit card number. Though the random generate number comes with a charge, it varies from one user to another. This helps to make your payment method secured more than ever. Moreover, the randomly generated number can further be set for expiry after a certain time. For instance, in the event you want the number to expire after one year, you can schedule it that way, and the randomly generated number will expire from the merchant’s site after one year, and it will be no longer validate.

On the merchants’ site, the virtual credit card will appear just like a regular credit card. The charges of the virtual credit card will appear on your real credit card bill, but the merchant won’t have the real information of your credit card. Check out to learn more.

How to get a virtual credit card?

One can acquire the virtual credit card when they visit their bank. They will need to pay a certain amount to acquire it. The maximum shopping limit for a virtual credit card can also be set with the bank as it will help you to keep a check on your spending. To get a virtual credit card, you will need to get in touch with your bank and fill up a form. After you have filled up the form, youwill need to submit it to the bank, and then they will issue a virtual credit card number which you can utilizefor making purchases online from any E-Commerce store. But, not all banks offer this service, so make sure that you have consulted with the bank to make sure that they provide the virtual credit card service.

Difference between Virtual credit card and payment apps

The primary difference between a virtual credit card and payments apps is that the mobile payment apps are accepted by most of the brick and mortar retailers. But when it comes to the virtual credit cards, they are only accepted by the online merchants, and they are not validating across the physical stores.

Even though both the payment procedure works in the same way, but at this point, they differ a lot.

The primary advantage of the virtual card over any other form of payment method is that you can close the account permanently. Even though your main credit card will still be validated, the virtual credit card will be invalid now. This eventually helps you to minimalize your risk from fraudulent charges.
So, if you are looking forward to making your payment secure and easy, then virtual credit cards are the right choice for you.