Many banks offer virtual credit cards to make online shopping more secure for credit card customers. Using a virtual credit card can prevent your credit card number and important account information from being shared when you shop online.
In today’s article, we will give information that what is a virtual credit card?, How do virtual credit cards work?, How to get a virtual credit card, Advantages and disadvantages of using a virtual credit card.
There is no denying that technology has changed our lives drastically. In today’s time, with the help of online and digital services, it helps us to work, do business, learn, do financial transactions – and much more from the comfort of our homes.
As online transactions have increased, the dangers of personal data leaks have increased. To curb this menace, banks are trying new methods every day. Along with the bank, you also need to be vigilant to keep your data safe. Virtual credit cards are one of the various precautionary measures one can take to better protect one’s personal information.
What is a virtual credit card?
A virtual credit card is a temporary credit card number that you can use to make online payments. Virtual Credit Card is completely digital, you can view it on your banking app. It is designed to protect your data and personal information, a virtual credit card provide a disposable credit card number to protect your real account number from being stolen during a breach or overcharged on subscription-based services.
How do virtual credit cards work?
Virtual credit cards are not meant to replace your traditional credit card account. Rather, they are linked to your traditional account as a way to improve security when transacting online, which you can use whenever you want. Many virtual credit cards allow customers to set a maximum spend or fee limit on the card to prevent overcharging the account. Virtual credit card numbers are temporary 16-digit numbers meant to protect your personal information while making purchases online.
How to get a virtual credit card?
Depending on the credit card issuer, the process of getting a virtual credit card may be slightly different. Most major credit card issuers now have virtual credit card options that you can easily add to your existing account, but first check with your credit card issuer to see if they offer a virtual credit card.
If you already have a physical credit card, you can follow these steps to get a virtual credit card.
- First of all log into your online credit card account and go to your account settings. In account settings search for “virtual credit card.”
- Now find your generated virtual card number. Some card issuers will provide you with a single-use card number, which means you can only use it for one-time purchases with one merchant. While others will give you a multiple-use card number that you can use for online purchases anywhere.
- Set spending limits and expiration dates for all virtual account numbers. To prevent any unwanted fees, you can customize the number of transactions on a daily, weekly or monthly basis, as well as set the maximum amount you can spend per transaction. You can also choose how long you want the virtual card number to be valid.
- Now create a virtual card number and delete it when you don’t need it. Once you’ve created your virtual credit card, you can use it the same way you use your physical credit card when shopping online.
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