We all know very well how convenient credit cards have proven to be. Whether it’s shopping at the mall or paying for an emergency at the hospital, these plastic wonders definitely come in handy. Today, people use their cards for online transactions on a regular basis. With the increase in online transactions, there has also been an equal increase in scammers taking over buyers’ credit card information and misusing it.
As much as possible, we try to use our cards on secure websites, but there are times when we are required to use unsecured websites. And using our credit card information on those pages is very risky. That is why banks have found a way around this and have come up with a wonderful solution called virtual credit cards.
How do they work?
- These virtual cards are issued by various popular banks.
- Only the primary cardholder can use this feature and additional cardholders cannot take advantage of this feature.
- They have a limited validity, no more than a few days. Since they are usually used for one-time transactions.
- This virtual card is assigned a separate set of credentials, such as card number, cvv number, etc. These are the details you will need to enter when you want to use this card.
- There are certain minimum and maximum limits assigned to your virtual credit card.
- The money in your account is transferred to this card whenever you want. And if there is money left after your transaction, it is transferred back to your account.
These cards are easy to create and use since the entire process is done online. All you need to do is have a valid internet banking service with transaction rights, and voila, you can take advantage of a virtual credit card!
What are the advantages of VCC?
- The main advantage is security, of course! You never have to reveal your actual credit card details or debit card account details.
- You will be issued a one time password, this is the main reason there is little room for someone else to misuse your card.
- The amount from your account will be debited only when you make a real purchase with the virtual card.
- You can even create a virtual card with your debit card.
- You don’t even need to have a real credit card, all you need is an active bank account with sufficient balance and a net banking facility to be able to use this feature.
Now you know you can easily avoid treacherous credit card debt while not losing out on the benefits of electronic money. Go ahead and get a virtual card today for easy and secure transactions.
