An expanding number of Americans are dying a victim of credit card cheat every year. It is estimated that about 20% of these people blame online transactions for such accidents and perhaps that is why people shy away from shopping on the Internet.
Virtual credit cards, which provide controlled numbers for payments, have been in existence for almost seven years and are slowly growing in popularity, allowing people to shop freely without fear of theft of their personal details.
If you want to make a virtual credit card then you can generate it online from a credit card generator.
What is a virtual credit card?
Virtual credit cards are disposable payment cards, which can be used to make purchases or payments on the Internet. They are also recognised as single-use credit cards.
These cards provide the security that the consumer wishes to be provided with a new card number for every transaction made online. These cards are published by larger marks such as MasterCard, Visa and major banking organizations.
They are similar to online gift vouchers and completely eliminate any possibility of fraud.
Who offers virtual credit cards?
Most important credit card issuers will allow virtual cards. They act like other prepaid cards, and the destination is set by how much money you put on the card. In this method, it acts related to a gift voucher or another online payment tool.
The names for the cards vary, with the master card calling them the master card gift card and Visa calling them virtual visa gift cards.
How virtual credit card work?
These cards are comparable in nature to normal cards with the allowance that they can only be practised online. Card-linked accounts are funded online and consumers willing to shop online use their virtual card numbers, just as they do in regular situations.
Virtual credit cards are basically prepaid cards with no line of credit available. Before being able to use the card, the user has to open an account and fund the same way. Some issuers allow account funding in various ways, while others will only do so with a regular credit or debit card.
Signing up for a virtual credit card.
The application process for a virtual credit card can vary from one provider to another. However, the basic requirements are the same.
An application available on the card website has to be completed on a personal computer or laptop in addition to downloading the security software, which is being used.
On receipt of funds for the first time, the card and account will be debited for the activation of the applicable charges. Monthly maintenance fees will also apply.
Advantages of a virtual card.
The biggest advantage of these virtual cards is that getting card details is not worth their time, as the number can only be used for a specific purchase and the number expires very quickly.
This makes virtual credit cards more secure than normal credit cards and prevents hackers from trying to steal your number. In the unlikely event that your number is stolen, you are covered for unauthorized purchases like you would with a normal credit card.
Another advantage is that these cards are convenient to use, as everything is stored online. There is no requirement to operate around looking for your card number to input the details. All you have to do is click the mouse for some time and you are done with your purchase.
Disadvantages of a virtual card.
Virtual credit cards can just be utilised for online transactions. Many people have limited use of the card which can only be used online. Therefore, they feel the need to maintain a physical card for use against certain types of transactions.
They are also slower in processing transactions than their counterparts. However, they are a good solution for people shopping and paying online due to their secure nature.
Are they worth it?
Although virtual credit cards are restricted in their scope, they are an extra secure way of shopping if you buy items online constantly. If you do not want to risk your regular card online, get a virtual card for secure online shopping.