What is a Virtual Credit Card?

Summary

An increasing number of Americans are falling prey to credit card fraud every year. It is being estimated that around 20% of these people blame online transactions for such mishaps and is perhaps the reason why people shy away from shopping over the internet. Virtual credit cards, which offer controlled numbers for payments have been in presence for nearly seven years and are slowly gaining in popularity, allowing people to shop freely without the fear of theft of their personal details.

What is a Digital Credit Card?

Virtual credit cards are throw away payment cards, which can be used for purchasing or making payments over the internet. Also, they are known as single-use credit cards. These cards provide the protection that consumer’s wish as they are provided with a new card amount for every transaction they make, online. These cards are issued by major brands such as MasterCard, Visa and main banking organizations. They are similar to on the web gift vouchers and totally get rid of any possibilities of fraud.

How do these people Work?

These cards are similar in nature to regular cards other than they can only be used online. The particular accounts associated with the card are financed online and consumers intending to shop on-line use the number of their virtual card, just as they would in regular situations. Virtual credit cards are basically pre-paid cards with no line of credit being made available on them. The user will need to open a merchant account and fund the same before they could use the card.
In the event you cherished this information and you would like to receive guidance concerning Reloadable virtual card for bet365 i implore you to go to the web site.
Some issuers enable funding of the account with a variety of methods, while others will only do so having a regular credit or debit card.

Signing up for a Virtual Card

The application process for a digital credit card may differ from one provider to another. However , the basic requirements remain the same. An application available on the card website must be completed apart from downloading the security software to the personal computer or laptop, which is being used. Fees applicable for activation of the card and the account will be debited, once funds are obtained for the first time. Monthly maintenance charges will also be applicable.

Merchants accepting Virtual Cards

There is absolutely no restriction on any merchants for accepting virtual credit cards. Nevertheless , it must be remembered that these cards can only be used online and cannot be carried around like a regular card. The service provider will in no way be able to comprehend regardless of whether a consumer is using a regular credit/debit credit card or a virtual card. They will do not have access to any data apart from the short-term number, which is generated for the deal.

Disadvantages of a Virtual Cards

Virtual credit cards can only be used for on the web transactions. Many people have limited usage of cards that can only be used on the web. Therefore , they feel a have to retain a physical card to be used against transactions of some types. They are also slow in processing transactions as compared to their counterparts. However , they may be a good solution for people preferring to shop plus make payments online due to their protected nature.

Leave a Reply

Your email address will not be published. Required fields are marked *