We hear, hope you too have heard sometime somewhere about credit card frauds going on day today online workings, and yet we are sure about our credit cards are fully secure However, this is really far from the truth,To avoid online frauds and to do safe marketing as well, virtual credit card are good options. Create one of desired amount , go for the payment, clear it and the same got expired within specific time without any chance of misuse.
Real Life Situations where Virtual Credit Card is found useful ?
When you are transacting on a website, where you do not feel very confident about security, but still you have to transact anyways due to some reason.
When any friend of yours ask you for your credit card, where you want to “NO” , but still can’t say NO. You can now create a virtual credit card and give the details to him.
When you do not have a real credit card, but only have a net-banking facility, you can still create virtual credit cards and use them.
You can also use these virtual cards where you just want to try out the service , but by default the website starts charging the card on renewal basis. If you use virtual card, it will anyways get cancelled after one use and there will be no renewal charges later – Here is a real experience
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To make online shopping safer and a real world consumer experience, VIRTUAL CREDIT CARD is a good option. A virtual credit card (VCC) is an add-on credit card issued on your primary credit card; only it’s virtual and does not have any plastic existence. You can instantly create it, using your net-banking facility by providing your credit card or debit card details. All relevant details like the card number, the ‘VALID FROM’ date, the expiry date and the CVV number are visible online to you and this virtual credit card enables you to transact online as same as your oringinal credit card with limit of your choice. Also the virtual card does not have any fee associated with it in most of the cases!
your primary card details are never shared with the merchant online, so you never have to be worried about losing your card or having to carry it ‘safely’ in your wallet.
Validity of the virtual card ?
The virtual credit card is valid only for a single use and automatically expires within 24 hours if the virtual credit card is not used, which means that the chances of frauds and misuse of credit card. are significantly lower than a real credit card. Also understand the if you hold a VISA card, then the virtual card which you will get will be VISA one and if it’s Master Card, then it’s going to obviously be a Master card.
Can you create Virtual Credit Cards using a Debit Card?
Not significantly, Some banks offer VCC by using Debit card but not all.
Hope this information is useful in any case.