As the name suggests, a virtual debit card or a virtual credit card is a card that is conjured which exists online only. They possess a randomly generated 16 digit card number, a CVV number, and an expiry date just like their physical counterpart. These cards are accepted wherever a normal card could be used for transactions.
These cards are gaining a lot of traction these days because of several reasons. For starters, they are useful when Doing purchases online or shopping as well.
The application process for a virtual card is so amazing, convenient and extremely fast. Perhaps, as most websites online don’t accept credit cards, an individual who doesn’t own a credit card can use its virtual alternative to indulge in transactions online. This explains the reason for their high popularity. So in this article we will provide the best virtual cards of which you can apply for even at this moment.
Best Virtual credit card
- US Unlocked
- American Express
- Walmart MoneyCard
- Bank Freedom
Most frequently people always posse questions like; Do banks in the USA provide virtual credit cards?
Only three banks in the United States offer virtual credit cards to their customers. They are Citibank, Bank of America, and Capital One.
And we get another question like; Can virtual credit cards save you from fraud?
Well if we must know, Virtual credit cards ensure a safe and secure online shopping experience, unlike their physical counterpart. It may be safe to enter your credit card information on trusted sites like Amazon or Walmart, but there are certain sites that can take advantage of your submitted credit card information as well.
How can we be save d from Fraud?
The simplest way to pay for your purchases today is the credit card. Swiping the card or pushing it into a chip reader is being replaced by simply tapping the card on a reader or a PC device, which is convenient to both the buyers and retailers. However, increasing the ease of paying has also increased the chances of being hacked and possibility of fraudulent activities. The same identifying information is used whenever you use your credit card. This means that once the data is stolen it can be used by anyone, not only you alone.
Virtual credit cards help to solve the security problems of credit cards. These cards generate a token for every single transaction, which is transmitted between the bank and the retailer to put through the transaction. You can as well use this with your phone or online.
Once you sign into your account, you can generate a one-time token, which includes a unique card number and security code. If your virtual card is linked to your physical credit card, transactions will show up on the credit statement as usual. Virtual credit cards are available in two ways: Either directly from your bank if you have a credit card issued by one of the banks that offers this service, or by linking a pre-existing card from another bank to an online service.
The major advantage of using a virtual credit card is that the virtual bank card processing uses one number to get a single transaction. After the number is utilized, it is discarded and cannot be reused. So, hackers are not interested in these virtual cards since these cards expire within a short period of time. You do not have to set up special software or hardware, neither on the buyers’ side nor on the sellers’ side.
The disadvantage is that there is generally a lengthy wait relating to the sale, in addition to the payment being deposited in the merchant’s account. At the consumer end, when you buy tickets for a movie or for a flight, you are likely to show the credit card. If you have used an online card, the temporary number will not match the credit card number you carry. And recurring expenses turn into a hassle because by the time of the next purchase period, your card number must have expired.