We all very well know how convenient credit cards have proven to be. Whether it’s making purchases at the mall, or paying for an emergency at the medical center, these plastic wonders definitely come in handy. Nowadays, people use their credit cards for online transactions on a regular basis. With the rise in online transactions, there has also been an equal rise in fraudsters taking a hold of and misusing shopper’s credit card information.
As much as possible we try to use our cards in secure websites, yet sometimes there are instances when we are required to make use of unsecured web pages. And using our credit card information in such pages is extremely risky. Which is why banks have found a way round this and come up with a fantastic solution called – virtual credit cards.
How do they work?
These digital cards are issued by various popular banks.
Only a primary cards holder can make use of this facility and add – on card holders are not able to avail this feature.
They have a restricted validity – not more than a few days. Because they are usually used to make only one-time transactions.
A separate set of credentials like card number, cvv number and so on is assigned to this virtual credit card. These are the details you’ll need to enter when you wish to use this card.
There are certain minimal and maximum limits assigned to your virtual credit card.
Money from your account is transferred into this cards when you want it. And if there is anything remaining after your transaction, it is transferred back into your account.
These cards are easy to create and use, since all the process is done online. All you have to to do is have a valid web banking facility with transaction rights, and voila you can avail a virtual credit card!
What are the advantages of VCC?
The main advantage is security of course! You never have to reveal the actual information on your credit card or debit credit card account details.
There is an one time password that will be issued to you, this is the major reason why there is little room for anybody else to misuse your credit card.
The amount from your account will be debited only when you make an actual buy using the virtual card.
You can even make a virtual card using your debit cards.
You don’t even need to own an actual credit card, all you need is an active bank-account with sufficient balance and an internet banking facility in order to make use of this feature.