All of us very well know how handy credit cards have proven to be. Whether or not it’s making purchases at the mall, or paying for an emergency on the hospital, these plastic wonders definitely come in handy. Nowadays, individuals use their cards for online transactions on an everyday basis. With the rise in on-line transactions, there has additionally been an equal rise in fraudsters taking a hold of and misusing shopper’s credit card information.
As a lot as possible we attempt to use our cards in safe websites, however typically there are instances once we are required to make use of unsecured web pages. And utilizing our credit card data in such pages is highly risky. Which is why banks have found a way spherical this and are available up with a wonderful resolution called – virtual credit cards.
How do they work?
These virtual cards are issued by a number of standard banks.
Only a primary card holder can make use of this facility and add – on card holders can not avail this feature.
They’ve a limited validity – not more than just a few days. Since they’re usually used to make only one-time transactions.
A separate set of credentials equivalent to card number, cvv number etc is assigned to this virtual card. These are the small print you’ll have to enter if you want 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 card when you want it. And if there may be any cash remaining after your transaction, it is transferred back into your account.
These cards are simple to create and use, as all the process is completed online. All you could do is have a valid internet banking facility with transaction rights, and voila you’ll be able to avail a virtual credit card!
What are the advantages of VCC?
The main advantage is security of course! You by no means need to reveal the precise details of your credit card or debit card account details.
There is a one time password that will be issued to you, this is the main reason why there’s little room for anybody else to misuse your card.
The quantity from your account will be debited only when you make an actual purchase using the virtual card.
You can even create a virtual card using your debit card.
You do not even need to own an precise credit card, all you need is an active bank account with adequate balance and a net banking facility in an effort to make use of this feature.
Now you know you can simply keep away from the treacherous credit card debt, and on the similar time not lose out on the advantages of electronic money. Go ahead and get your self a virtual card at this time for straightforward as well as safe transactions.
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