• Beauty & Fashion
  • Entrepreneurship
  • Health
  • Home & Garden
  • IT & Tech
  • Lifestyle
  • Money
  • Movies
    • Netflix vs. Hulu vs. Amazon Prime
    • SolarMovie Alternatives
    • 123Movies Alternatives
    • Sites Like FMovies
    • Putlocker Alternatives
  • Travel
  • Sports
  • Wheels

Latest Posts

View

Baby Formula and Diaper Rash

April 5, 2022

View

Changing modes of transportation over the decades

March 25, 2022

View

Understanding The Materials Inside Your Vape

December 30, 2021

Journal Enterprise

  • Beauty
  • Health
  • Home
  • Lifestyle
  • Technology
  • Travel
  • Beauty
  • Health
  • Home
  • Lifestyle
  • Technology
  • Travel

In Money

What Is A Virtual Credit Card & How Does It Work?

2K Views April 4, 2020

What Is A Virtual Credit Card & How Does It Work? Pin It

We have seen significant developments in the banking system over the decades. For several years, we used paper money to pay for products and services. However, we have then shifted from that system to a more convenient and faster paperless transaction. Credit cards are one of the easiest ways to make payments today. You only need to swipe your card, and you are good to go.

Unfortunately, credit card’s vulnerability to hacks makes most of us wary when making a transaction, especially on online platforms. Nevertheless, virtual credit cards offer a solution to security issues that accompany paperless payments.

What Is Virtual Credit Card

A virtual credit card or controlled payment number refers to a randomly produced and temporary 16- digit number that replaces your actual credit card number when making online purchases.

It is connected to your credit card, but its design makes it hard for hackers to access your information. The transactions made using virtual credit cards appear on your usual bill; however, the merchant does not have access to your real credit card number.

You could set a limit and expiry date on your card if the issuer allows. The capability offers more security and minimizes the risks of becoming a victim of fraud. Typically, you manage your virtual credit card via digital wallets like Samsung Pay, Google Pay, or Apple Pay.

Where to Get a Virtual Credit Card

Several large banks issue virtual credit cards; therefore, it is not difficult to access one; however, you can inquire from your card provider to be sure. Banks that do not offer the card often use third-party services like Final and Entropay to link an existing card issued by a particular bank to digital services. Furthermore, you can even buy virtual visa gift card with Bitcoin.

Unlike actual credit cards, virtual ones have customizable characteristics like mechanized bill pay. Currently, you can comfortably get a virtual credit card in the United States from the following banks:

Citibank

If you hold a Citi card, you can easily enroll for a virtual one and generate it from the bank’s website. The bank issues these cards to nearly all its clients.

Capital one

Holders of Capital one cards can secure their money using Eno. It is only available for holders of personal accounts and allows you to create a nickname for your account and keeps all the records for your transactions in case you need to access later. You cannot set a limit; instead, it uses the credit limit of the actual card.

Bank of America

It provides ShopSafe to clients with a Visa and Mastercard aside from American Express. It allows a 12 months maximum expiry time and lets you maintain repetitive monthly payments to solve subscription issues.

Pros of Virtual Credit Cards

Virtual credit cards eliminate the need to close your account in case of a data breach. A cardholder would often have to get a new credit card number; however, if you were using a virtual card at the time of the theft, you only need to close the virtual one. This means that you do not have to change the information in your recurring subscriptions. It also helps to control your expenditure on online platforms. Setting the spending limit means you cannot make more purchases once you reach the limit. It is a suitable feature for people who tend to do impulse buying.

Since most virtual credit cards expire faster than actual credit cards, they are more secure because in case a hacker gains access to your card, chances are it will expire before they get a chance to steal your money. Additionally, hackers cannot charge your card, especially after it expires because virtual cards offer dynamic information; the verification data differs for every online payment.

Corporate Virtual Cards

Although it is more prominent to use virtual credit cards for personal purchases, a business can also benefit from the service. It will significantly solve issues within your company, such as multiple employees making purchases like dinners and plane tickets for clients. Getting a corporate virtual card like American Express’ vPayment helps you to monitor expenditure on the company card and also offers security.

The additional protection offered by virtual credit cards gives you a degree of peace of mind when conducting online shopping.

Share

Previous Post

10 Dubai Travel Tips…

In Travel

10 Dubai Travel Tips That No One Has Ever Told You

View Post

Next Post

Types of Health Insurance Plans…

In Money

Types of Health Insurance Plans to Cover Senior Costs

View Post

Latest Posts

View

Baby Formula and Diaper Rash

April 5, 2022

View

Changing modes of transportation over the decades

March 25, 2022

View

Understanding The Materials Inside Your Vape

December 30, 2021

View

What Do You Need To Build A Commercial Software Application?

December 1, 2021

Featured Post

In Health

Baby Formula and Diaper Rash

View Post

Lifestyle

View

Understanding The Materials Inside Your Vape

December 30, 2021

View

What’s In Your Formula Milk? Baby Formula Ingredients You Should Know

November 24, 2021

View

Who Needs a Medical Card?

November 22, 2021

View

Vape Liquid: Why You Should Use It?

April 16, 2021

View

Vape Shops – Online or Brick and Mortar?

November 3, 2020

View

3 Issues Kids Face Online and How to Protect Them

October 26, 2020

Movies

View

Trinity Seven Season 2

October 3, 2019

View

Blue Exorcist Season 3

October 2, 2019

View

Highschool DXD Season 5

October 1, 2019

View

Seraph of the End Season 3

September 30, 2019

View

Seven Deadly Sins Season 4

September 27, 2019

View

Sailor Moon Crystal Season 4

September 26, 2019

Home & Garden

View

5 Easy Air Conditioner Maintenance Tips

August 10, 2020

View

6 Must-Do Preparations for Selling Your Home

May 27, 2020

View

Home Surveillance Cameras: The Best Locations For Placement

May 4, 2020

View

Is Your House Full of Code Violations? What to Do about It

April 27, 2020

View

Best Places To Buy A House In North Carolina

April 13, 2020

View

6 Expert Locksmith Tips That Will Help Secure Your Home

April 6, 2020

Don’t Miss New Updates

  • Beauty
  • Entrepreneurship
  • Health
  • Home
  • Lifestyle
  • Money
  • Movies
  • Tech
  • Travel
  • Sports
  • Wheels

© 2022 Journal Enterprise - All Rights Reserved. Contact Us..