Virtual Credit Card

Virtual Credit Card

A virtual credit card is an online shopping card, which allows you to make purchases online. It is simple and easy to use. Mostly all websites allow you to use this card.

Virtual Credit Card: It is a card used only for purchasing and shopping online. As the name goes there is no plastic card issued, only a 16 digit number is given and you can start using it to make your purchases online. It is convenient and safer to shop online with a virtual card. It works just like a credit card or debit card only that there is no physical card issued.

Most of the banks are issuing this card and is very simple to apply for the same. One just needs to log on to the internet to your online account, apply for the virtual card and fill in the details regarding the amount you require to shop. Then the bank will generate a 16 digit number, a CVV2 number which would be with an expiry date.

Once you receive this number you can then start shopping online. As this card has an expiry date you need to use it immediately. Normally the validity is for 24 hours. This card is accepted at all VISA and Master card merchant’s online.

This card is offered free by many banks all you need to be is registered for online banking and you can even apply for more than one card a day.

Let us see some of the features of this virtual card:-

1. It is a secure and safe card. 
2. A temporary PIN numbers is generated which protects the card from misuse.
3. As this is a virtual card it has a specific period and one needs to use it before it the card expires.

4. You can use both your credit card and debit card to generate your virtual card!

5. For this virtual card one has to fix a certain spending limit and will be eligible only to avail that amount. This is dependent on the credit limit of your credit card or the balance on your debit card.
6. And if there is any amount balance if not spent will be transferred back to your main account.

The disadvantages of a virtual card are as these are online transactions only when the merchants receive the payment do they dispatch the goods. So there could normally be a delay in receiving your product.

And as there is a time frame on the card which is 24hours so one needs to make payments immediately. After the transaction is over the card cannot be used again.

There is also a cap on the spending limit which Rs50, 000 by most of the banks.

With this virtual credit card it is now easier to shop online and at your convenience!!

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From: www.deal4loans.com