Information about Virtual Credit Card

Category: Credit Card | 22 July 2017
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Virtual credit card is one-way credit card that can be used to make purchases or make payments on the Internet. They are also known as a credit card name one way. These cards provide the protection that the consumer’s desire as they obtain a new card number for each transaction they make online. These cards will be issued by major brands banking institutions. They are similar to gift cards online and completely eliminate the possibility of fraud.

How do Virtual Credit Card work?

Virtual credit card is similar to ordinary cards, except that they are only used online. The accounts associated with the card are online-funded and consumers want to purchase online the number of their virtual card as they do in regular circumstances. Virtual credit cards are essentially prepaid cards and no credit lines on themselves. The user must open an account and finance before the card. Some issuers allow the financing of the account using a variety of methods, others do this with a credit card or a regular flow.

How To Signing up for a Virtual Credit Card?

The application process for a virtual credit card can vary from one provider to another. However, the basic requirements are the same. An application on the website of the card must be completed before downloading security software on the PC or the laptop being used. The fees for activating the card and the account will be debited once the funds are received for the first time. Monthly maintenance fee is also applicable.

Disadvantages of Virtual Credit Card

Virtual credit card can only be used for online transactions. Many people have limited the use cards, which can only be used online. Therefore, feel a need to hold a physical card for use against certain types of businesses. They are also slow to process transactions in comparison to their peers. However, they are a good solution for people who prefer to make online payments for their safe way of buying and making.

There are absolutely no restrictions for retailers to accept virtual credit cards. However, we must bear in mind that these cards are only used in online and can not be transmitted as a regular card. The retailer will not understand in any way when a consumer uses a credit card or debit or virtual credit card. You would not have access to data outside the temporary number that is generated for the transaction.

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