A growing number of Americans are got trapped by credit card scams every year. Most people guilt online transactions for some problems and this is why people hesitating about shopping online. Virtual credit cards offering limited numbers of payments existed for about seven years and are slowly becoming popular, allowing people to shop without being scammed and with their personal information being protected.
What is a Virtual Credit Card?
You can use virtual credit cards for shopping or making payments online. They are also called as single-use credit cards. These cards are safe because they are provided with a new credit card number of every transaction they carry out online. These cards are issued by such brands as Master Card, Visa and main banking organizations. They are like online gift vouchers and absolutely exclude the possibilities of being scammed.
How do they Work?
These cards are similar to regular cards, but the only difference is that they can only be used online. The accounts associated with the card can be found online use the number of their virtual card, exactly as they would in usual conditions. Virtual credit cards are mainly pre-paid cars with no line of credit being made available on them. The user will have to open an account and finance the same before they are able to use the card. Some issuers allow financing the account with many different methods, when others will do so with a usual credit or debit card.
Signing up for a Virtual Card
The application process for a virtual card can differ from one company to another. Nonetheless, the main requirements are the same. An application that is on the card website will have to be finalized apart from downloading the security software to the laptop, which is being used. Activation fees of the card and the account will be withdrawn, once finances are received for the first time. Regular maintenance charges will also be applicable.
Sellers accepting Virtual Cards
There are no limitations and restrictions on any merchants for accepting virtual credit cards. Nonetheless, you should take into consideration that these cards can be used in the Internet and can not be carried treated like a common card. The seller will be able to understand whether a client uses a regular credit/debit card or a virtual card. They will not be able to enter any information from the temporary number, which is produced for the transaction.
Drawbacks of Virtual Cards
Virtual credit cards can only be used for online transactions. Most people have limited usage of cards that can be used in the Internet only. Thus, they need to keep a physical card for use against transactions of some types. They are also slow in working out transactions as opposed to their counterparts. Nonetheless, it is a good solution for people who prefer to shop and make payments in the internet because of their secure nature.
Looking for companies which are worth filling out credit card applications? This is not an easy task.
We strongly recommend you to read this credit cards blog before you dash to the credit card applications. Find out what is wise and what is stupid to do on this market. Everybody can fill out web form, but not everybody can find a provider with really great offers.
Right now we live in the world where info makes life easier.
That is why if you are properly armed with the knowledge in your sphere of interest you can rest assured that you will always find the way out from any bad situation. So, please make sure to track this site on a regular basis or – the least time consuming way of doing it – sign up to its RSS. Thus you will have a direct shortcut to the freshest info updates about credit cards, small business grants and other important topics here.