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Virtual Credit Card

A virtual credit card is a digital credit card which is not available in the physical form. As a result, all the relevant details of the virtual credit card, such as the card number, the CVV, the expiry date, etc. are available online. You can create a virtual credit card online and set a credit limit on it, using your debit card or your credit card account. It is useful to note that an online virtual credit card can only be used within a short span of time.

Features and Benefits of An Online Virtual Credit Card

There are several reasons to get a virtual credit card. Some of the features and benefits of this unique mode of payment are listed below-

  1. A virtual credit card is only issued to a primary cardholder.

  2. A virtual credit card can be used once within 24 hours to 48 hours since generated, after validation using OTP, which reduces the chance of misuse and theft.

  3. The card comes with a transaction limit which is similar to the limit available on the primary card.

  4. Virtual credit card providers issue the card online which makes it immediately accessible for transactions.

  5. The CVV of an active virtual credit card is the same, irrespective of the number of transactions made on it.

  6. Both national and international transactions can be done conveniently using a virtual credit card.

  7. To ensure the comprehensive utilization of the available credit limit, the unused balance on the virtual credit card is transferred back to the primary card once the VCC expires.

  8. There is no charge or fee levied on a virtual credit card.

  9. If you feel that there is any security threat, you can immediately block the virtual credit card online.

How Does A Virtual Credit Card Work?

A virtual credit card is free and lets you do instant transactions online. However, it cannot be used offline. Using a computer algorithm, the virtual credit card details are generated, and your 16-digit credit or debit card number is replaced. Now, when you shop, instead of entering your actual debit or credit card details, you provide the virtual credit card number at the payment gateway. The card mimics the EMV technology of physical cards and uses a random number for a specific transaction. However, there is a limit to where and when a virtual credit card can be used. This is simply to ensure that the card is not used by fraudsters and data thieves.

Once you have generated your online virtual credit card for free, you can use it for transactions by following the steps mentioned below-

  • Enter the virtual credit card number

  • Enter the credit card validity details

  • Verify the transaction using the OTP that has been sent you on your number

  • Click submit to complete the transaction

Credit Card vs. Virtual Credit Card

Though a virtual credit card works like a credit card, there are certain notable differences between the two.

Primary Features

Credit Card

Virtual Credit Card

Card Type

Plastic

Digital

Valid for

Few years

Maximum 48 hours

Cash withdrawal

Possible

Not possible

Usage

Online and offline

Online

Transaction Limit

Unlimited

One-time

Fees / Charges

Levied

Not levied

Amount debited from

Credit card account

Credit or debit card account

What Are the Drawbacks of a Virtual Credit Card?

Along with the many privileges of owning a virtual credit card, there are certain limitations to what you can do with it. These include-

  • The online virtual credit card is digital and hence cannot be swiped at a merchant store

  • Unlike physical credit cards, a virtual credit card cannot be used to withdraw cash from an ATM

  • There may arise subscription using owing to the short duration for which a virtual credit card is valid

  • It is challenging when returning items purchased online to a physical location

Frequently Asked Questions

  • ✔️How does a virtual credit card work?

    Using a computer algorithm, the virtual credit card details are generated, and your 16-digit debit or credit card number is replaced. Now, when you shop, instead of entering your actual debit or credit card details, you provide the virtual credit card number at the payment gateway. The card mimics the EMV technology of physical cards and uses a random number for a specific transaction.

  • ✔️Can I use my virtual credit card for international transactions?

    Both domestic and international transactions can be done using a virtual credit card which makes it very convenient.

  • ✔️Can I use my virtual credit card offline?

    No, a virtual credit card can only be used for online transactions and cannot be swiped at physical stores.

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