Virtual credit cards were introduced to make online transactions safer. Since there are many fraudulent activities online, individuals with malicious intent can easily steal your credit card details that you provide on any e-commerce platform and use them to serve their interests. Hence virtual credit card was introduced which works similar to a credit card, but it’s details like CVV number and expiry date are only generated for a temporary period and which gets automatically deleted afterwards.
Virtual credit card is generally created for e-commerce transactions. Online virtual credit cards are a safe alternative for those who want to do online transactions but do not feel comfortable providing their actual credit card details. Virtual cards are usually available free of cost.
A virtual credit card can be generated easily using the following steps:-
- To generate the virtual card, you have to log onto the website of the financial institution. Then click on the ‘generate card’ option.
- The total amount needs to be entered next.
- After the total amount is put in, card number, CVV value and expiry date of the virtual card is shown on the screen.
- Choose the goods that you want to buy on the e-commerce website.
- On the payment page, select the mode of payment as credit card.
- Enter the details of the virtual card to pay for your purchases.
Its features include-
- Since no details about the buyer’s real credit card is required, it is safe from any unscrupulous practices. The virtual credit card’s details are entered instead, during purchase on online sites.
- Any e-commerce site will accept virtual credit card.
- Virtual credit cards are linked to the lender’s website; hence, any unused amount is transferred back to that account.
Similar to online virtual credit cards, there are other top of the line physical credit cards which are safe and offer lucrative features to its users. They come with robust security features that make them safe to use online. For instance, Bajaj Finserv RBL Bank SuperCard has benefits like-
- The customers can be safe from fraudulent online activities with the help of features like ‘In-Hand Security’ and ‘Zero-Fraud Liability’. There are also other ways by which the borrower can prevent his/her credit card from getting hacked.
- Huge reward points and discounts on shopping with partner stores points which can be used later on to earn discounts on movie tickets and other goodies.
- Customers can save up to Rs. 55,000 annually.
- They also offer other benefits like charging zero interest on withdrawing cash from ATM. The remaining credit limit on the card can be converted to avail a loan against credit card charging no interest for 90 days. These are some of the unique advantages of SuperCard that other credit cards do not offer.
Who are eligible for availing credit card?
If your age is between 25-60 years and the credit score is above 750, you are eligible for a credit card. The applicant needs to provide valid document like proof of identity, proof of address, proof of income and proof of age to apply for a credit card. The residing address must be within India.
Online Virtual credit cards has made online transactions easier and safer for people who are afraid to give their banking details on the web. Additionally there are some physical cards which come with a host of security measures and offers other benefits to make life better for people. Borrowers should choose the right credit card that offers the maximum benefits to better arrange their finances.