Virtual Credit Card

Last Updated : Nov. 9, 2022, 4:08 p.m.

The day when you do your online transactions in your comfort from your home, you may sometimes see a fishy notification showing the details you may enter here are not safe. The chances of you getting worried and thinking about it twice will surely be happening.

The thing is, there is a remedy for those worries to get eliminated. The risk factor that is fraudulent acts and thefts could be stopped. But how? The solution is called Virtual credit cards (VCC).

Now the question will be, isn’t it the same as a credit card ? Yes, it is, but it can be said as an add-on to your credit cards. Still, figuring it out? Be at ease. Read on to know better.

Features, and Benefits of Virtual Credit Card

1. Convenient to carry: Virtual credit cards do not have a physical form, so they are the easiest mode of carrying your money and making payments online. The card details can be saved onto your mobile phone, and the same can be used at the time of the transaction.
2. Safety: VCC usually generates a unique token or credit card number through a credit card app , and the number can be used for every transaction.
3. After a one-time use of the token, these can’t be used. Further, the significance is that it minimises the risk of fraudulent acts or thefts.
4. Set the transaction limit: For a virtual credit card, you can set an expiry date and a limit on spending your money. You also have the freedom to set it with a single seller and then set the limit.
5. Blocking of your VCC: If you find fraudulent attempts on your card, you can block the VCC online.
6. Issued only to primary cardholders: these cards will only be given to the primary cardholders, not to an add-on holder of the main card.
7. CVV remains constant: Your card’s CVV will remain the same until it’s active. The chances of changing your number are when you opt for a new virtual card or cancel the current one.
   

How do I get a Virtual credit card?

There are ways to get your virtual credit card available to you. It’s through the financial institutions in India:

Net safe card

This credit card solution called net safe is given by HDFC bank in India. The card can be used for all online shopping transactions. The monthly statement can be received in your original credit card statement .

Features:

• This card could keep all your credit card information safe.
• The process for generating is hassle-free.

Eshop credit card

A visa-based free virtual credit card that can be generated through the official website of Axis Bank. This can be done by providing your credit card details to the website.

Features:

• Eshop credit cards are valid for 48 hrs.
• The monthly statement can be received in your original credit card statement.

SBI Virtual credit card

These SBI credit cards can be generated through the official website of SBI.

Features:

• It cannot be used for international purchases
• Only SBI corporate credit card holders can use a visa-based credit card to make free international transactions.

Kotak netcard

This card cannot be fully categorised as a virtual credit card, but its function is similar to that of a virtual credit card. You could create a unique card number for domestic and foreign transactions.

Features:

• Functions are the same as a normal virtual credit card.
• Subscriptions for Netflix can be done with this netcard.

Difference between Debit cards, Credit cards and Virtual credit cards

Why should I apply for VCC?

Security is one basic benefit of VCC. But along with that, there are again some of the advantages you could get through.

1. Transferring unused credit: The unused credit in your VCC could disturb you and make you think it may go waste and cannot be done as a solution. But there is. If any credit limit is unused and is still, then it can be easily transferred to your primary credit card account. It automatically transfers to your main account after the VCC expires.
2. Domestic and international transactions possible: Geographical limitations could sometimes affect your finances and credit cards. But in the matter of VCC, it doesn’t affect. You can use your card for national and international online transactions without worries.
3. Available at no additional cost: Some finance institutions provide VCC at no additional cost. Therefore, there is no need to pay any charges while availing of the card.

As of now, you might have gained further knowledge of VCC’s benefits. Hence, while moving on to choose a secure and convenient payment mode, opt for the virtual mode of payment.

FAQs