Virtual Credit Cards - The Proper Assist on the Right Time
We all very well know how convenient credit cards have proven to be. Whether it's making purchases at the mall, or paying for an emergency at the hospital, these plastic wonders definitely are available handy. Nowadays, people use their cards for online transactions on a daily basis. With the rise in online transactions, there has also been an equal rise in fraudsters taking a hold of and misusing shopper's credit card information.
As a lot as attainable we try to use our cards in secure websites, however generally there are cases when we are required to make use of unsecured web pages. And utilizing our credit card data in such pages is highly risky. Which is why banks have found a way spherical this and are available up with a wonderful solution called - virtual credit cards.
How do they work?
These virtual cards are issued by a number of fashionable banks.
Only a major card holder can make use of this facility and add - on card holders can't avail this feature.
They've a limited validity - not more than just a few days. Since they are usually used to make only one-time transactions.
A separate set of credentials corresponding to card number, cvv number and so on is assigned to this virtual card. These are the details you may must enter while you wish to use this card.
There are certain minimum and maximum limits assigned to your virtual credit card.
Cash from your account is switchred into this card once you want it. And if there's any money remaining after your transaction, it is transferred back into your account.
These cards are straightforward to create and use, as all of the process is finished online. All you need to do is have a sound internet banking facility with transaction rights, and voila you can avail a virtual credit card!
What are the advantages of VCC?
The principle advantage is security after all! You never have to reveal the actual details of your credit card or debit card account details.
There is a one time password that will be issued to you, this is the primary reason why there may be little room for anybody else to misuse your card.
The amount out of your account will be debited only while you make an actual purchase using the virtual card.
You possibly can even create a virtual card using your debit card.
You do not even must own an precise credit card, all you want is an active bank account with adequate balance and a net banking facility with the intention to make use of this feature.
Now you know you'll be able to easily keep away from the treacherous credit card debt, and on the same time not lose out on the advantages of digital money. Go ahead and get your self a virtual card as we speak for simple as well as secure transactions.
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