This is one of latest things in the world of business and finance. First, we’ll tap into what a virtual credit card is. Next, we will be looking at ways to get one, and then, we’ll be checking what scams to avoid. We will be then discussing the downsides of using a virtual credit card and finally, we’ll learn how to use it safely online.
What is a virtual credit card?
A virtual credit card is super-efficient if you’re looking to shop online. It is a temporary option and can be used to protect your primary account from fraudulent activity. Virtual cards are designed for one user only and cannot be used for transactions higher than $50.
In case your virtual credit card is used for unauthorized transactions, it automatically freezes. This is very useful in case you’re in high need of protecting your account. Read ahead to know more about what is virtual credit card and should it be used.
Where can you get a virtual credit card?
You can get a virtual credit card almost anywhere. Here is a list of options to consider. Review them separately and make sure they match your needs. In case they don’t, choose another option, writes financial essay help coordinator, Joe Carruba.
- Capital One – This is a good bank to start your VR card journey. You can use the bank’s app Eno on almost any browser extension, so making an online transaction is simple and super easy.
- Citi – This is another good idea to start with. With Citi, you can get a temporary virtual card number and use it to shop online for good. Keep in mind that you’ve got to sign up for Citi’s program to use it.
You’ve got other options available for you. For example, using a credit card monitoring service can be a great option for beginners. They notify you when something goes wrong or when there’s fraudulent activity on your account, so this option is also safe.
This is how you can generate virtual credit card.
Why should you avoid getting one here?
Do not get a virtual credit card with PayPal or American Express. Most of these programs are outdated anyways and they proved to be less secure than Citi’s or Capital One’s. Making sure you make the right choice when it comes to online payments is absolutely essential.
Any downsides to a virtual credit card?
There are some debates regarding online payments with virtual credit cards. Some people say that they’re less secure because they provide customers with virtual numbers that can only be used online. This might make them more prone to fraud. However, fraudulent activity can happen to anyone who’s not respecting the safe-practice guidelines.
As long as you respect the maintenance routine and ensure that you’re only making purchases from your home, you’re pretty much safe.
How to safely use my virtual credit card online?
When you are using your virtual credit card online, here are the most important things to remember. Don’t skip any steps. As I mentioned before, virtual credit cards are okay to use as long as some basic rules are respected. Respect these and you won’t have any problems shopping online.
1. Use a private device and a private connection. Try to avoid shopping in public areas and connecting to random Wi-Fi networks. This can be dangerous and should be avoided. Shop from home.
2. Make sure you know the merchant. If you don’t, investigate them as thoroughly as you can. Read online reviews and make sure you’re well aware of their activity. If you don’t know how to do that, this service can help you. You might have landed on a dangerous website, so investigating this issue is crucial.
3. Get an extra layer of security and pay using it. You could use a mobile wallet, for example, but there are other options you could check out.
4. Make sure your security features are turned on. You should check the Account Alerts and the Two-factor Authentication.
5. Have a routine checkup. This could include updating your apps or changing your passwords, anything to keep fraudulent activities out of your sight.
Wrapping up:
All in all, now you know a lot about virtual credit card. Use it, since transactions are now safer than ever. You don’t have to worry about any fraudulent activity as long as you respect the guidelines provided. Make sure you’ve got yourself covered for the long run when you choose a virtual card provider.
Review every single transaction made on your account regularly. Nonetheless, make sure you understand how and when to use it.
Author Bio:
Susanna Balashova is a creative magician in a world of (mostly) boring Marketing. She is said to be one of the best professional essay writers since she can turn dreary work things to be interesting and effective. She also likes to create her own world within some fanfic sketches. Reach out to her on Twitter or LinkedIn.