Virtual implies not physical but electronic and anonymous. To curb the necessity of physical meetings and ensure safety from communication, some services and aspects of life have gone digital like E-mails, E-books and while this development can mean easy livelihood, it is also endangering as this has put people and their life at stake as one can just hack a database to ruin another person’s career. Now let’s know about anonymous virtual credit card.
The virtual credit card is one of such aspects of life that has gone digital to help make life easier for people and make bill payments easy online but a lot of scams have been reported because of this as fraudsters now go online, create online vendors, and as people purchase from them and input their credit card details online at the payment section, they use the information provided by the customers to rip them off their credit score by using highly unpaid amounts especially when the card bearer generates numbers and forget to use them and putting the bearer at risk of owing so much and these virtual credit card numbers can be generated from a customer’s credit card account with some products but not all credit card offers virtual credit cards and although fraud has been reported through the virtual credit cards, it might not be so easy to fraud a customer’s since the numbers generated for virtual purchases are for one-time usage.
Anonymous Virtual Credit Card: Explanation
While the image of virtual credit cards has been partially dented, most people consider them the safest, and not all credit cards can be used virtually, there are still credit cards that allow virtual credit cards directly from the customer’s account as an added benefit and can be used anonymously.
Credit Cards that Offer virtual Credit Card
- Citibank double cash credit card with no annual fee. The Apple card is known as the instant virtual credit card with no annual fee.
- Citibank diamond preferred card.
- The Citibank premier card with a $95 annual fee.
- The X1 card with no annual fee.
- The Ezzocard.
- The Wise Virtual credit card.
- The blur virtual credit card.
- Privacy virtual credit card service.
- Bento virtual credit card.
- Advcash virtual credit card.
- Netspend virtual credit card service provider
- Icard
Advantages of Using Virtual Credit Cards
- It can help eliminate the need for draft checks for businesses.
- It helps prevent fraud.
- With the numbers that are generated, you can restrict what can be purchased.
- This will help save the cost of purchase orders, requisition forms, and the like.
- Virtual credit cards can also help with financial management.
- You can transfer money from your account to your virtual credit account electronically.
- With the virtual credit card, a customer can set his or her virtual credit card account number to expire whenever he or wants.
Disadvantages OF Using Virtual Credit Cards
- They can only be used for online purchases.
- The numbers generated expire almost immediately, meaning that you will need to generate another one for another transaction.
- There are limited banks that offer virtual credit cards.
- A virtual credit card cannot be used anywhere but only electronically.
- With the virtual credit card, one is not entirely safe from fraud as it can still happen if the user does not set appropriate time limits.
- A virtual credit card is not exactly best for recurring payments as you might forget to generate another number before it expires.
Conclusion
In conclusion, virtual credit cards or virtual account numbers enable payments electronically in such a way that no trace can be made to the user’s account where the virtual number was generated from and thereby making it almost impossible for fraudulent activities.
Furthermore, when a virtual credit card is used, no trace can be made to the user’s account, and to use it, 16 character set of numbers has to be generated from the user’s credit account, and this code expires almost immediately making it impossible for anybody who isn’t authorized to use the virtual credit card. Hence, using a virtual credit card can be said to be safe although fraud can still happen the probability is safe. As a result, while there are benefits of using a virtual credit card for purchases online, there are also disadvantages.
Frequently Asked Questions
- Can using a virtual credit card increase my credit score?
Of course, every credit card improves your credit score provided you pay bills within your limit and your capability to pay them back. If you use your virtual credit card to make purchases online and pay back early enough, your credit score increases and continues to increase with this kind of attitude toward credits but if you use your virtual credit card to make purchases and do not pay back as and when due, it will record a bad report on your credit and greatly reduce your credit score.
- Can I use my virtual credit card to shop anywhere online?
Although virtual credit cards are used to shop and pay bills electronically and anonymously, they cannot be used everywhere, that is, not every vendor support the use of virtual credit card. As some banks and cards do not offer virtual credit cards, some vendors and apps do not allow the use of virtual cards.
