If you’re sceptical about using your credit card for online payments, you should hop on the Virtual Credit Card (VCC) bandwagon. The Internet is rife with scams and phishing schemes that specifically target your credit card info. To avoid falling prey to nefarious activities on the web, it is a good idea to add an extra layer of security, especially while using your credit card. So, let’s a look at what a Virtual Credit Card is, why it is useful, and how you can get one.
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In This Article
What is a Virtual Credit Card?
A Virtual Credit Card (VCC) acts as a buffer between the online payment gateway and your actual credit card. Think of it as a digital image of your credit card with a different card number, expiry date, and CVV. These credentials are generated randomly. Once a VCC is created, it can be used as a stand-in for your primary credit card while making payments online. In case of any fraudulent activity, your actual credit card details will remain safe.
Once created, a Virtual Credit Card is valid for 48 hours. It expires once a transaction is made using it. Any unutilised credit limit on your VCC gets transferred to your primary credit card after the former expires. As you can probably guess by now, VCCs can only be used for digital/online transactions. For physical transactions, you will have to rely on your actual credit card.
Benefits of using a Virtual Credit Card
- Adds a layer of security while making online payments
- Keeps your primary credit card info safe during transactions
- Your real details are never disclosed to the vendor
- Can be issued and blocked with ease
- Can be generated with ease and used instantly
How to get a Virtual Credit Card?
There are two ways to get a Virtual Credit Card:
- Issue a VCC from your bank
- Linking your primary credit to a third-party VCC service
Here’s how you can issue a Virtual Credit Card from your bank.
Step 1: Visit your bank’s website.
Step 2: Choose your preferred virtual card.
Step 3: Provide your primary credit card details.
Step 4: Verify your KYC details.
Step 5: A temporary ID and password will be sent to your number. Use them to log into the Internet banking portal of your bank.
Step 6: Collect your Virtual Credit Card’s details.
Step 7: Use the details to make a transaction anywhere.
Use a third-party VCC service
If your bank does not offer VCCs, there are a bunch of third-party services that can create one for you. You will need to provide your primary credit card details to create a VCC. Volopay, EnKash, and Open Money are some of the best third-party services in India that offer VCCs against any credit card.
Frequently Asked Questions (FAQs)
What is a Virtual Credit Card?
A VCC is a temporary credit card that solely exists for online transactions. The card number and CVV of a VCC are randomly generated so as to preserve your actual card info. A VCC expires after being used once.
What is the expiration time of a Virtual Credit Card?
Since a VCC is temporary, it cannot be used more than once. If unused, it expires after 48 hours.
Where can I get a Virtual Credit Card?
You can contact your bank to issue you a VCC for your primary credit card. You can also use third-party services like Enkash and Volopay.
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Conclusion
While Virtual Credit Cards are very beneficial when it comes to securing your card info, they do have one significant drawback. It is very hard to get a refund on a transaction made using a VCC. Since a VCC expires after one transaction, providing its card details won’t be of much use while applying for a refund. You’ll either need to settle for other forms of cashback or forego it entirely.
