With the introduction of information technology life has become easier and convenient, making everything just a click away, but the picture is not as rosy because it has also increased the susceptibility towards increasing frauds as well. In that case, Virtual Credit Cards is the best option for all the credit and debit card holders.
What is a Virtual Credit Card?
A virtual credit card (VCC) is a exclusive online payment solution with complete online security while shopping on internet. It is like an add-on card issued on the user's primary credit card. Virtual Credit Card is a one-time usable card which comes with a preloaded amount that is valid only for a specified time period. VCC do not have any plastic or physical existence and they are created to be used only online. Also the virtual card does not have any fee associated with it.
The key details of the virtual credit cards like the card number, expiry date, CVV number etc. are used when using the card online, but the user's primary card details are never shared with the merchant online. So, while using the virtual credit card online, users need not worry about losing their card or carrying their card safely in their wallet.
There are many banks which offers virtual cards instantly these days. Some of the major banks are:
ICICI Bank- ICICI VCC
HDFC Bank- HDFC NetSafe
Kotak Mahindra Bank- Kotak netc@rd
State Bank of India- SBI Virtual Card
Axis Bank- Axis e-wallet card
Validity of the virtual card
The virtual credit card is only valid for a single use and automatically expires within 24 hours even if the VCC is not used, which makes the credit card fraud or misuses minimal than a real a credit card. Along with this, one has to understand that if they hold a VISA card, then the virtual card which one will get will be VISA one and if it's Master Card, then the VCC will be a maestro one.
Most of the banks issue a virtual credit card which is valid internationally and users can use them on the websites outside India. However, some banks like State Bank of India still issues virtual credit cards that are only valid in India. So, users should always check if the card is valid internationally or not.