Virtual Credit Card: 8 Features and Benefits You Should Know

On 1st July 2015, the Government of India launched its Digital India initiative to streamline country-wide operations across industries and simplify the flow of information. It was an enormous leap towards a cashless economy, contributing significantly to bringing India on the second spot in terms of online markets worldwide and boasts of close to 560 million internet users in 2024.

Through payment instruments like credit cards, transactions have only been simplified for this large consumer base. However, the country has also witnessed a surge in cyber threats and related breaches. In such cases, innovative, high-security payment options such as a virtual credit card (VCC) can be an ideal choice when making transactions as they minimize a user’s exposure to online threats. Take a look at their features and benefits to better understand their utility.

Key features and benefits of virtual credit cards

1)Availability

A VCC is available online and does not come in a physical form. A user can access the card details, such as its number, expiration, and CVV, online. Transactions made with the card are also completely digital.

2)Validity

The card has a short validity period, ranging from 24 to 48 hours. Usually, such cards are issued for single use.

3)Easy application

Get the full process on how to apply for a credit card online. It is very simple and hassle-free and can be issued to any user with a physical credit card. Also, most and financial institutions offer virtual credit cards to their cardholders.

4)Convenient transactions

Just like regular credit cards, a VCC extends credit to a user and allows seamless transactions. Thus, you can use this card to make payments at any merchant site that accepts credit cards.

5)Transaction amount limitation

A user can spend through this virtual card only within a specified limit as against the total credit limit available for the physical card. Such an amount is debited from the card’s total limit for transactions.

The feature also ensures that users can easily track their expenses while avoiding overspending to maintain a good credit score.

6)Security

A VCC usually offers improved security due to its limited validity and one-time use. To confirm the transaction and finalize any payment, a user needs to submit an OTP sent to his/her registered mobile number. Furthermore, it can also be blocked instantly by raising a request in case you suspect an online threat against it.

Additionally, the card number is randomly generated and varies from a user’s primary card number, reducing the chances of user data exposure.

Utilizing a credit card wisely has several benefits for the individual’s finances and credit profile. However, it is a discipline most users struggle with. You can, nevertheless, maximize your benefits with the advantages offered by a virtual credit card. Another option is using cryptocurrencies and digital coins. In such cases, you can use a crypto heatmap to check changes and keep up with everything going on.

7)Ease and convenience of use

As you do not need to carry a virtual credit card physically, using it becomes handier than using a physical card. Further, as it is only available to users online, all the details such as card number, expiration, and CVV are stored digitally. A user can thus easily access these details through his/her mobile phone as and when needed.

8)Similar functionality as a physical card

A virtual credit card is just an extension of your primary card. Debits occur only when a transaction takes place with this card, and charges are applicable as per the initial agreement. Therefore, using a VCC is not very different from using a physical card, albeit digitally.

A credit card, be it virtual or physical, can be an incredible payment instrument for building a credit profile. If you are looking for a smart card with high security and ease of use among other benefits, you can consider cards like the Bajaj Finserv RBL Bank SuperCard.

The issuer of the smart card also brings pre-approved offers to make financing hassle-free and less time-consuming. These best offers are available on several financial products and  including business loans and personal payday loans. You can easily check your pre-approved offer by providing your name and contact information.

It is imperative that you use the payment tool wisely so that it offers comfort and simplifies transactions to help you make the most out of a credit card. Using a virtual credit card can be an easy and efficient method of making online payments conveniently while ensuring an improved experience with its use.

Virtual credit card: Know its features and benefits

Over the years, the Indian economy has increasingly moved towards becoming cashless. The Digital India campaign was a catalyst in this development. It eased transactional processes for typically the online market in India, taking it to the second-largest spot worldwide. However, advancements in technology have also brought about an increase in cyber-criminal activities.

Therefore, payment tools like virtual credit cards can be ideal instruments for completing transactions online. It is also increasingly becoming a preferred mode of transaction due to the following features and benefits that are tagged along.

• It is available online and has no physical existence. Thus, a user can access all card details online and use them to make payments.
• A VCC is valid for up to 24 to 48 hours and can be used only once.
• It minimizes a user’s exposure to online threats and fraud.
• A user can spend up to a credit limit with a VCC available within the initial credit limit sanctioned for the physical card.
• The application and cancellation processes are easy to complete, making availing as well as blocking the card simple and convenient.
• It can be used at any merchant site that accepts credit cards.

With these features and benefits, a user can greatly benefit from using a VCC. The card is also known for its improved high security, safeguarding a user from online threats and frauds. Users can only spend within the specified credit limit for a maximum of one transaction with a VCC. Further, its virtual presence eliminates the need to carry a physical card.

Further, if you are looking for cards with features like robust security, you can also go for cards like the Bajaj Finserv RBL Bank SuperCard. Nevertheless, make sure to use your credit card, be it physical or virtual, wisely to make the most of its benefits.