Virtual Credit Card

Security:

1. Because you don’t have to swipe the virtual card to make payments, it’s nearly impossible for miscreants to carry out fraudulent activities with the card. Also, the governing body for virtual credit cards in the country is the Reserve Bank of India (RBI). To get a virtual credit card, you have to submit the KYC documents and the issuer needs to approve them.

The option of setting the limit:

1. You also get the chance to set the limit on your virtual credit card and the payments would be authenticated by one-time passwords (OTPs) sent on your registered mobile number.

Easy cancellation:

1. If for any reason, you have to cancel the card, you can do it effortlessly through your smartphone.

Provided to primary cardholder:

1. Virtual credit cards are offered to only primary cardholders.

Instant access:

1. Since virtual credit cards are issued online, you can access them instantly and make transactions.

Instant blocking of cards:

1. In the event of a suspicious transaction, you can block your virtual credit card immediately.

Avail domestic and international transactions:

1. You can use your virtual credit card to make domestic as well as international purchases.

Remaining credit limit gets transferred to the primary card:

1. On expiry of your virtual credit card, the unused credit limit will be transferred to the primary card.

Virtual credit cards are issued for free:

1. You don’t have to pay any fee to get a virtual credit card.

Top Free Virtual Credit Cards

Virtual credit cards in India are provided by banks as well as Non-Banking Financial Companies (NBFCs).

Here are a few top Virtual Credit Cards offered by major banks in the country.

How to Use Virtual Credit Card

You can make transactions with your virtual credit card by following the steps mentioned below:

Step 1: Enter the card number and validity.

Step 2: An OTP will be sent to your registered mobile number.

Step 3: Enter the OTP and make the payment.

Things to Consider Before Applying for a Virtual Credit Card

Before you apply for a virtual credit card, here are a few things you should remember:

1. To avail a virtual credit card, it is important to have a primary credit card.
2. Since virtual credit cards are designed for online transactions, you cannot use them to withdraw cash.
3. The utility of virtual credit cards in physical stores is limited. Therefore, you cannot make purchases at outlets/shopping malls with a virtual credit card.

Difference between Debit Card, Credit Card and Virtual Credit Card (VCC)

Reasons to use a Virtual Credit Card

The primary reason to opt for a virtual credit card is to pay for your online transactions. It’s safe to use a virtual credit card and the chances of fraud are nearly zero. Also, because there is no physical card involved, the associated hassles are grossly cut down.

Credit cards make payments easy for all expenses online and offline while offering various benefits

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