Categories: Banking

Virtual Cards-For safer online shopping

While doing online shopping, our main concern is the safety about the data we share, like our credit/debit cards details. Answer to this concern is “Virtual Cards”. Today in India few Banks offer such cards in different name.

Virtual credit card is also called e-card, is mainly created for for your online purchase. So you can’t use this card for your offline purchase. Let us see it’s features.

Compare to your credit/debit card online shopping is safer. Because using this virtual credit card, you are not sharing your underlying credit/debit card details to merchant.
Card is valid only for limited period, which is usually in terms of hours.
Card creation is only from authorized user.
Card can be created from small amount like Rs.100 to Rs.50,000.
Customers having internet banking can easily create this card.
You are not sharing your Bank Acnt. No., mobile no., email address while doing purchasing with your vendors or merchant.
It is only used one time. It can’t be reused again.
You can create virtual card limit yourself.
Amount will be debited from your credit/debit card once the successful transaction from your virtual card.
You can create any number of virtual cards subject to the amount availability in your underlying account.
Suppose you created virtual card for Rs.5,000 and you used for Rs.2,500 then as I said above this card is only used once. So you can’t use this card once again. But the remaining amount will be credited back to your underlying card.
This is usually a free service. But better to check your concerned bank before creating.
You can’t withdraw cash from this card.