The Ultimate Guide to Virtual Credit Card and Its Benefits

By OneCard   |   October 28, 2024

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In FY2023, the Reserve Bank of India (RBI) reported bank frauds surpassing more than ₹30,000 crores. With such worrying statistics, one would be hesitant to share their credit card details online. But what if there were a safer way to do our online transactions? A way to protect our sensitive data while giving all the perks of a traditional credit card? Enter Virtual Credit Card.


What is a Virtual Credit Card?

A virtual credit card is a digital version of your physical credit card with the same benefits. Like every other credit card, it has all the essential details, such as the card number, CVV, and expiration date. However, unlike traditional credit cards, virtual cards come with temporary card numbers that are valid only for 24 to 48 hours, depending on the issuer.

Key Benefits of Using a Virtual Credit Card

Some key benefits of virtual credit cards are:

1. Faster Approval

It is quicker to get a virtual credit card than a physical one. Within minutes of approval, a unique virtual card number is generated, which can be used to make online payments.

2. Enhanced Security

One of the major reasons customers turn to virtual cards is the security it provides. Virtual credit cards are less susceptible to theft or loss than traditional ones. It also keeps your real credit card information private. This means that when you make a transaction using a virtual card, the merchant only sees the virtual card details and not the primary credit card information. Additionally, the validity of up to 48 hours on virtual card numbers adds an extra layer of protection.

Also Read: How To Protect Your Credit Card Information Online

3. Fraud Protection

Another benefit of a virtual credit card is its ability to set spending limits for various categories. This means that even if someone gets unauthorised access to your card details, they can only use up to the already set limit. Additionally, you can easily generate a new card number if your card information is compromised. Using the One Credit Card app, you can block your virtual credit card and apply for a new one in just a few clicks.

4. Track Transactions

You can easily monitor your expenses and transactions. This ensures you adhere to your budget and effectively manage your finances.

5 Things To Keep in Mind About Getting a Virtual Credit Card

Before applying for a virtual credit card, consider these factors to ensure it is the right choice for you:

  1. Always have a backup payment option handy, as virtual credit cards are not suited for certain situations. You may face inconvenience at stores that only accept cash payments or don't accept digital modes of payment.
  2. Virtual credit cards can sometimes backfire. For instance, if you request a refund for a purchase that requires details of the original payment method and your virtual credit card number has already expired, you might be forced to get store credit instead.
  3. It is crucial to review the fee structure of your virtual card to avoid surprises. Some providers may charge for services like generating new card numbers or expedited transactions. It is still important to check your credit card account regularly, as while virtual credit cards offer advanced security measures, they aren’t fraud-proof.

How To Get a Virtual Credit Card

To get a virtual credit card, you need an existing credit card account. First, ask your credit card issuer if they offer virtual credit cards. Some companies, such as One Credit Card, offer virtual cards directly through their banking apps. For others, go to your bank’s online portal and then to your account settings, where you will find the option for virtual card numbers. Follow the instructions provided by your provider to set up your virtual credit card and get started.

To conclude, virtual credit cards are an excellent tool for safeguarding your information while shopping online. With it, you can transact with additional security, increase your control over your finances, and have peace of mind knowing your financial information is protected. So, why wait? Sign up for a virtual credit card now and enjoy all its benefits.


**Disclaimer: The information provided in this webpage does not, and is not intended to, constitute any kind of advice; instead, all the information available here is for general informational purposes only. FPL Technologies Private Limited and the author shall not be responsible for any direct/indirect/damages/loss incurred by the reader for making any decision based on the contents and information. Please consult your advisor before making any decision.