Have you heard of a credit card? Have you used one? Most people are used to debit and prepaid cards. Credit cards are sometimes difficult to get, especially when your credit score is poor. However, the limitation applies typically to unsecured credit cards. Secured credit cards are easy to get since you only deposit a certain amount of money to act as collateral. Credit cards may be tangible or virtual. Various Institutions offer free virtual credit card with no deposit to eligible customers.
Virtual credit cards are new in the market. With the advancement of technology, you do not need to carry the usual plastic card with you. Digits are enough for your transaction activities. It is an excellent option to save you from frustrations that arise due to the loss of your card. Furthermore, your close relative may misuse your tangible credit card to purchase goods and services or to withdraw funds. With a virtual card, only you are aware of its existence unless you share the digits.
Debit and prepaid cards can also be virtual. As long as you have a specific app that you can use to operate your card online, you can do transactions of various activities virtually. It is easy to get reloadable prepaid cards with no fees as compared to credit cards since you only need to load it with money to use it. There is no financial institution that can deny you a prepaid card since they will benefit from the transactions you make with the card.
What is a virtual credit card?
Virtual means not tangible, although it exists. A virtual credit card (VCC) is a unique form of a credit card that is disposable. It can be a version of your static debit or credit card that is useful for reducing the risk of credit card fraud when used for online purchases.
The issuers generate the card number randomly. However, the card usually links to your primary credit account. The only difference is that you can decide on various issues, such as expiry dates and the maximum amount to spend. You can have a virtual credit card expiring within a month, year, and so on.
One thing about these cards is that when you get a new one, the issuer generates a unique card number and a security code. So no one can bother cramming your details for fraud as the card is disposable. Furthermore, only you know the details. When getting the card.
Virtual credit cards are easy to get if you have a good credit score. It is easy to get an instant approval virtual credit card if you have fair to excellent credit scores.
How can you get a virtual credit card?
Various banks, such as Citibank and the Bank of America, offer virtual payment cards. You can check at your bank and get one. Most issuers will charge you nothing to issue the card.
Moreover, you can get the card from a third party agent. If you have a bank account and an ordinary credit card, you can get a virtual credit card that depends on your regular credit account. In short, what you spend with the virtual card reflects in the usual card account. The logic is simple. You can buy a virtual card online just as you can buy gift cards online with a checking account.
One Advantage of a virtual card is that you get it within a short time. It is instantaneous. Regular credit cards may take several days before they are ready.
What are the benefits of a virtual credit card?
Various advantages come with virtual credit cards. For instance, virtual credit cards have fewer fraud incidences. The reason behind this is because the card number is usually short-lived. Some virtual credit cards are only for a one-time payment. It means that you can have a virtual card for an air ticket, another for your hotel room, and so on.
Moreover, you can limit the amount of money to load in the car. By the time a fraudster gets the card details, you will already have done away with it and probably have a different card. It is contrary to cards such as reloadable gift cards with no fees which when they fall on the wrong hands, you can lose a lot of money.
Secondly, the card processing happens fast. You will not keep waiting as it occurs with the regular credit cards. It’s just a generation of a unique card number and security code, and you are good to go.
Is there any disadvantage of having a virtual credit card?
Yes. The card is not 100% good, as there are some challenges when using it. First, the card can only be useful for online buying of goods and services. At places that require card swiping, your virtual card becomes irrelevant.
Secondly, you cannot withdraw funds from an ATM or bank agent. The reason behind this is that an ATM requires you to insert a card to withdraw money. Maybe in future banks will come up with new ways of withdrawing money using the virtual card.
One may use a trick of sending someone else money to their bank account to receive cash. This world requires people to be creative anyway.
How can I use a virtual credit card?
A virtual credit card is useful for the following transaction activities.
- Buy goods and services online. You can shop online at online stores such as Amazon, Walmart, and eBay using the card. You can also pay air tickets and hotel rooms.
- Send money. You can operate the card online and, thus, send money to someone else if you have the person’s account number.
- Recharge gift cards and prepaid cards. Using your virtual credit card, you can top up money to other cards such as prepaid cards and gift cards.
What happens when you lose the card number?
If you cannot remember the virtual card number, your account is still safe. Your issuer will replace your card so that you continue enjoying your online shopping moments. Unlike the normal cards, no one will be able to see the card details.
Which are the 9 best free virtual credit cards with no deposit?
1. Blue Card virtual prepaid Visa, USD
The card is a Visa brand which is issued by ezzocard. It relies on the dollars (USD) as the main currency. When buying it, you can use any billing address in any country. It doesn’t matter where you live, as this is a global card.
Moreover, you can change your details if you find it necessary. All this happens online using an app. Also, you can pay for goods and services worldwide in any currency for convenience. It is a suitable card for automatic payments.
The term of validity for the card is one year from the date of issue. The period of use ranges between 10-12 months. Furthermore, there is no monthly fee. Select different denominations from 5 to 900 USD, whichever is appropriate for you. See more.
2. Green card virtual prepaid Visa
The card is issued by ezzocard, and it relies on the USD as the main currency. You can use any billing address in any country of the world. Moreover, you may change personal details if you need a new look.
You can pay for anything worldwide in any currency using this card. It is suitable for automatic payments. The term of validity for the card is six months from the date you get it. The period of use is 4-6 months.
With this card, you pay no monthly fee. Furthermore, you can get card denominations from 20 to 900 USD. You have to choose, depending on your financial capability and what you want to purchase. See more.
3. Brown Card virtual prepaid Mastercard or Visa from ezzocard, CAD
The card can be a Mastercard or Visa, and so you are the one to choose the network provider. The primary currency is Canadian Dollars (CAD). It uses only the Canadian billing address. You can use it to pay in any currency of your choice. The card’s term of validity is three years from the date of issue.
You can use it for between 32-36 months. The monthly fee is $3 per month, starting from the 12th month after the time of the issue. It gives cards of denominations from 25 to 250. Choose whichever is appropriate to you and enjoy online payment services. See more.
4. American Express Checkout
American Express (Amex) usually offers virtual credit cards to its customers. Amex normally provides a unique card number at check out upon buying goods. The card number is only useful at the specific merchant’s store.
Merchants like Walmart, Staples, Sears, and Avis accept card payments with ease. You do not need to carry huge cash while you can have a virtual card.
5. Capital One Venture One Rewards Credit Card
The card is suitable for people of all credit ranges. However, people with a minimum credit score of good can find it easy to get the card. Upon getting the Capital One credit card, you will be paying no annual fee whatsoever.
The card offers you 1.25X miles per dollar on all purchases. The regular APR is 14.49%- 24.49%, which is variable. Furthermore, the foreign transaction fee is zero. If you lose your card details, never worry as Eno, the card issuer can replace it instantly. See more.
6. Capital One Quicksilver Cash Rewards Credit Card
The Capital One Quicksilver Cash Rewards Credit Card is a general card that allows you to earn cash backs on all purchases. For instance, you can get a 1.5% cashback on every purchase you make. You may get other benefits too.
The card requires a minimum score of good. The regular APR is 15.49% – 25.49% variable. However, for the first 15 months, it is 9%. Upon getting the card, you will pay o annual fees. There are no foreign transaction fees. See more.
7. Journey Student Rewards from Capital One
The credit card earns you some cash backs as you buy goods and services. Journey Student Rewards from Capital One gives you a 1% cashback on all purchases. The cashback is boosted to 1.25% when you pay bills on time. If you are not a student, you can as well apply for the card as it is not for students only.
People with limited credit history can as well apply for the card. The annual fee is zero. Again, the regular APR is 25.99%- 26.99%. The foreign transaction fee is zero. See more.
8. Citi Double Cash Card – 18 months BT offer
Citi Double Cash Card offers 2% cashback on all purchases you make. It splits to 1% when you make the purchase and 1% when you pay to form 2%. You will also benefit from a long intro APR on balance transfers as well as some essential benefits.
With this card, you will get a 0% intro APR on all Balance Transfers for 18 months, after which the variable APR will be 13.99% – 23.99%. The percentage APR will be based on your creditworthiness. See more.
9. Citi Diamond Preferred Card
With Citi Diamond Preferred Card, you will not get rewards. However, you will get the longest 0% introductory APRs of 12 months in the market. Moreover, you will as well get some useful benefits like a concierge service and shopping protections.
The regular balance transfer APR is 13.74% – 23.74%, which is variable. The balance transfer fee is 5% of each balance transfer. The minimum transfer is $5 minimum. Above all, you will get free access to your FICO scores online. See more.
Virtual credit cards are the best since they can protect you from fraud. Unlike the usual credit cards, virtual credit cards are valid for a short time, after which you dispose for a new one. It makes it difficult for fraudsters to steal from you. Although a virtual credit card is only limited to online transactions, it is the best card one can have. Always get cards with fewer charges so that you can be more economical.