What Is a Virtual Credit Card and How Do You Get One?

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Pay for what you want – that’s the general rule of purchase. But what about getting some incentive when you pay for what you want? Well, that’s where credit cards come in and why they are almost everybody’s favorite ‘pay for what you want’ mode of transaction.

The modern retail economy hinges a lot more on credit cards than they do on cash, despite several advisors warning against them. Cards have become popular because people are quite afraid of walking around with cash in their pockets, as they can lose it. It’s more or less not having all your eggs in one basket.

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Now, with the digital world coming up and always growing, today, we have the virtual credit cards in the market. You are probably wondering what they are since you’re used to the tangible credit cards that are in use. Here’s what you need to know about virtual credit cards and how you can get them.

What Is a Virtual Credit Card and How Do You Get One?

Virtual Credit Cards

The main aim of having virtual credit cards is to solve a problem that has been there since the inception of a transaction—and that’s security. With your normal cards, they can be scanned and the information used to make illegal transactions. That’s not all; your information can be used in a wrong manner, as well.

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Virtual credit cards, on the other hand, solve the whole problem by being internet users, rather than static cards. You literarally can’t have all your information in one place like you would with the traditional cards.

How They Work

Virtual credit cards don’t only have security differences from static cards; they also are different in how they operate. For example, where the traditional card has the same number, virtual cards change their number with every transaction. For every one of your transactions, you get a different token.

Majorly, when you make purchases online, your information is stored on the servers, and it can be hacked and used. It may be secure to have the info entered every time you make a purchase, but it certainly isn’t convenient. With the virtual credit card, the token is transmitted between the bank and the retailer, hence confirming that it is okay to make the transaction.

The token (the number sent) can’t be used again to make another transaction. This where the security of virtual cards comes in handy, as they can’t hack what they don’t have info on.

How To Get A Virtual Credit Card

You can get a virtual card in only two different ways. The first way to get a virtual credit card is by getting it directly from your bank if they offer the same. You also can link one of your cards to an online service—this can be from any bank.

At the moment, there are only three banks that offer the service to their cardholders in the US, and they are Capital One, Bank of America, and Citi Bank.

The three of them offer the service across different virtual cards that they have. And, as you have seen, you can link any of your cards to an online service to get the card—virtual credit cards.

  • With Citi bank, which is one of the easiest banks to get a card with, as long as you have a Citi Card, you can enroll through the banks’ website and start generating the tokens (virtual credit card numbers).
  • When it comes to Bank of America, the service they use to give out virtual credit cards is known as Shop Safe. This is only available if you’re using MasterCard and Visa credit cards. It has more features than the Citi one, as when you log in, a picture of a credit card comes up together with your token. Visit the Bank of America site to find out how you can get your virtual credit card today.
  • The last one, which is via Capital One, offers the same service through Eno. If you have ever heard of the term, this is exactly that. You can visit the Capital One website to find out more about it, and they only offer the card for personal use.

Conclusion

Getting a virtual card can save you a lot in terms of security. No one can hack your information since they aren’t as static as the traditional cards. So, in case you’re still worried about the security of your cards, here’s how you can have some assurance.

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