A virtual visa card is a limited-use special code generated randomly through digital software. It’s linked to your actual credit card account and serves as a proxy for it whenever you make a transaction. The code provides you with a layer of safety because other people can’t use the numbers to obtain your information or access money.
With online shopping becoming a mainstream method of purchase, it’s best to ensure you’re not exposing your banking information on the Internet. Cybercriminals are constantly finding new ways to leak financial info to commit fraud. Using a proxy number keeps them from actually getting your details, keeping your funds and privacy safe.
Since they’re more secure than regular debit and credit cards, virtual visa cards are becoming popular with businesses that make regular payments or purchases. You can easily set up virtual cards with popular banks. Feel free to check with yours to see if they offer it as an option.
Setting up a virtual visa card typically includes these steps:
1. Have A Credit Card
The first step in creating a virtual visa card is to first have a credit card.
It’s a good idea to weigh the advantages and disadvantages of a credit card and whether it’s necessary before getting one. Once you’re sure you’ll get one, apply for a credit card from your bank. This is the main avenue through which you’ll be doing all of your transactions. It will also serve as the basis from which your limited-use code will be generated.
Visit the bank of your choice and apply for one. A banking agent can help you choose the appropriate credit card to suit your needs. Once you have procured it, you can log into the bank’s official website and check if you can access a virtual visa card.
Please note that applying for a virtual visa card depends on the bank. While some banks offer the service, others don’t. Make sure you check online to see if the one you’ve chosen does provide a virtual visa card. You can consult the banking agent on accessing the online management site if there’s one.
2. Choose The Virtual Visa Card Type
You can either generate a single-use or multi-use virtual visa card. Each one has its own pros and cons, and your choice should ultimately depend on what you plan to use them for.
For example, if you plan to make only one transaction, then the right card to get is the single-use one. Conversely, you get a multi-use virtual card for several transactions.
Know that if you pick a single-use card, it can only be used once in a digital transaction or to make a cash withdrawal on an automated teller machine. Once the transaction is done, the generated number becomes invalid and can’t be used.
On the other hand, you can create a multi-use virtual visa card to make multiple payments to a specific vendor. This can be a great idea to help you keep track of your spending. This makes it much easier to grasp your overall expenditures and better manage your budget.
Regardless of which one you choose, you still receive the benefits of protection and anonymity. This is because a virtual card is generated through random numbers that aren’t identifiers of your bank details.
3. Customize The Settings
Once you’ve selected a virtual card type, the next step is to customize the settings. You can request a spending cap on the virtual visa card through your ordinary bank account. This helps prevent overspending when making purchases or paying for services. In addition, you can also prevent fraud because once you’ve reached the limit, the card becomes invalid. That discourages cybercriminals from trying to make unauthorized transactions.
You can also place a custom expiry date for the virtual card despite reaching the selected number of uses. This means that your virtual visa card becomes invalid immediately after reaching a set date. If you have a multi-use card, setting an expiry date will be crucial. This is because it reduces the risk of it being misused.
4. Get A Randomly Generated Number
When you’re done with the settings, the online banking software will automatically generate a random number linked to your credit card. Though the virtual visa card number is linked to your bank account, it uses no identifiers, thus guaranteeing your safety.
Easy, Safe, and Effective
With digitalization as the norm, it’ll be a matter of time before you do most of your transactions online. To make sure your banking information avoids the pitfalls of data breaches, consider using a virtual visa card. It offers the flexibility and protection you need to use your finances without worry.
If you need help figuring out where to generate a virtual visa card, the above steps should be helpful.