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As identity theft becomes more common, virtual credit card owners are at an advantage without complicating the payment process. In addition, virtual card numbers are temporary and associated
with a credit card account, making online transactions secure.

Virtual card numbers can immediately be issued and customized after they are used. In addition, transaction-specific controls can reduce cardholder fraud by reducing misusage attempts with specific card numbers.

So, are you looking to obtain a virtual credit card? Let’s dive deep into this article and identify the x ways you can do so.

Why are virtual cards so important?

Digital payments are becoming a standard payment method and one of the top ways for managing funds and purchases with better spending controls and reporting tools without reducing the level of security. In addition, family members seeking to build credit may greatly benefit from these cards when performing online transactions.

Also, those business virtual card numbers can manage cash flows much faster and instantly make payments to their employees and partners. Compared to traditional credit cards, they are a much cheaper alternative and require physical equipment to process payments.

How do you generate a virtual credit card?

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An existing credit card is given where a random number is used to substitute your actual credit card number. This way, you are protected from sharing your bank information or physical credit card. In addition, these random numbers generated can be used as a one-time payment.

Depending on the type of card issuer, you can request a virtual card number by using an online account management site. However, through your existing accounts, you can add spending caps on virtual card numbers you receive and add them to prevent any misusage, fraud, or spending too much.

4 Ways you can obtain a virtual credit card

• Juni

Juni seeks to make the online business world easier for individuals, helping you manage cash flows and finances from your smart dashboard. For example, you can quickly request a virtual card and get a unified view of your finances with multi-currency accounts and ad integrations. Additionally, it helps you boost cash flow by working with capital, cashback, and more.

Virtual credit cards used in Juni offer you multiple currency accounts with super low FX fees up to 0.25%. The most supported currencies are GDP, Euro, USD, and SEK. Also, you can track all of your funds and bring your bank accounts and payment gateways with more than 2,000 integrations.

If you are looking for credit lines, you can get them with a 0% interest in the first 37 to 60 days based on payment terms. So, you can earn cashback on all the eligible card spending you make.

• Capital One

Capital One’s virtual credit card service is available to all Capital One Credit cards through Eno, which is an intelligent assistant that helps Capital One customers with multiple tasks. For example, you can use Eno to create a virtual credit card number. Still, you’ll need to use it as an extension on your browser, specifically for Google Chrome and Mozilla Firefox.

Each Capital One virtual credit card will offer you different options. However, the most popular credit cards include:

• Capital One Venture Rewards Credit Card: If you spend at least $4,000 in your first three months, you can enjoy a one-time bonus for traveling, anywhere around $700. Also, you can earn plenty of additional bonuses from every purchase you make.
• Capital One Quicksilver Cash Rewards Credit Card: You receive a $200 cash bonus only once after you spend your first $500 on purchases in the first three months. You can also earn 1.5% cash back for every purchase you make. So, there aren’t any annual fees or foreign transaction fees.
• Capital One Venture X Rewards Credit Card: Similar to the Rewards Credit Card mentioned above, you can earn up to $300 annually on your statement credits and have many other high-end offers.

So, Eno will allow you to create a merchant-specific virtual card linked to your card account, and you can opt-in to express checkout the next time you visit the merchant’s site.

• Citi Premier Card

Citi Premier is some of the best credit cards for spending daily. Citi helps you in daily spending and creating virtual credit cards. There’s no monthly fee you pay when creating virtual credit cards, but you need to be enrolled in order to complete your first virtual credit card. After that, you can create one whenever you need it.

However, there are two cases where you can’t use these virtual credit cards, and they are for in-app and in-person purchases. Furthermore, the virtual credit card offers ThankYou Points, which you can use for purchasing in the following areas:

• Three points for every dollar spent in supermarkets, for gas, in restaurants, and even hotel stays
• One point for every dollar spent on any purchase you make

Also, let’s not forget that the Citi virtual card has no foreign transaction fees for authorized user fees.

Some of the most popular Citi virtual credit cards are the Citi Double Cash Card and Citi Premier Card (as mentioned above).

The Citi Double Cash Card will allow you to earn up to 2% on all purchases. The intro APR doesn’t apply to any purchases, and if you transfer a balance, interest rates will be applied after you purchase unless you pay for the entire balance. Intro balance transfers will initially start at 3% for each transfer made.

• American Express

American Express offers plenty of virtual platinum cards for business credit cards under the American Express Go Program. This allows users to create virtual credit cards for their employees online where they can control and manage spending limits. Here are the most popular platinum cards:

• Business Platinum Card from American Express: This allows you to earn more than 100,000 Membership Rewards points once you spend at least $15,000 in your first three months of possessing ownership. In short, you can access more than 1,400 lounges in more than 140 countries.
• Blue Business Cash Card: Let’s earn a $250 statement credit once you spend $3,000 in your first three months. However, remember that these purchases need to be qualifying purchases. After that, your decision can get approved in less than half a minute and has a $0 annual fee.
• American Express Business Gold Card: This allows you to earn up to 70,000 Membership Reward points after you spend up to $10,000 on eligible purchases within the first three months. Keep in mind that the annual fee for this card is around $295.

How can you request a virtual credit card?

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Most card issuers will offer any form of virtual card, so it’s going to be important to have a present physical card from a credit company before you can have a virtual one.

In several cases, many virtual cards can be requested simply by logging on to your online account and accessing them through a card issuer app, where you look for the Virtual Credit Card or virtual card number settings option. However, depending on the card issuer, you can identify whether you want to generate a temporary card through the online portal or app.

Once your virtual card is generated, you can modify the maximum limit of spending or even the expiration date. Afterwards, you can use the generated number for making purchases.

Are virtual credit cards a better option?

Virtual cards are able to provide you an additional layer of security by making your physical card number a temporary account number. So, this greatly reduces the chance of your card information being stolen.

Virtual cards aren’t completely fraud-proof. However, keep in mind that online attackers can gain access to temporary card numbers if it’s still active. Fraud protection companies will usually equally protect virtual cards just like they protect physical ones.

Wrapping it all up

This is it on the four ways to obtain a virtual credit card. Virtual credit cards are becoming the new trend and are a new way of preventing anonymous online attacks. However, you have to always be vigilant of what is happening.

Online attackers won’t stop crawling the web and they’ll always try to find new ways of how they can steal your personal information. Therefore, it’s important to maximize security with your card and this is exactly what a virtual credit card does. So, it’s now time to get one and use it to your advantage!

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• Source: Plato Data Intelligence: Platodata.ai