Best Virtual Credit Card, What Are VCC And How It Works?: Credit cards that uses online help keep your personal information safe. Here’s everything you should know about virtual credit cards. Virtual credit cards are what they sound like.
It is possible to use your debit or credit card to make purchases using a virtual credit card (VCC). Rather, it’s a randomly generate 16-digit number links to your real card that has its own expiration date and security code. Because these are only temporary numbers, you’re free to use as many as you like.
VCCs are primarily using to mask your actual credit card numbers, as you may have guess. Data breaches, credit card fraud identity theft can all preventing with this method.
Best Virtual Credit Card, What Are VCC And How It Works?
Procedure For Using A Virtual Credit Card?
Each time you make a purchase, your virtual credit card issues a new number (also known as a “token”). This number will never be saved or re-used.
If you set up a virtual credit card, there is no need to check your credit or fill out an application.
This is a free service, so feel free to ask for as many virtual card numbers as you’d like.
There are two types of VCCs: one is using by card issuers and the other is used by banks.
VCCs that can only be used once per transaction are known as single-use VCCs or single-use numbers.
There are VCCs that you can store and use repeatedly, such as when paying for subscriptions or other long-term commitments. Because they’re not linked to your actual credit card data, recurring VCCs are just as safe as one-time VCCs.
Depending on the card issuer, you may able to choose the expiration date up to a year after the VCC was created. You may also be able to set individual VCC spending limits with your card issuer.
Using A Virtual Credit Card Has Several Advantages
Hackers and identity thieves can’t make purchases with your VCC number as well as link it to other personally identifiable information you’ve stored online if they get your number.
It’s much easier to cancel a VCC than it is to close or reverse charges on a real credit card, even if your VCC number is compromise.
Hence with added benefit, VCCs make it more difficult for advertisers to track your purchasing habits.
Controlling Recurring Payments
How many subscriptions have you forgotten to end? (This is directed at all of you Planet Fitness subscribers.)
It’s a good idea to use a virtual card to test out new services that you might forget to cancel in the future. Because your VCC number will expire, you won’t be able to make automatic payments any longer, which will cancel your subscription.
It’s Simple To Terminate An Account.
A VCC’s temporary-number setup is extremely helpful if your data is ever compromise. Getting a new credit card is not necessary if you want to cancel your VCC.
Cards Are Compatible With A Wide Range Of Businesses.
VCCs can use on any website that accepts a real credit card for payment.
Cards Can Trade Or Share With Others
VCCs are useful if you share a credit card account with a spouse or family member and want to keep track, who is making the purchases and how much.
Parents whose children are old enough to make some purchases on their own may find that a VCC with built-in spending limits is an effective security measure.