A virtual credit card is a tool that can be very useful to manage your online purchases and protect your current account or your prepaid card (with or without IBAN) from any hacker or virus attacks.
It is not a new concept in the United States, even though it has only recently arrived in some other part of the world, offered by a large number of banks and credit institutions, including also Poste Italiane.
In today’s guide, we will see why it can be useful, how to use it, when it is convenient and when it can be ignored.
What is a virtual card?
A virtual card is a card that is issued only with its fundamental data, i.e. with a 16-digit number (just like plastic or physical cards) and the control code, needed to use the product for payments.
A virtual card therefore has:
- a reference circuit (can be VISA or Mastercard);
- a 16-digit code identifying it;
- a nominee;
- a balance;
- a 3-digit check code to use it.
It therefore works in all respects like a physical plastic card, the one that we are perhaps more used to using, as connected with our accounts and with our prepaid.
A virtual card is therefore in all respects identical to a classic card, with the difference that, however, having only the reference codes, we will be able to use it only for our online purchases.
Why use a virtual card?
The reasons may be different, even if all related to the security related to the use of the card.
Are you worried that your card details will be stolen online and used for unauthorized charges? Do you want a card that has a limited budget, so as to prevent theft, or that children or comrades, wives, and husbands spend too much? A virtual card can obviously be a solution.
You will not have to open a separate account, and you will not have to manage and pay for two different services. Simply transfer to the virtual card the amount you want to allocate to online expenses and sleep more quietly.
Virtual card can be a preferred choice when:
- you are afraid of using your main card online;
- you want to limit your online expenses or those of your relatives;
- you do not want to open another bank account or take another prepaid card;
- you want complete online management of your card;
- you want an additional card for your personal expenses, which you will use exclusively online.
When not to use it
However, the virtual card has limits: you can not use it to withdraw money from ATMs, and you will not be able to use it for physical purchases, or in stores.
These are important limitations, which make this card to be used only specifically for the purposes I have listed above.
It is not a card that can be considered as a substitute for the main cards, or those cards that we use every day.
How much does a virtual card cost?
The virtual cards are typically an additional service that is offered by banking groups, financial and credit along with current accounts or other prepaid cards. For this reason, they are typically offered at no additional cost, or at minimal cost.
Some examples of virtual paper
Let’s now look at the characteristics of some of the virtual cards currently available on the market.
Hype
A card that I want to introduce you is Hype card, which allows you to receive and send money through the dedicated app.
This tool allows you to make purchases on e-commerce sites, make phone top-ups, send money to third parties and pay in physical stores, as well as obviously online.
This is a very safe product that can be blocked, even temporarily, thanks to the application. You can deactivate some functions and receive notifications for all operations.
It is possible to choose between:
- Hype Start, which is a card with very minimal features, suitable for those who want to limit themselves to a few transactions, especially online purchases;
- Hype Plus, which is more complete and can even replace the current account, although it has a higher cost.
ING Direct Virtual Card
By opening a current account with ING Direct, you will receive your free MasterCard virtual card, thanks to which you can make your purchases online safely.
This card is very easy to use because you can manage and control all your payments by simply downloading the App dedicated which allows you to top up your account directly with the amount you prefer.
The SMS Alert service is also available, which alerts you every time a transaction is made in order to have everything under control.
You can also request a physical version of this card at the cost of 10 euros one-time, so you can also use it to make purchases in physical stores.
>> Request Now your ING Direct Card <<
Neteller
The first alternative I’m talking about is represented by Neteller, a prepaid account on which the user can deposit and withdraw funds using different instruments- credit cards, bitcoins, bank transfers and so on.
Once the deposit operation has been carried out, it is possible to operate, transferring money as with a normal credit card. Neteller allows you to transfer funds in 22 different currencies to anyone, including unaccounted individuals. In this case, the recipient will receive an e-mail containing the notice about the money received, even if he has to open a Neteller account in order to withdraw as a sum.
Obviously, in order to do all this, you need to register, for free, by connecting to the official page and filling out the form. Once the registration is confirmed, you receive an email containing the link that leads to the Neteller site page where you can view the account ID and security ID.
At this point, it is possible to enter the platform and connect the account to the chosen instrument (such as a credit card).
You can also activate the prepaid card Net + Mastercard, with which you can make purchases online and in physical stores (on Pos Mastercard) in complete safety- the money is taken from the Neteller account, so it is not a question of two separate instruments.
Paypal virtual credit card
Another alternative to pay online is represented by PayPal, a very used tool to buy securely on the web without running any risk.
In fact, it is not necessary to provide the credit card number or the coordinates of the bank account- simply go to the Paypal website and open an account at no cost with no deposit restrictions.
The PayPal prepaid card has many advantages, as it is possible to receive wire transfers, thanks to the presence of the IBAN code, and you can therefore also credit us your salary, without the costs of a current account.
Recharging the PayPal prepaid card is easy; you can do it in these ways:
- from our online Paypal account for free;
- with an ATM at the Multi Multi-Bank circuit and it will cost 2.50 euros;
- at the cost of 1 euro by reloading from another prepaid card;
- in Lottomatica’s LIS Card points, paying 90 cents;
- By bank transfer indicating in the name of the payee that must be the same as the cardholder. In the reason, you must enter “reload.”
Masterpass
This is a virtual shopping solution proposed by Mastercard in collaboration with the Banks. This service allows you to make purchases quickly and very safely.
To use it you need to create your account for free on the portals of the Bank of reference, personalizing it with your data and those of the cards, which you will not have to depend on- you can buy from home or while you’re out, from your phone, tablet or PC.
To start shopping with Masterpass, it takes just three simple steps:
- to access Masterpass through the Bank’s channels;
- create your own custom account;
- record card data and shipping addresses.
Conclusions
If you are looking for a safe tool to pay for online sleeping dreams, a virtual rechargeable account could be for you.
The options are very varied, from disposable cards that you can generate on the spot, to online accounts untied from the current account that rely on security systems that prevent you from jeopardizing your money.
If you want to know more about other tools suitable for making purchases online safely, I suggest you visit the section of my business dedicated to prepaid cards, who knows that you can not find a solution suited to your purchase needs.
Enjoy the reading!
