While you can carry a credit card in your wallet, a virtual credit card is an online card that comes with similar functions, but without a physical form. Credit card providers issue the same to customers keeping in mind their ease of use when making online transactions.
More so, it is a credit card issued along with a CVV and an expiry date, thus ensuring security during payments. Many card issuers also provide an online virtual credit card with a one-time usage facility along with the primary credit card they issue.
Now that you know about the virtual credit card, check out the advantages it brings along.
Advantages of a virtual credit card
1. Improves transactional security
Being a virtual card, its chances of theft or misuse reduces. Also, lenders issue it for a specific period of 24 to 48 hours, which further increases its security. Some credit cards come with a cancellation facility and can be cancelled when you don’t need them.
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2. Any remaining balance is transferred to the primary card on its expiry
If an amount from the available credit limit lies unused, it is transferred to the credit limit of your primary card.
3. You can get it free of cost
Virtual credit cards are issued only to the primary credit cardholders and not the secondary ones. Hence, the risk of any security breach is further reduced.
4. You can get it free of cost
Most card issuers offer this virtual financial tool at no extra cost. Therefore, you don’t need to pay any additional fee to avail the same.
While the benefits of a virtual credit card make it a useful credit instrument for online transactions, you still need a physical card for various other transactions.
You should, therefore, look out for options that bring exclusive features like emergency personal loans, interest-free cash withdrawal, effortless conversion to EMI, etc. Bajaj Finserv RBL Bank Credit Card is one such instrument that offers these industry-first features. To apply for it, you may check your offer that enables signing up for the same with one-step verification.
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