Millions of people around the world have become victims of identification theft. Because of this, consumers have become cautious with protecting their personal information, including their particular credit card numbers. In order to avoid becoming sufferers of identity theft, there is an choice available for you – virtual credit cards for shopping in a virtual world.
Virtual cards contain a set of amounts to replace your real card quantities. The replacement numbers are used to make purchases online. Sometimes, replacement numbers are usually termed “single-use card numbers. ”
At present, credit card companies Discover, Citibank and MBNA offer these services. Discover’s program is called “Deskshop. ” Those of Citibank is called “Virtual Account Quantities. ” MBNA’s protection program is called “SafeShop. ” Currently, these companies offer the program for free. They simply want to offer you some “peace of thoughts. ” You can just sign up on the card company’s website where you can receive a computer generated, 16-digit quantity as your replacement numbers.
Virtual credit cards work much the same as do regular credit cards. However , it has several distinguishing functions.
You can set up your spending restrict using the virtual one because it functions like a prepaid card.
There is minimal chance that your plastic may be used fraudulently just because a new number is issued for you every time you use it.
You have the option to set an expiration date provided it doesn’t go beyond the expiration day of your real one.
Only a person, the holder and the issuer get access to the real numbers.
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In spite of the convenience offered by virtual cards, they do not arrive without drawbacks. Some of the more common difficulties associated with these cards are as follows:
They cannot be used for offline dealings.
They have limited use for on the web purchases since you will be required to display the real credit card to complete certain transactions.
They have relatively short expiration times.
Processing of transactions using the virtual card is slower compared with using the real one.
Virtual cards may be used for transactions where the real cards are accepted. These transactions include online shopping, online bills paying, buying by mail, and shopping by phone. However , you have to remember that you can be required to show the real card when you pick up your orders.
Credit cards are just one of the most vulnerable areas for identity thieves to strike. Thanks to virtual credit cards; they have become a virtual reality where one can have protection and peace of mind while enjoying the convenience of online shopping.