Weigh its benefits against the limitations to decide whether to go for the application or not. In that case, users cannot purchase with this card when making purchases at a shopping mall or outlet.Īs a VCC’s usage is limited to online transactions, users cannot make cash withdrawals through it.Ī user’s decision to proceed with a VCC application should ideally be based on the overall considerations. VCC’s utility at physical stores is limited.
Individuals must, therefore, obtain a physical card to be able to avail and use it. When using it to make purchase or payments, a user needs to follow the steps mentioned below to complete a transaction.Įxistence of a primary credit card is essential to issue a VCC. It only changes when a customer cancels it and avails a new card instead.Ī VCC is issued only to the primary cardholder and not to an add-on holder of the primary card.Ī VCC is available for online transactions only and does not extend to physical swipes. The CVV number of a virtual credit remains the same if the card is active irrespective of the number of transactions a customer makes.
Its credit limit is similar to that on the primary card.Īs card issuers provide VCCs online, customers can access them immediately for required transactions. Users can transact multiple times within this limit. Similar to physical credit cards, VCCs also come with a limit to transactions. In some cases, a cardholder can also cancel it if he/she does not require it. Use of OTP further enhances its security. Its added benefit of limited use improves security further. As the card is available only online, the chances of misuse or theft are minimised. The card number generated is valid for a specific period ranging from 24 hours to 48 hours. Virtual credit cards come with a one-time usage option.
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