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Virtual Cards and On-line Security
Are you a cautious person by nature? If you are, you'll find shopping on-line a wee bit scary, and your fears are justified as Internet security worries are on the rise. But, your credit card company has come up with alternatives to help you shop on-line safely.
Virtual credit cards: Some credit card companies such as Discover Card, Citi and MBNA offer a secure on-line account number service - a virtual credit card with a virtual account number. These cards are one-time use card that you can apply to on your credit card company website. They are a set of sixteen randomly selected numbers that can be used for a single purchase or many purchases on the same web site.
Security: You don’t have to divulge your normal credit card details or address and therefore can prevent on-line theft. As sorting out an on-line fraud is an ordeal and the onus is your's to prove, virtual cards are great. Fraudsters, however have no use for this 16-number code, as it’s perishable after one use. All the customer information is hidden.
How does it work: You simply go to the credit card website and apply on-line within four days you are given the 16 digit number via e-mail. You have to pay up the account opening fee and a minimum opening balance as low as $5 and you are set to go e shopping.
Options: Most credit card companies let you re-load the card for $10 reloading fee. There is also a validity of up to one year. Another interesting feature is that it's a great gift idea for a loved one. They can use this one-time card to shop for something they want and you have control on the amount gifted.
Some drawbacks: You will find that if you don’t like what you bought it will be difficult to track back your purchase as the number does not exist anymore. If your ordered item arrives after your card expires – that can be a problem.
Virtual cards are getting popular by the day proving their security value every time.
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