Prepaid and virtual credit cards
Can I use virtual Visa card in store?
In most cases, store and restaurant egift cards can be used both online and intheir physical stores, but that is not always the case. And Visa are onlyusable online, over the phone and anywhere else that a “card not present”transaction is allowed.
Where can I use a virtual card?
You can use virtual credit card numbers for online shopping or paying billsonline. The virtual card numbers are linked to your existing credit card, sothe charges appear on your regular monthly statement. At the checkout, themerchant receives the virtual card number, rather than your actual cardnumber.
How to get a virtual credit card
The application for the virtual credit card is entirely online and just takesminutes to complete. Unlike mini loans, the Freestyle virtual credit cardallows you to withdraw as you need it. Use it to transfer cash directly toyour account or pay for big-ticket items and bills straight from yourFreestyle app. You can count on it to keep your cash flow healthy and secure,so you’re always ready no matter what comes your way.
When you apply for a virtual credit card, you go through the same reviewprocess that our personal loans and other loans online customers do. Apartfrom your credit score, we take into account other factors to assess youreligibility for credit, such as your credit history, income, debit cards ordebt obligations, and living expenses. As part of our approval process, wealso assign you with a MoneyMe loan rating based on your credit report andhistory. And we offer fair and tailored rates to make sure you are comfortablewith your repayments.
Each time you take out fast cash loans or same day loans and make yourrepayments on time, your MoneyMe loan rating may improve. We can re-evaluateyour account and when it reflects positive repayment history, you may be ableto get better loan terms and lower rates.
What is a Virtual Credit Card?
Many people may not know or have not heard about virtual credit card before.Virtual credit card is not actually like a credit card physically. Like itsname, it is a virtual card so it is not in the form of a card. Virtual creditcard is only disposable credit card that is made randomly at any time you wantto make an online shopping. As today everything can be bought online thatpeople no longer have to go to the shop or store to make a purchase. Thisvirtual credit card enables for Paypal Verification to make secure onlinepurchases.
How to Get a Free Virtual Credit Card?
Why should you use a virtual credit card in any online shopping you are goingto do? Well, virtual credit card is designed to shield your real accountnumber from falling into the wrong hands. It keeps out your account numberfrom data breach that may happen at a retailer where you are going to shop.When you use your virtual card or disposable card in any online purchaseactivities, potential fraudsters are more difficult to access your credit cardaccount.
Reloadable virtual credit cards
If the issuing company allows you to reload your prepaid card for some futurepurchases, then you have a reloadable card. Depending on the company, theamount of future reloads may be limited right from the start, so make sure youask about this regulation right away. Reloadable prepaid virtual credit cardsare best used when you’re planning to make regular payments, such as forsubscriptions. One of the things you should be aware of when choosing this orthat type is that fees for reloadable cards are usually somewhat higher thanfor single-use cards.
Mastercard Prepaid Virtual Credit Cards
Mastercard offers prepaid virtual credit cards that can be used for onlineshopping, as well as phone purchases and mail orders.
If you’re considering a Mastercard virtual prepaid card, you’ll need to createa Mastercard virtual account first. Also, do note that Mastercard’s virtualprepaid card usually has a limited term of validity of three years. Anotherthing to be aware of is that a monthly fee is charged after the first year ofuse. What can be quite convenient is that you can use the Mastercard VCC topay in other currencies, aside from the USD.
Visa Prepaid Virtual Credit Cards
Visa also has a prepaid virtual credit card that can be used for safer onlinepurchases. Some of the features that make the prepaid virtual Visa card worthconsidering include:
1. You can change your personal details if you want to 2. You can use it for automatic payments 3. You can make payments in other currencies 4. There’s no activation fee 5. There’s no monthly fee 6. There is no minimum balance set 7. Term of validity may be shorter (a year or even less)
Prepaid and virtual credit cards
As more and more of our spending moves to mobile and online, physical creditcards are becoming less relevant. This has opened the way for virtual cards,which are increasingly popular and are already a big hit in B2B sales in someregions.
Prepaid cards come in a whole range of guises, from the familiar EZ-Link cardwhich can be used for travel and some purchases, through to fully active andversatile cards backed by major card issuers.
Before we move on, let’s take a look at these 2 card types in more detail,including a little on how and when you might choose to use them.
What is a virtual credit card?
When you use a virtual card, you generate a new set of credit card numberswhich is linked to your credit card account, but not the same as those printedon the physical card. These card details can be limited to one use only, givenan expiry date, or have a specific spending limit on them.
The primary advantage for many customers is that you can use virtual detailswhen shopping online with a retailer you don’t know much about.
If you’re concerned your details may be stolen or used inappropriately, avirtual card allows you to break the link back to your main credit account.
As a personal customer, you might use a virtual card to sign up for an ongoingsubscription – but limit the card to the value of the subscription to stop anyadditional costs being deducted by the retailer.
And as a business customer, you could offer virtual cards to your team memberswho make purchases on behalf of the company – using your chosen expiry dateand monthly spend limit to control costs.
> Virtual credit cards are not particularly popular among consumers in> Singapore – in part thanks to the fact that the existing security around> online shopping here is so good.
But if you want to try out virtual cards, why not start with checking outWise?
Where to get a free virtual credit card to verify PayPal?
Now that you have an idea of just how useful a virtual credit card can be forPayPal verification, it’s time to learn where to look for one. Among otherproviders, you can get a free virtual credit card for PayPal verificationfrom:
1. EntroPay 2. Payoneer 3. American Express
Should you rely on virtual credit cards?
Have you ever used a virtual credit card before? If not, we assume that youfind it difficult to decide on the bad and good sides of virtual cards. Mostpeople who’ve had a chance to use virtual credit cards agree that they comewith some major benefits that no downside can outweigh. Here are some of theadvantages and disadvantages of using virtual credit cards, so you can judgejust how good they are yourself:
| Cons —|— You don’t have to expose any of your real card information, so you’re safe |
Virtual credit cards are not that convenient for online booking, as they willprobably ask you for your real card on the spot, so the two won’t match
There’s no need to fear malicious merchants and scams, as no one can get toyour real credit card info
| If you ask for a refund, and your card expires before you receive it, youwon’t be able to get the refund Most providers can provide you with a virtual credit card completely free ofcharge |
If your balance goes below a certain amount, some providers might require thatyou pay a fee, so make sure you check this in advance
Service providers cannot charge you after a free trial period even when youfail to cancel your subscription on time
Some service providers and merchants still refuse to accept virtual creditcards
You decide on the most suitable expiration date
If your card expires, and you have a recurring service that you want to keepusing linked to it, you’ll have to switch to your real credit card before theexpiration
You can set a spending limit right from the start
If you limit your spending, that might cause some problems with recurringpayments that you’re planning to make in the future
When to use virtual credit cards
Since identity theft and other potential issues are still common when payingonline, virtual credit cards are bound to become more and more popular as timegoes by. They will be used for many more purposes, but at the moment, you canuse a virtual credit card for the following:
* Online shopping * Over-the-phone purchases * Monthly subscriptions * Free trials * Single payments * Recurring payments