Virtual Card (2024)

FAQs

What is a virtual card used for? ›

A virtual card refers to a digital form of payment card for making payments against purchases made through mobile apps or online without the need to carry physical cards or cash.

Virtual Debit Card : Fees & Charges

Currently, there is no Virtual debit card issuance fees. However, once the card is converted in to physical then the fees (issuance/annual) applicable for physical Debit Cards will be levied.

If you are interested in obtaining a physical card, it will be necessary for you to create a completely new card. By doing so, you will receive both a new physical card and its virtual counterpart. The newly generated virtual card can be immediately used, removing the need to wait for the physical card to be delivered.

A virtual credit card works with your card account, and account numbers are randomly generated so that your actual card information is kept private when you engage in online or phone transactions. Virtual cards can help protect against fraud and prevent tracking by advertisers.

Virtual cards can be used online, over the phone, via an app, and anywhere you or the merchant can key in the 16-digit virtual card number. Simply plug in your virtual card details and let the payment processor do its job.

The Bottom Line

Virtual credit cards enable account holders to tap into the digital capabilities of payment technology, offering potential benefits such as enhanced security.

Virtual credit cards are completely legal and available for mainstream use. In addition to virtual credit card numbers issued by the major card companies, there are also VCC generators. This option is legal to be used for card verification purposes that do not involve financial transactions, such as free trials.

There is no cost to create a virtual card. For virtual cards with a debit or credit card as funding source, there is a service fee of 2.99% of the purchase price + $0.31. For example, a purchase of $50 will be $50 + $1.81 (i.e., 2.99%*50.00) + $0.31 = $51.81 (the total cost with the service fee).

Reliance on the phone: One of the disadvantages of virtual cards is that they must be stored on mobile wallets or payment apps and accessed through a phone or laptop.

Unfortunately, if you don't have a physical card, you cannot get money off a virtual card through an ATM. However, you can link a virtual card to your physical credit or debit card or mobile wallet. This action makes it possible to withdraw cash at ATMs.

Do stores accept virtual debit cards? ›

You can use virtual Visa cards only in stores that allow contactless payments, given the card is compatible with digital wallets like Apple Pay or Samsung Pay. Note that this feature may not be available with every virtual card provider.

A virtual card is usually prepaid, like a gift card, with a specific sum of money loaded onto it in advance. These cards only exist online, but carry the same information as a physical bank card: card number, expiration date, and CVV code.

Yes, the virtual card allows you to withdraw cash from ATMs that support contactless use. You will need a digital wallet (e.g. Apple Pay, Google Pay) and second, a virtual card PIN code, which you will find on the LHV mobile app or internet bank.

A virtual card acts like a stand-in for your actual credit card and lets you pay anywhere you shop online. Like a conventional credit card, a virtual card has its own 16-digit card number, expiration date and CVV security number.

Since virtual numbers cannot be traced back to your account or credit card, they are much safer to use when you are buying products or making payments online or to an unfamiliar vendor or supplier.

A virtual card is a credit card number, CVV code, and expiry date issued by a bank or credit card issuer. It's provided digitally to be used for shopping online.