India is the largest prospective market for online shopping in the world. Estimates suggest that over 329 million Indians will actively participate in online shopping by 2020. In tune with such virtual shopping places, virtual credit cards are also increasing in number of users and usage.
What are virtual credit cards?
Possessing all the similar features of a standard credit card, virtual credit cards are not available physically. Such cards are made available by card issuers to users who want to make online purchases and transactions. These cards are either a virtual version of an issued physical card or they may even be a completely virtual card which is not issued physically.
Virtual credit cards come with unique 16 digit computer-generated number similar to physically issued credit cards. Designed as more secure alternatives, virtual cards can help transact make online transactions just as physical cards can help in swiping at offline PoS machines.
Today, all leading financial institutions can provide you with a virtual credit card. You either need to be a holder of a regular credit card or, must be an account holder with a financial institution. Also joining the bandwagon are country’s leading NBFCs such as Bajaj Finserv. They offer credit cards which come with easy online usage along with robust security features. One such card is a Bajaj Finserv RBL Bank SuperCard. This card provides you with ‘in-hand security’ feature that enables you to control your credit limit and cash and set boundaries for international transactions.
SuperCard’s ‘zero-fraud liability cover’ helps you to mitigate cybercrime threats. Furthermore, with the help of RBL MyCard application, you can also control your expenses on this card at ease. On top of it, this SuperCard also provides numerous benefits like –
Exclusive deals and discounts from partner stores.
Annual savings of up to Rs. 55,000.
Quick converting your available credit balance into a 90 days interest-free emergency loan.
Interest-free cash withdrawals for up to 50 days.
They also bring you pre-approved offers on credit cards that make the process of availing them hassle-free and save time as well. These pre-approved offers are available on unsecured credits like personal loans, business loans and secured advances such as home loans among numerous other financial products. You can check out your pre-approved offer by sharing a few necessary details like your name and contact number.
This is how you can apply for a Bajaj Finserv RBL Bank SuperCard online and enjoy these attractive benefits.
Benefits of using a virtual credit card
Here the advantages of using a virtual card –
You can enjoy secure transactions
Given that these cards are non-physical, it’s impossible to clone them making them safe for online transactions. Plus, some credit card companies allow one to create a timely card for a specific period via net banking. While these virtual cards have a time limit as little as 48 hours, others can be used as long as till you cancel them.
Transaction limit options
Functions related to these cards can be customised and managed online via mobile or PC apps. The user can pre-set a transaction limit easily online. Doing so can help a user adhere to a certain percentage of the credit limit. Such easily accessible features make a virtual credit card stand out from all other regular credit cards.
No chances of theft
As there are zero chances of theft in case of virtual credit cards, it outdoes a regular credit card. If a standard credit card is subjected to theft, you need to lodge an FIR and report your card issuer about the issue. It is time-consuming as it takes at least a week or two for a new credit card to arrive at your doorstep. A Virtual credit card eliminates this lengthy process.
Virtual credit cards possess numerous benefits both for personal and business purposes. It streamlines the payment process, minimise processing costs, improves cash management and mitigates exposure to payment frauds.
No matter what card you have – a virtual card or an international credit card, keeping these pointers in mind will help you to choose the right credit card for yourself. On the contrary, even if you don’t possess a credit card, you can still opt for virtual credit cards.