• Business News
  • Insurance
  • Saving
  • Share Market 5Paisa
  • Loan
  • Mutual Funds
  • Investment
  • Real Estate
  • Crypto coindcx
    • हिन्दी
    • తెలుగు
    • मराठी
    • বাংলা
    • ગુજરાતી
    • ಕನ್ನಡ
  • Close
  • Daily Show
    • 2+2=5
    • Take it Easy
    • Red Alert
    • Formula Guru
    • Money Gyan
    • Money Central
    • Money time
    • Jhatpat
  • Weekly Show
    • Money Comics
    • Economicom
    • Realty Check
    • Smile and pay
    • Money Tales
    • Spend Wise
    • Companynama
  • Insurance
  • Savings
  • Share Market 5Paisa
  • Loan
  • Crypto coindcx
  • Investment
  • Mutual Funds
  • Real Estate
  • Tax
  • Exclusive
  • Home » News » Banking » These single-use credit cards have highest security features, check details

These single-use credit cards have highest security features, check details

Four big private lenders, largest public sector bank and two NBFCs are currently offering these credit cards to their customers.

  • Ankur Sengupta
  • Updated On - September 14, 2021 / 08:51 AM IST
These single-use credit cards have highest security features, check details
Most issuers don’t charge their customers for issuing a virtual credit card

Most of us use debit and credit cards. But have you heard of virtual credit cards? As the name suggests, a virtual credit card is a new-age credit card that has no physical existence and is meant for one-time use. Virtual credit cards are provided by most major credit card issuers to their customers as an add-on card to their primary cards. But just like normal credit or debit cards, a virtual card has its own unique card number, expiry date and CVV number which are visible online. You can also set your own spending limit on the virtual credit card.

Security feature

Virtual cards are more secure as the customers do not have to swipe to make payments, it’s nearly impossible for miscreants to carry out fraudulent activities with this card as everything is shared between the bank and its customers through end-to-end encrypted messages. Besides these cards generally use for a single time, so the chance of getting compromised is very low.

The governing body for virtual credit cards in the country is the Reserve Bank of India (RBI). To get a virtual credit card, one has to submit KYC documents and the issuer needs to approve them.

Setting the limit

You can also set the limit on your virtual card and the payments would be authenticated every time by one-time passwords (OTPs) sent on your registered mobile number.

Convenience

A virtual credit card doesn’t have any physical form and its details can be saved on your mail and can be used for carrying out transactions. Thus, the hassles of carrying physical cards are eliminated.

Validity

A virtual credit card is a short duration credit card. Generally, these cards are valid for a maximum of three days. Some virtual credit cards are valid even for a single day only. Usually, these credit cards can be used for one transaction following which it turns inactive.

The amount is generally debited from the credit limit on one’s credit card or from the debit card balance, i.e. the account balance.

Issuer bank

Not many lenders offer this virtual credit card to customers. State Bank of India is the lone public sector lender to offer a virtual credit card.

Private lenders offering it are HDFC, Axis, ICICI and Kotak Mahindra bank.

Besides, Oxigen Wallet Virtual Card and FreeCharge Go MasterCard are two virtual credit cards offer by non-banking financial companies.

How to apply

If you have decided to apply for any particular virtual credit card, contact the specific bank or the NBFC that is offering the card and ask them to guide you on the application process. Generally, it takes three-four days to issue a virtual credit card.

Usually, most issuers don’t charge their customers for issuing a virtual credit card.

Download Money9 App for the latest updates on Personal Finance.

follow us

  • Facebook
  • Twitter
  • LinkedIn
  • Telegram
  • Youtube
  • Instagram

also read

  • 7 factors NRIs Must Consider Before Availing A Home Loan

    7 factors NRIs Must Consider Before Availing A Home Loan

  • Which one to choose? A bank or housing finance company for home loan

    Which one to choose? A bank or housing finance company for home loan

Read more news on

  • credit card
  • credit repayment
  • debt
  • interest rate
  • secured credit

Latest Video

SEE MORE
Why mutual fund investment is falling ever since FIIs have made a comeback?

Why mutual fund investment is falling ever since FIIs have made a comeback?

Updated: August 12, 2022
Tariff increase on cards; 5g tariff plans in India to make data expensive

Tariff increase on cards; 5g tariff plans in India to make data expensive

Updated: August 11, 2022
Why wheat prices won't fall even if wheat import duty is reduced?

Why wheat prices won’t fall even if wheat import duty is reduced?

Updated: August 10, 2022
Know Nifty 50 forecast, Sensex 30 forecast

Know Nifty 50 forecast, Sensex 30 forecast

Updated: August 9, 2022
Know the reason why onion prices are falling and current problems faced by onion farmers

Know the reason why onion prices are falling and current problems faced by onion farmers

Updated: August 5, 2022
Why clothes are not becoming cheaper despite  fall in cotton prices?

Why clothes are not becoming cheaper despite fall in cotton prices?

Updated: August 4, 2022
When will attrition in IT Sector and Tech Startups stop?

When will attrition in IT Sector and Tech Startups stop?

Updated: August 3, 2022
How will government's decision to implement 5% GST on non-branded food items impact you?

How will government’s decision to implement 5% GST on non-branded food items impact you?

Updated: August 2, 2022
Open in App

Related

  • Outlook strong, but keep expectations low in 2022 : Ashish Shanker

    Outlook strong, but keep expectations low in 2022 : Ashish Shanker

  • Pay 5% more for ATM transaction from January 1: Know the details

    Pay 5% more for ATM transaction from January 1: Know the details

  • First-time credit card users must be aware of these charges

    First-time credit card users must be aware of these charges

  • Let’s decode the credit score, so you know where you stand

    Let’s decode the credit score, so you know where you stand

  • Upgrading your credit card: Keep these things in mind

    Upgrading your credit card: Keep these things in mind

  • Need fund in case of emergency: Know the options

    Need fund in case of emergency: Know the options

Videos

  • Ministry of Civil Aviation removes airfare bands with effect from August 31, 2022
    Bulletin

    Freedom For Airlines in Ticket Prices

  • How does gadget insurance work? What does gadget insurance cover?
    Savings

    Protect Your Costly Gadgets This Way

  • What is the difference between Bulk and Block Deal?
    Helpline

    What is the difference between Bulk and Block Deal?

  • Why wheat prices won’t fall even if wheat import duty is reduced?
    Analysis

    The Battle For Indian Wheat Market

  • No immediate setting up of 8th Central Pay Commission: Minister of State for Finance Pankaj Chaudhary
    Bulletin

    No Revision in Pay For Govt Staff

  • TV9 Sites

  • TV9 Hindi
  • TV9Telugu.com
  • TV9 Marathi
  • TV9 Gujarati
  • TV9 Kannada
  • TV9 Bangla
  • News9 Live
  • Know this india
  • Money9 Sites

  • Money9 Hindi
  • Money9 English
  • Money9 Marathi
  • Money9 Telugu
  • Money9 Gujarati
  • Money9 Kannada
  • Money9 Bangla
  • Topics

  • Insurance
  • Savings
  • Loan
  • Stocks
  • Mutual Funds
  • Real Estate
  • Tax
  • Crypto
  • Exclusive
  • Daily Shows

  • 2+2=5
  • Take it Easy
  • Red Alert
  • Formula Guru
  • Money Gyan
  • Money Central
  • Jhatpat
  • Money time
  • Weekly Shows

  • Money Comics
  • Economicom
  • Realty Check
  • Smile and pay
  • Money Tales
  • Companynama
  • Spend Wise
  • Follow us

  • FaceBook
  • Twitter
  • Youtube
  • Instagram
  • Linkedin
  • Download App

  • Andorid
  • ios
  • Contact Us
  • About Us
  • Advertise With Us
  • Privacy & Cookies Notice
  • Complaint Redressal
  • Copyright © 2022 Money9. All rights reserved.