5 Tips For Safely Using Your Virtual Credit Card: Stay Protected

The virtual credit card is a payment method that will allow you to make purchases online without using your personal credit card. The most common use of the virtual credit card is in purchasing software, but it can also be used for other things such as paying for an airline ticket or booking a hotel room. In this blog post, we are going to discuss 5 tips on how to safely use your Virtual Credit Card and stay protected while doing so.

What is a virtual credit card and what are the benefits of using one?

A virtual credit card is a payment method that will allow you to make purchases online without using your personal credit card. The most common use of virtual credit cards is in purchasing software. But it can also be used for other things such as paying for an airline ticket or booking a hotel room.

The virtual credit card is a safe and convenient way to make purchases without sharing your personal information online. You will be able to shift between different currencies which can come in handy when you are traveling or if the company accepts multiple forms of currency for payment.

Virtual credit cards do not have an expiration date.  There is a higher risk for fraud because it doesn’t involve your physical card. You are unable to earn rewards through the use of a credit card, such as points or cashback. Credit limits cannot be applied and there can be issues with transferring money if you need to pay it off.

How to use your virtual credit card safely?

If you want to use your virtual credit card for purchases, make sure that you are on a secure website.  This is typically indicated by the “lock” icon in the browser or if it says “Secure” at the top of the page. If this isn’t possible and you’re using an unsecured site.

You should be aware of the risks and only use your card for things you would normally purchase online.  It’s a good idea to check your credit report regularly so that if anything is amiss, it can be addressed as soon as possible. You may want to have an emergency plan in case something happens with your virtual account.

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Be careful of what site you’re accessing when using your card

If this isn’t possible and you’re using an unsecured site, you should be aware of the risks and only use your card for things you would normally purchase online. It’s a good idea to check your credit report regularly so that if anything is amiss, it can be addressed as soon as possible.

The risks of using a virtual credit card

Some risks of using a virtual credit card is-  if you’re in a foreign country, the payment might be processed differently (ex. paypal), or it may not work at all. You also risk paying higher prices if your virtual wise multi currency account exchange rates are high because of different currencies and lower transaction fees on some cards. Here are some tips to reduce the risks of using Virtual credit card:

  1. Be careful when using your card and check that website is secure
  2. Remember that you are always covered by a basic level of protection with your card, even when using it alone.

A few risks associated with virtual credit cards is- if you use them in foreign countries the transaction may be processed differently (ex. paypal) or not work at all.

Tips for staying safe when using your virtual credit card

  1. Pick a card that is not just for foreign transactions, if you want to travel abroad.
  2. Switch up your credit cards when they get too old or are close to their limits (max limit).
  3. Check your balance regularly and be mindful of the time difference between where you live.
  4. Use your virtual debit card responsibly and you will be safe, happy, and smart!
  5. Research the credit card company and find out if they have a fraud protection program.You can also research your online store to see if they cover any fraudulent transactions.

When not to use a virtual credit card?

Don’t use your virtual credit card for things like:

  • Renting a car, boat or other vehicle.
  • Hiring someone to work on the home.
  • Purchasing goods online that you cannot bring back into Canada (warranty, exchange)

Conclusion

If you’re looking for an easy way to keep your credit card information safe and secure, a virtual credit card may be the answer. With this type of payment method, you can have all the benefits of a physical credit card without having to carry one around with you everywhere. Virtual cards are also safer than carrying cash because there is no risk that someone could steal it from your wallet or purse.

While they do come with some risks, using them safely will only make things easier for yourself in the long run by eliminating those risks entirely! For more tips on how to use them responsibly and stay protected at all times, check out our blog post here. Have any questions about what we covered? Let us know below.