![]() Things to Consider before Applying for Virtual Credit Cardīefore you apply for a virtual credit card, here are a few things you should remember: Step 3: Enter the OTP and make the payment. Step 2: An OTP will be sent to your registered mobile number. ![]() Step 1: Enter the card number and validity. You can make transactions with your virtual credit card by following the steps mentioned below: Here are a few top Virtual Credit Cards offered by NBFCs Here are a few top Virtual Credit Cards offered by major banks in the country. Virtual credit cards in India are provided by banks as well as Non-Banking Financial Companies (NBFCs). You don’t have to pay any fee to get a virtual credit card.įree Virtual Credit Cards Offered by Banks.Virtual credit cards are issued for free: On expiry of your virtual credit card, the unused credit limit will be transferred to the primary card.Remaining credit limit gets transferred to the primary card: You can use your virtual credit card to make domestic as well as international purchases.In the event of a suspicious transaction, you can block your virtual credit card immediately.Īvail domestic and international transactions:.Since virtual credit cards are issued online, you can access them instantly and make transactions.Virtual credit cards are offered to only primary cardholders.If for any reason, you have to cancel the card, you can do it effortlessly through your smartphone.You also get the chance to set the limit on your virtual credit card and the payments would be authenticated by one-time passwords (OTPs) sent on your registered mobile number.To get a virtual credit card, you have to submit the KYC documents and the issuer needs to approve them. Also, the governing body for virtual credit cards in the country is the Reserve Bank of India (RBI). Because you don’t have to swipe the virtual card to make payments, it’s nearly impossible for miscreants to carry out fraudulent activities with the card.Thus, the hassles of carrying physical cards are entirely eliminated. Because the virtual credit card doesn’t have any physical form, its details can be saved on your mobile phone and the same can be used for carrying out transactions. ![]() Benefits and Features of Virtual Credit Card However, these cards may usually have very short validity. You can also set your own spending limit on the virtual credit card. Like physical credit cards, a virtual credit card has its own unique card number, validity date, expiry date, and CVV number which are visible online. Today, virtual credit cards are provided by most major credit card issuers to their customers as an add-on credit card on their primary cards. And because it has no physical form, the card is used for carrying out online transactions only. As the name suggests, a virtual credit card (VCC) is a new-age and a one-time use credit card that has no physical existence. ![]()
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