What is a virtual credit card number?

The virtual credit card number is a credit card number that differs from the number on your actual credit card. It can be used when shopping online with any merchant that accepts credit cards. The virtual credit card number is linked to your current credit card account, but the online store cannot see your actual card number.

Purchases made using the virtual credit card number still apply to your credit card balance as if you used your actual credit card. The virtual credit card number can be used only once or for recurring purchases.

What are the benefits and drawbacks of virtual credit cards?

Benefits:

– They may help protect your information from data breaches.

– No need to have your actual credit card when making online purchases.

Drawbacks:

– They may be difficult for individuals who are not tech-savvy.

– Returns may be more complicated.

– They may only be available to primary authorized users on the credit card.

– They typically cannot be used for purchases that require a physical credit card or for purchases that require your physical presence.

How to set up virtual credit cards?

Currently, two major credit card companies offer virtual numbers: Citi and Capital One. If you have a credit card issued by one of these two companies, log in to your online account or contact customer service to see if virtual credit cards are available as a feature for your account. If you have an Apple Card, you can also access a virtual credit card number for online and mobile purchases.

Citi:

The “Citi Virtual Account Number” allows certain cardholders to create a virtual credit card number for online and phone purchases. Cardholders can specify a purchase limit, expiration date, and the number of uses for each virtual credit card number created. Purchases can even be restricted to specific types of merchants. Purchases made using virtual card numbers will appear on your credit card statement alongside other transactions.

Capital One:

Capital One cardholders can create virtual credit cards using the Eno browser extension for online shopping. However, not all browsers have the Eno extension. The Eno extension generates a unique virtual credit card number for each online merchant you shop with, including any merchant that requires subscriptions or recurring bills. Eno can also be used to manage pausing, opening, and deleting virtual card numbers. When you need to use a virtual number, log in to the browser extension with your Capital One username and password, then click the “Create” button to generate a number. You can also reuse a number if you have visited a website before. The digital wallet manager in the Capital One app on your smartphone can also be used to view, pause, and delete virtual numbers.

Apple:

If you have an Apple Card, you can also access a virtual credit card number via the Wallet app on your iPhone. In the Wallet app, tap the three dots in the upper right corner of the screen. Then select “Card Information.” You will see a card number that you can press and hold to copy and paste in the browser on your phone, or you can write it down manually for any other purchase.

Alternatives to virtual credit cards

Card Freeze:

Some credit card companies offer a disabling or freezing feature that allows you to turn your credit card number on or off through the company’s app or website. This can help protect you from unauthorized charges.

Apple Pay:

Apple Pay stores and transmits an encrypted copy of your credit card information for purchases, protecting your credit card information from hackers. You can use Apple Pay while shopping online using your iPhone, iPad, or Apple Watch, or through Safari on Mac devices with a fingerprint sensor.

Services

Payment:

Visa Click to Pay, Mastercard Click to Pay, and American Express Click to Pay services store your credit card information and allow you to make online purchases with participating merchants by entering your username and password. Similarly, PayPal stores your payment information and processes transactions when selected at checkout.

Third-Party Services:

There are some paid services, such as Abine Blur and Privacy, that “tokenize” your regular cards using temporary numbers for online shopping.

Key Takeaways

Virtual credit cards provide protection when shopping online by concealing your actual credit card number. Card numbers are only available with a limited number of card-issuing companies. Alternatives include other apps and services like digital wallets, PayPal, Visa Click to Pay, and more.

Source: https://www.thebalancemoney.com/what-is-a-virtual-credit-card-number-5078759