As technology surrounding payment processing evolves, so have available digital payment methods. A large and growing number of businesses now accept virtual payments both online and offline through the likes of PayPal, Apple Pay, Google Pay and many more. Consumer demand for virtual / digital credit card solutions have been growing so multiple banks and private companies have joined forces with conventional credit card operators to address the needs of the market by offering digital virtual credit cards that can be used in a variety of ways.
A virtual debit or credit card is a virtual card that only exists online. These cards can be generated on demand and share the conventional 16 digits, CVV and expiry date of their physical counterparts. These virtual cards are also widely accepted pretty much anywhere online that conventional payment cards can be used. In short, virtual credit cards and virtual debit cards offer a number of features that physical cards lack by combining the power of online banking with online payments.
In short, virtual credit cards and virtual debit cards offer a number of features that physical cards lack by combining the power of online banking with online payments.
These types of virtual payment cards are super convenient for online shoppers and are useful in a number of ways:
After some thorough research and testing, we at Get Instant Cards have put together the following list of our top virtual credit card picks to help simplify the process of choosing the right service for you.
With the Greenlight debit card and app, kids earn money through chores, set savings goals, spend wisely and invest.
Privacy's technology allows you to easily create and fund customized virtual credit cards on the fly, directly from your phone or PC within seconds.
Lastcard helps protect you and your wallet against online threats. The virtual card generator shields your actual personal details from vendors and hackers alike.
Stripe Issuing allows you to create, virtual and physical cards. Control expenses, reduce operational burden, and even create new lines of revenue.
Generate Virtual Credit Cards Instantly
Reduce the Risk of Fraud
Enhance Spending Controls
More Convenient Way to Shop Online
It’s important to compare credit cards so you can find the right card for your specific needs. The best credit card for you may not be the best credit card for someone else; it all depends on how much you make, how much spending you do with your card, and what rewards and features are important to you. For example, if you spend $2,000/month on your card and pay it off each month, you may want to find a great rewards credit card. On the other hand, if you're in a cash crunch and there’s a chance you won’t be able to pay off your balance each month, you may want to look at no fee or low interest credit cards, instead.
Credit card interest is charged to your credit account if you do not pay off your full balance each month by the payment due date listed on your credit card statement. If you miss the due date, you will be charged interest on the entire balance of your statement. The interest rate on a credit card is typically 19.99% for purchases and, if you can’t pay off your full balance, it goes back and begins to accrue on the date you made each transaction. For this reason, it’s important you only use your credit card when you know you can afford to pay it back in full by the payment due date to avoid high interest rates and penalties.
Annual fees are attached to some credit cards because you have to pay for the privilege of having the card in order to receive its more lucrative rewards, perks, or low interest rate. Most annual fees range from $20 to $120, but they can go as high as $699. Typically, the higher the annual fee for a credit card, the greater the rewards it offers. Popular credit card reward programs offer travel, cash back and loyalty rewards points.
If you pay off the full balance of your credit card (not just the minimum payment) by the payment due date and use your card responsibly, you could maximize the benefits of using your credit card by earning some great rewards. Of course, it’s important to be aware of the annual fee and understand how to value the points in your credit card’s rewards programs. But if you spend enough money, the rewards could far outweigh the credit card’s annual fees. If you don’t plan on using your card very often, don’t value the rewards or will not take advantage of them, a card with an annual fee might not be the best choice for you. In this case, consider a no fee credit card that still offers some rewards.
While advantageous in many ways, there are some drawbacks to virtual cards: