Virtual Credit Cards are cards which are generated online, they are not physical but digital in nature. You cannot keep it in your pocket and stroll around with the these cards, as they are not physical. These are used if you don’t want to reveal your exact Credit card details to anyone.
If you think that getting a VCC is difficult and lengthy process, then that’s not the case. Infact, this process is very easy. In India, there are not many banks that offer this VCC functionlaity. So the choices are really limited here.
Banks offering Virtual Credit Card
ICICI B2 Banking, also popularly known as Branchfree Banking offers this VCC. This can be truly said as an online bank, or internet based bank, because you don’t need to access any Branch to avail this service. This service offers full control online, no cheque books, no branch access and no transaction charges on NEFT.
One more choice is HDFC Netsafe. If you already have an account with HDFC Bank, then you can just signup for Netsafe. No strings attached and no extra charges for this service.
How to signup with HDFC Netsafe ?
Registration is just a onetime process, after which you can generate Netsafe cards at anytime. Firstly, you just need to have a Savings account with HDFC Bank.
Go to HDFC Bank website and select “Netsafe / Verified by VISA Mastercard Secure Code” and click on Login.
As you are a new user and signing up for the first time, click on Register and follow the on screen instructions carefully.
It will ask you for a Email address, Login ID (username), password and your Debit/credit card details. Enter them carefully and memorize the Login ID and password. Account creation process is very simple and it will take just 5-10 minutes.
Note: You can also login using the 16 Digit card number.
After the account is successfully created you will get an Email with the subject “Enrollment for HDFC Bank Online Shopping”. So now your account is created and you can login.
How does this Virtual Credit Card works ?
Login to your Netsafe account, and and supply the limit and press Go. Limit means the limit in Rupees. E.g. if you think you are going to do a transaction (purchase) of $20, then its safe to set the limit as Rs 1000. Your merchant cannot overcharge you now, because of this limit.
You will get 16 Digit card number, expiry date, and CVV2 code. Now you can use these details at the time of shopping/checkout.
Now when you are going to purchase, you need to enter:
- 16 Digit Card Number
- Card Expiry Date (which would be something like 02/11, you can refer above screenshot for this)
- CVV/CVV2 Code
These details are valid for one time use only. Also, as you have supplied a limit, your merchant cannot charge you more than that limit. This card can easily be used on places where you don’t trust, as no one can use the same details twice. Yes, this card is limited to one transaction only. Overall, it can be said that using VCC is very secure and free from hassles.
So using VCC is really very safe and secure, then using a real credit card in this online World.
Benefits of using VCC
- The Netsafe card is used one time only
- Safe and secure shopping, without revealing your actual Credit Card numbers
- Card limit is supplied, so that merchant cannot overcharge you
- Whenever you do online transaction, they appear in the statement, just like any other transactions
Where can you use this VCC ?
Possibilities are endless. You can use this card everywhere, where VISA and Mastercard are accepted. This is the most popular or widely used Card in the World. So in most cases, you won’t face any trouble in using this card. You can also check this at your merchant’s website, where they state about which cards they accept. You can check this first and then generate a VCC.
So go ahead and use this new form of online payment using Virtual Credit Card.