If you shop a lot online then you may already be aware about various risks involved while using credit cards on Internet. To be on the safer side you should always use Virtual Credit Cards that guarantees that you cannot be billed more or again by the website. Virtual Credit cards commonly known as VCC are Temporary credit cards with no materialistic existence and can be used only once.They also expire after specific period if not used (usually after 24 hours).
How Virtual Credit Cards Protect From Online Frauds?
You create a virtual credit card on your bank website.During creation of VCC you specify the amount for the credit card and it can be used only once, so if a website stores your credit card information even then it can be used again.
What Information You Get When you Create a VCC
After creating a Virtual credit card you will get a credit card number, its expiration date and CVV code.Most times you will also get the expiration period for the credit card (like 24 or 48 hours).This Much information is sufficient for making any purchase online.
Which Banks Provide VCC in India?
HDFC Bank : HDFC bank allows you to create a limited number of Virtual Credit cards each day.They call it Netsafe cards and it can be used to verify paypal accounts and online shopping.If you have a savings account in HDFC bank then register yourself for Hdfc netsafe cards.After Registration you can immediately start creating VCC cards.
ICICI Bank : It is another Private Indian Bank that provide the facility to create VCC.To create a virtual credit you have to login into you netbanking account.It will create an addon Visa card which can be used online.
Kotak Mahindra Bank : They also provide the ability to create VCC.It is named as netc@rd. Login into your net banking account and click on netc@rd option and click on Generate card button.
Axis Bank : they have named it as Eshop.The facilities provided by their card is very much similar to mentioned above.
SBI Bank : It is the latest entrant for VCC cards.They have started this service recently and I haven’t tested it yet. Do leave your feedback if have tested its service.
So there are a lot of banks in India that provide this very useful service.If you are having accounts in any of the above mentioned banks then I will recommend that you should always use Virtual credit cards.However while subscribing to a service which has monthly charges you should use your real credit card otherwise the monthly fee cannot be automatically deducted from VCC due to which your subscription may end for the service
