On line shopping has become quite a rage in the country as it gives people access to top brands and innumerable products, from both India and abroad. One is now free to buy virtually anything from electronics, clothing, groceries, fruits and vegetables from the internet. However, not all shopping portals are safe and when the user enters his/her credit card details, including the CVV number; s/he is exposing the entire credit limit to online fraudsters. It is wise to be wary of online transactions where your credit card details will be exposed.
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Points on Virtual Credit Cards
There are some important points to note about virtual credit cards which make them safe and useful, if used correctly:
- A customer is allowed minimum credit limit of Rs. 100 and maximum credit limit of Rs. 50,000 per transaction, per day.
- The virtual credit card is valid for 24 to 48 hours only, though ICICI bank allows a longer expiry date.
- Customer can make only one payment with the virtual card in which they can use all the credited balance or a part of it.
- If there is any balance amount left on the virtual card, it will be credited back to the customer’s account.
- The virtual card facility is available to the primary card holder only and not the secondary card holder.
- In case of transactions where the customer may have to show the credit card the payment was made with, virtual credit cards cannot be used. For instance, if you book an e-ticket generally, the credit card the payment was made with has to be shown at the airport; the virtual credit card will not be valid in this case.
- Since virtual credit card does not have a physical existence, it cannot be cloned, making it highly secure for all transaction purposes.
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