Jagoinvestor
April 29, 2013
Virtual Credit Card – Create Instantly & Use for Online Transactions
Are you scared of using your credit card online on some website because you feel there might be fraud or a security threat? If that’s the case, then welcome to the world of Virtual credit cards, which I will explain in today’s article and also how it can be useful for you.
A virtual credit card (VCC) is an add-on credit card issued on your primary credit card; only it’s virtual and does not have any plastic existence. You can instantly create it, using your net-banking facility by providing your credit card or debit card details. All relevant details like the card number, the ‘VALID FROM’ date, the expiry date and the CVV number are visible online to you and this virtual credit card enables you to transact online with a credit limit of your choice. Also the virtual card does not have any fee associated with it and comes for FREE!
The key details of your VCC like the card number, expiry date etc. are used when you transact online, but your primary card details are never shared with the merchant online, so you never have to be worried about losing your card or having to carry it ‘safely’ in your wallet. There are tons of banks which offer these instant virtual cards these days. Some of them are
- ICICI VCC
- HDFC NetSafe
- Kotak netc@rd
- SBI-Virtual Card
- Axis Bank e-wallet card
Validity of the virtual card ?
The virtual credit card is valid only for a single use and automatically expires within 24 hours if the virtual credit card is not used, which means that the chances of credit card fraud or misuse are significantly lower than a real credit card. Also understand the if you hold a VISA card, then the virtual card which you will get will be VISA one and if it’s Master Card, then it’s going to obviously be a Master card.
Is virtual Credit Card only for Online Use ?
Yes, as a virtual credit card is not a physical card, it can be used only for online transactions, for which all you need is credit card number, CVV number and Expiry number. Once used the card expires and can’t be used again. If you want to execute another transaction, you will have to generate another virtual card. The maximum limit of your virtual credit card can be as high as your actual limit on the real credit card. When you make the payment on some website using your virtual card, it will appear on your physical credit card statement itself.
Most of the banks issue a card which is valid internationally and you can use them on the websites outside India, however some banks like SBI bank still issue virtual credit cards which are not valid outside India. You will have to check with your bank if it is valid internationally or not.
Can you create Virtual Credit Cards using a Debit Card?
The answer is Yes for most banks. Even if you just have a debit card and not a real credit card (Check out the best credit card in India as per our survey), you can still use your debit card to create a virtual card. There are many people who want to transact online at times, but do not hold a credit card. Now they can create a VCC and use that to transact online. However I just checked my ICICI account and when I want to create a virtual credit card, it asks for my credit card number, so it seems like ICICI bank doesn’t allow VCC creation via a debit card. Anybody created one using debit card in ICICI bank? Let us know!
Real Life Situations when you can use Virtual Credit Card ?
- When you are transacting on a website, where you do not feel very confident about security, but still you have to transact anyways due to some reason. Check out this fraud
- When any friend of yours ask you for your credit card, where you want to “NO” , but still can’t say NO. You can now create a virtual credit card and give the details to him.
- When you do not have a real credit card, but only have a net-banking facility, you can still create virtual credit cards and use them.
- You can also use these virtual cards where you just want to try out the service , but by default the website starts charging the card on renewal basis. If you use virtual card, it will anyways get cancelled after one use and there will be no renewal charges later – Here is a real experience.
Do you feel virtual credit cards to be of any use in your life? Are you already using virtual credit card or planning to use them? Please share it with others!
i have icici bank saving account and debit card can i create VCC
No , you cant create a VCC unless you have a primary credit card !
Does Virtual cards can be used for EMi in sites like flipkart and amazon? I have account with icici and sbi.
I guess it can be used !
HDFC Netsafe use For Emi Option on Flipkart
Thanks for your comment karmendra
NetSafe FAQ : from HDFC bank.
Can I use the NetSafe Card at all websites?
You can use your NetSafe Card at all the websites, which accept Visa / Mastercard cards as payment options.
Note:
Avoid using your NetSafe card when:
1. You will be required to present your actual plastic HDFC Bank Card to receive your purchase, e.g. for purchase of some airline and movie tickets – check each merchant’s policy carefully before you purchase!
2. Card is to be used for recurring or installment payments.
HDFC asking to avoid installment payments cleary.
If possible then how ? say for a 3 month installment. thanks in advance…………….. @karmendra
sbi virtual credit card doesn’t accept international payments.
how can i use that now my using entropay but some of not accepted
I am not aware of that !
what about icici,does it work?
I have myself created a virtual credit card, but never used it . SO from creation point of view, it works !
Does HDFC netsafe cards work with non indian websites as on 2014?
Hi Arun, cant give answer to that as I dont have HDFC netsafe on my end. I use ICICI bank
Happy news to all hdfc account holders
Now HDFC Netsafe card is ready.
Thanks for sharing that !
r u sure hdfc netsafe card is ready to use…. m not getting any options to create vcc in hdfc
Not sure of this moment ! . Kindly get info from HDFC customer care
SBI does not allow certain portals where we cannot use their VCC. HDFC afaik still has not resumed VCC. Icici requires credit cards. Axis has the e-wallet & e-shop card issue. Any bank which does not have these limitations?
I dont think there will be anybank which does not have some restriction .
Hello Manish,
I used to create virtual credit cards using HDFC Netsafe but now they have limited daily card creation to 5 only, which service do you suggest me to choose now as i need to create about 10 cards a day atleast.
Siddhant
YOu need 10 cards in a day ?
Some people sell VCC, How to they do it ? Is it like they generate VCC from their account and sell it off to unknown persons.
Is it risky ?
They sell VCC ? It seems too risky to me when i hear this ? How much they charge ?
it just sucks with axis bank everything is meant to rack your brains out..
E-Wallet card & E-shop card
E-wallet beats the purpose you can make this card with debit/credit cards , but it comes with a vbv code & so you can’t use these cards on international sites like amazon / iTunes / or Google play store & etc etc
the E-Shop card can only be made with a credit card & i guess this doesn’t come with an VBV, haven’t used it so can’t be sure …
Entropay is a way better alternative i guess
Thanks for sharing your experience with all of us
How do i top up in entropay. my canara card doesnt work. w
I have recently applied (and regreted big time) with ICICI Credit Card.
On their website I do not see any info on VCC – except FAQ. Search on google also.
Strange – once upon a time this bank was the best in India in terms of transparency, product information and sharing terms that will bite a customer’s pocket. Today they hide with marketing techniques… just show u positive side. This is with ALL BANKS. I love ICICI, HDFC, Kotak, and all others etc. but then why do they engage in such dirty tricks just to make their share values go up or increase market noise??
I created one for myself sometime back . I am not sure if you are properly trying to find out in your netbanking !
I just called up ICICI Bank but they said they just stopped issuing VCC’s.
Is it true?
Somehow, I am shocked because I don’t believe the rep who said that.
Can you verify?
Thanks.
Ronak.
There is nothing like issuing it . You have to create it from your netbanking account. Are you able to see the option or not ?
There is no option to create VCC card in ICICI website. Also we can’t purchace anything using Axis Bank e wallet card fro abroad. I tried many times with my Axis account. But all times this message displays – “Transaction has been declined”
Error Code : Declined
A charge to your credit card was not approved. There are a number of reasons why this may happen.
Can you please tell me how to create one?
I want to create 1 right now. It’s urgent.
Thanks.
Ronak.
When you go to your netbanking, on top side there will be “credit card” section , when you click on that, you will see “virtual credit card” option on left hand side.
Note that you need to have a credit card already with bank for this facility .
Tried same, its been pending for 5 days, called up icici and they said, they stopped issuing it.
Not sure then .. may be its really stopped . I can see the option online on my internet banking account. May be it will not work !
Yes, option is stil there. But they are giving me stupid answers on phone , that use 3d secure instead of VCC. Damn , VCC has lot more to offer than 3d secure.
Hmm .. Not sure how to get more answers for you on this matter.
HDFC does not offer netsafe vcc anymore! I have been following up with them for months and they keep saying they are uprading their system – which almost sounds like a lie now.
Please tell me THE BEST VCC that can be used to buy india or abroad – FROM WHICH BANK?
Is ICICI the best option?
I am not sure then . I have not used ICICI vcc
You can use Axis Bank e wallet card
Want to open a b2 Account with ICICI, with aim to use b2 VCC for e-commerce EMI payments.. like buying a laptop from flipkart on EMI using b2 VCC. I dont have any other credit card. So, is this possible, that I allot a certain amount to VCC as credit limit and then carry out EMI purchases?
Yes its possible
It’s not possible according to the customer care for b2 saving account.
Thanks for the post, I have generated Virtual Visa credit card in SBI Net banking But that card is only working in Indian website, I am not able to purchase web hosting from Global websites where VISA card is accepted, and I generated HDFC NET SAFE from my friends account and that HDFC card is Working Internationally but why not the SBI one?
please do let me know with its reasons..
It may happen that SBI virtual card does not allow international shopping !
hi bro iam also try to create vcc in hdfc to day but they are upgrading the service,hope tomarrow we can,,,,,,,,
So what can I personally do for you ?
Hi Manish,
I have Karur vysya bank’s International debit card (Visa electron).Can i create a VCC with this card,if yes please give me the link.Thanks in advance 🙂
I am not sure on that, check with the bank only
Incase you have purchased something using the VCC, but have to returnee item. In the regular scenario the money is transferred back to your CC or DC. How would it work with a VCC as the card would have expired by then.
Furthermore, the article is very informative, however it doesn’t list any of the drawbacks of using a VCC. Would you know what they may be?
Thanks,
Anika
Anika
Thanks for sharing that . I am not quite sure what are the drawbacks . Cant think of any , only some limitations are there like you cant carry it anywhere !
Thanks for sharing this information. Very few people know about the existence of Virtual Credit Cards. Even I came to know after reading this article. Thanks again!!
Good to know that Chetan !
Virtual Cards are very handy when we want to make an online transaction and don’t have the physical card with us.
ICICI B2B website offers eWallet as well. It is similar to VCC. Only difference is that we need to load/fill the card with required amount from linked Savings account. It is like a prepaid card.
Thansk for sharing that Ramya !