These days, most of our financial transactions dont involve actual bills and coins.
Money exchanged in seconds.
A virtual credit card is another tool in modern-day commerce.
But why swap out your real credit card for a virtual one?
Two main reasons: It can help safeguard your financial information and even save you money.
Security Benefits of a Virtual Credit Card
A virtual credit card is often used for security reasons.
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Money-Saving Benefits of a Virtual Credit Card
Virtual credit cards also help give consumers greater financial control.
These card numbers typically have a short shelf-life sometimes generated for a single use only.
Some virtual credit card issuers allow consumers to snag the cards expiration date or spending limit.
In other instances, consumers can restrict the card to a particular merchant.
Physical cards arent issued.
Two banking institutions that provide virtual credit cards are Capital One and Citi.
Select Citi cards have avirtual account number featurethat creates randomly generated account numbers.
Aside from these options, there are independent financial companies that issue virtual credit cards, such asPrivacyandDivvy.
Companies like Divvy and Privacy, however, provide virtual credit cards for free.
Nicole Dow is a senior writer at The Penny Hoarder.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
