Virtual Credit Cards: The Ultimate Guide

Credit cards are an extremely popular way to transact. Many credit cards offer users rewards and incentives for signing up with them. In the past, credit cards were only accessible as plastic cards with one number for all transactions. However, as most things have migrated to a digital platform, credit cards are now accessible virtually and can add a layer of anonymity and security to online transactions.

What are virtual credit cards?

So, what exactly are virtual credit cards? Virtual credit cards are credit card details that are given to users digitally. Cards may be for one-time use or repeat use. Businesses can use virtual card numbers to enable employees to each use a unique card or a different card to track purchases by client or vendor.

In most cases, virtual credit card numbers can be generated directly from your credit card account website or mobile app.

It is important to note that virtual credit cards are not an alternative to a traditional credit card account. Instead, they are connected to a typical credit card account as an optional (and free) add-on for increased business user convenience and shopper security. Small business owners and managers can create as many dash.fi virtual card numbers as they want for free and without affecting their credit score or account standing.

We’ll take you through how to get a virtual credit card, how to use it, and the pros and cons of this new payment method.

How to get a virtual credit card

Here are the steps to getting your virtual credit card:

  • Sign up for a credit card. As mentioned above, virtual credit cards are always attached to an existing credit card account. We’ve compiled a list below of credit card providers offering virtual credit cards. To create a virtual credit card, you must sign up and be approved for an account with one of them first.

  • Log into your credit card account. The specific page names will vary based on the card issuer, but look for a headline such as “Virtual Card Numbers” and follow the links provided. Most apps and online accounts have a search feature, so you can always search “virtual card” and navigate from there.

  • (If needed) Download the virtual card issuer’s app to generate the virtual card information. Some credit card issuers may utilize a virtual card app different from their online banking app that you will have to download to generate the virtual credit card. However, some credit card companies will let you access the virtual credit card number through their existing banking app or website.

  • Save the 16-digit virtual credit card number. Keep in mind that for some companies, you’ll create unique virtual credit card details for different merchants. Meanwhile, for others, you’ll be able to receive a new number every time you request one, even if it’s for use with the same merchant.

  • Choose the duration you want the virtual credit card details to be valid. It’s up to you how long the virtual credit card details remain available. You can choose to dispose of the details after one use, or you could use them for a longer amount of time. Remember that if your credit card issuers provide separate virtual credit card details for different merchants, the expiration date may be chosen for you.

  • Don’t forget to have the expiration date and security code created along with the virtual credit card number. As with all credit card transactions, the virtual credit card must have its expiration date and security code inputted to make the purchase.

How to use a virtual credit card

Once you follow the above steps to create a virtual credit card, you can use it just like a regular credit card, but only for online purchases.

Once you have your virtual credit card details, punch them into the payment information fields at the merchant you’re looking to make a purchase, just like any other credit card.

Keep in mind that virtual cards are not physical, plastic or metal cards usable in stores. If you want those for employees, you’ll need to order them separately from virtual cards.

Pros and cons of virtual credit cards

Pros:

  • Generate credit card numbers for free in any combination your business needs.

  • Create segregated account numbers for different employees, clients, or other needs to simplify accounting and increase financial controls.

  • Virtual credit cards can help prevent fraudulent activity.

Cons:

  • Too many card numbers can be complicated to manage.

  • Short expiration dates can lead to frequently updated card information for subscriptions.

  • Not all credit card companies offer virtual credit card numbers.

Bottom Line

Virtual credit card numbers are a helpful business tool in many situations. If your business engages in online advertising, the dash.fi card could be the perfect solution. It includes up to 3% cash back on digital ad spend, unlimited virtual card numbers, and other valuable features. Go here to learn more about dash.fi virtual card numbers and how they can help your business thrive.


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