Using your credit card information online can be nerve-wracking. We’ve all heard stories of theft and fraud when a credit card becomes compromised online.
There is hope–you can protect your information with a virtual credit card. A virtual credit card conceals your information when you make online purchases (think hidden identity). Essentially, a virtual credit card is a set of digitally-generated numbers that are attached to your actual credit card, but can be used in place of your real credit card information online. Additionally, you can freeze or delete a card anytime, adding another layer of protection.
Your actual credit card is still charged when you use a virtual credit card online, but the merchant your info is given to will not have access to your regular card information.
Why use a virtual credit card?
Protecting your information in a tech-centric world is a must. If you are not careful, you could become the victim of identity theft or fraud. Even large companies with sophisticated website protection have fallen victim to hackers, which has resulted in sensitive data being stolen. A virtual credit card is an extra layer of protection that helps conceal your identity and your credit card information in the event of a data breach.
Virtual cards are great for managing your online subscriptions as well. By using a new virtual card anytime you are setting up a subscription, you can easily see and track all that spending in one place. Also, since a virtual credit card has a specific amount of money attached to it, online merchants can’t overcharge you.
How to get a virtual credit card
To have a virtual credit card, you have to have a real credit card to tie it to. Not all credit card companies currently allow virtual credit cards, so check with your provider before signing up for a card that you hope to be able to tie to a virtual account.
How to use virtual cards on Divvy
Divvy offers two kinds of virtual credit cards:
- Subscription card
- Burner card
Burner cards are temporary and are tied to current available funds and budgets. Subscriptions cards should be used any time you need to setup a card with a merchant who will charge you multiple times or on a recurring basis. In Divvy, budget owners can create subscription cards and assign a specific amount from their budget. All of your virtual cards are easily tracked in the Divvy platform from your computer or phone.
Using a virtual credit card protects your information and gives you a new and innovative way to manage your subscriptions. Virtual cards are a must to help you and your business spend smart.
Discover how a virtual credit card can improve the way your business spends by scheduling a demo.