To understand what is a virtual credit card correctly – these cards do not have a physical form. Financial institutions provide virtual credit cards to help customers safeguard their online transactions. These credit cards cannot be used offline or PoS transactions. 

Some of the features of these credit cards include –

  • Virtual credit cards have a card number, validity date, and CVV similar to traditional ones. 
  • Virtual credit cards are valid for a limited period, which can range between 24 and 48 hours. 
  • These cards are only issued to primary cardholders and not to a joint holder.
  • Users can easily input the card details online and put the necessary security code or OTP to make transactions.
  • Those with a virtual credit card can secure their online transactions as they can restrict the usage amount and daily limit. Hence, even if there is a situation of cybercrime or online threat, they can still save their accounts from accessing huge losses. 

Knowing the different types of credit card fraud and how to avoid them will help individuals extensively, along with accessing and setting limits for virtual credit cards. 

A virtual card is one of the types of credit card that solely focuses on online transactions and safeguarding users against online threats and frauds associated with it. 

How to avail a free virtual credit card? 

Financial companies that provide physical credit cards also educate consumers regarding what is virtual credit card and provide them with one. Consumers adhering to the following guidelines will be able to avail such cards easily. 

1. Qualify for the eligibility terms 

Candidates need to see if they qualify the eligibility conditions as prescribed by the financial company to be able to apply for a credit card online in a few easy steps. Below mentioned are a few common conditions that every financial institution seeks in the credit applications –

  • An Indian resident within the age group of 25 to 65 years. 
  • A decent credit score of 750 and above. 
  • Shouldn’t be a credit defaulter with poor repayment history. 

2. Produce the required documents 

Not being able to produce documents in support of the credit card application can be a reason why a credit card application is declined. Therefore, candidates should make sure that they have these documents ready. 

  • Proof of identity (Aadhaar card, Voter ID, PAN card, etc.).
  • Proof of address (Aadhaar card, Voter ID, utility bills like electricity bill, telephone bill, ration card, passport, etc.).
  • Proof of income (Income tax return receipt, latest salary slip, bank account statement)
  • Age proof, etc. 

Users can easily avail cards like Bajaj Finserv RBL Bank SuperCard by providing these documents in support of their application. This credit card offers features like ATM cash withdrawal without any interests for up to 50 days and zero-interest emergency personal loan for up to 90 days.

3. Fill up the application form 

Candidates well-informed about what is virtual credit card can further go to the official website of the preferred financial institution and fill up the application form online to apply. 

By adhering to the steps mentioned above, applicants can easily opt for virtual credit cards free of cost. Qualifying the eligibility terms is the first step, and following the procedure as specified by the financial company can help one avail such credit cards conveniently.