VIRTUAL CREDIT CARDS

What’s a Credit Card

A Credit card is a payment card issued to users. It’s also a physical card and can be used to make transactions. Credit Cards are a type of short-term loan. When you open a credit card account, your credit card company gives you a credit limit. Credit Cards impose a condition that cardholders pay back every borrowed money.

How a Credit Card Works

A credit card works a little differently from the debit card. Here, purchases are charged to the account and paid off later. Account balances are reported to the company. This company collects information relating to the credit ratings of individuals and makes it available to banks and finance companies. Interest charges are applied to credit cards.

A Credit Card works by giving you credit which means your available credit fills up again as you pay your debt. For example: if you had a credit card with #50,000, you could spend all #50,000, pay it off then have #50,000 in available credit once again.

Virtual Credit Card

A virtual credit card is simply the electronic version of your card that is authorized only for online use. That is, all essential details like the card number (a 16-digit number associated with your actual credit account), the CVV (card verification value), and expiry date are available to you online, through your mobile app, or the website. You can use these details to carry out any online transaction.

Using virtual payment methods helps you save time and money. Virtual credit cards also offer tighter controls that minimize errors and reconciliation issues. Expense management can be optimized on a virtual credit card since limits can be set on cards.

Why a Virtual Credit Card is good for you

Virtual cards have quite a number of features that create a quick, convenient, and more controlled spending experience for users. They are completely safe and far easy for finance.

Before now, virtual credit cards were only used by large enterprises but with fintech firms onboard, these virtual cards are now in everyday business; practically part of our lives. Since virtual credit cards are digital, the cost of maintaining the card and all other expenses on a plastic card is eliminated.

A virtual credit card is acceptable for transactions, and for you to operate it, you have to fill in some of your details. With Kwikee, you do not have to worry as these details are safe and secure. With the use of Virtual Credit Cards, the risks are lower, and the costs, reduced.

In a few months, you’ll be able to place an order for a Kwikee Credit Card, to be used for your personal needs.