![]() The return may be rejected according to store policy if the card is unavailable. Most brick-and-mortar stores require consumers to insert or swipe the card used in the original transaction to process a refund. Are There Any Downsides to Virtual Credit Cards?įor one thing, returning items purchased with a virtual card could be challenging. Sounds great… so where’s the downside? Alas, like all good things, virtual credit cards do have their share of drawbacks to consider. This means you can generate temporary virtual card numbers directly through the bank without harming your credit or revealing information to a separate agency. Opening a virtual credit card has no bearing on one’s FICO score, as it is not technically a new line of credit. ![]() Virtual card numbers provide greater privacy for consumers and merchants, and also protect sensitive information from unauthorized data tracking.Īside from the more obvious benefits listed above, virtual card numbers feature additional perks as well: These include spending controls, enhanced fraud protections, and of course, anonymity. If you're wary of sharing your card details at checkout, then virtual credit cards provide several benefits. Your true account details are removed from the process entirely. Virtual card numbers, in contrast, are randomized to conceal or protect that information during checkout. Payment apps use tokenized data, but still retain your actual account details to verify and process transactions. However, the usage is entirely different. Mobile wallet applications rely on similar technology to process payments. However, since more online stores have begun integrating mobile wallet options at checkout, this difference is slightly less obvious. So, how are virtual credit cards different from mobile wallet apps like Apple Pay and Google Pay? The most significant difference is that the latter is still geared for brick-and-mortar transactions, and the former is predominantly used for online purchases.
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