Virtual Debit Cards: what are they and how do I get one?
A virtual debit card is like an invisible debit card because there is actually no plastic debit card issued to the client after purchase. When you apply for one of these cards, you will not get a debit card in the mail. However, you will get an email that details all of the card information. When your application is processed, you will be sent a 16 digit debit card number via email. You will also receive a three digit verification code. The verification code is used by online vendors to verify that you are the owner of the card. You can use the card with your existing bank accounts or you can link it to another credit card.
You will be able to use your card for online purchase transactions only. This card works in the exact same way as any other debit and credit cards. You place your order online, you enter your card number and the verification code and your purchase is completed. These cards are designed for people with bad credit, people with no credit, college students, and people that are self-employed.
A virtual debit card does not require verification of income and there will be no credit checks performed. Since the card is literally invisible, you never have worry about it getting lost or stolen. You don’t have to worry about overspending because you can only spend the amount of money that you actually have in your account. So, you will never be charged a late payment fee or an over limit fee. And, since it is not a check, you don’t have to be concerned about non-sufficient funds fees either.
If you make a lot of online purchases, this is a great card for you. If you don’t shop a lot online, you may want to look into a conventional debit card that is linked to your bank accounts or a prepaid debit card. You can add funds to your card using your existing bank accounts, another credit card or a money order. There is a small load fee charged for each deposit. Stay away from individuals who try to sell you a virtual debit card. Only sign up for a debit card from a reputable financial institution.