Virtual Credit Cards, Debit Cards, and Checking AccountsPosted on September 14th, 2010 William No comments
Ever since the advent of online shopping, many people have worried over whether it's safe to reveal their credit card information online. A virtual debt card or credit card is the solution; it works just like a regular card, but restricts charges to a certain amount or retailer. Many banks and credit card companies provide virtual card numbers at no charge. Paypal, for example, offers a virtual debit card that generates a unique number each time you make a purchase, with the money coming from your bank account, credit card, or paypal credit.
In some cases, you can also preserve your privacy by obtaining a virtual credit card that functions like a gift card or prepaid credit card, in that no personal information in included. There are even some merchants who will now accept virtual cards, allowing you to avoid taking out your real credit cards when shopping and risk having them stolen.
Similarly, a virtual checking account can also be useful for people who value their privacy. A virtual checking account works like a regular checking account, except you don't have a checkbook or a local bank to go to; you simply get an ATM card to withdraw money. In most cases, you can also use your card to make purchases where debit cards are accepted. Money can be deposited into your virtual checking account by any method that makes ACH payments, including services such as Paypal, Adsense, Clickbank, etc. As with an internet savings account, you may be able to get an interest checking account from an online bank that pays higher interest or has lower minimums than you'd get from a traditional bank.