Some of you are probably wondering to yourself what virtual credit cards are. Don’t worry I’ll not judge any of you but to define it; a virtual credit card is a randomly generated credit card number that you can use online. The random number is linked to your actual credit card account.
You use the virtual credit card details when you purchase online. Depending on the issuer, you can set a maximum charge and an expiration date of up to 12 months from date of creation. So once you have this set up, you will be able to pay for items online with the peace of mind that your real credit card details are safe (since the online merchant doesn’t know your actual credit card number).
Benefits of a virtual credit card in Australia
Now, there are many benefits when it comes to owning a virtual credit card in Australia. An advantage of owning a virtual credit card in Australia would be that there are limits to how much you can spend. Do you have a shopping problem? Don’t worry, did you know that this is a very common problem for us Australians? The benefit of being able to spend only a fixed amount of Australian dollars is that it will not allow you to make those crazy impulse buys. Let’s face it; we have all been victims of those advertisements on television that showcase the best clothes in all of Australia. Now, to be honest, we will then end up purchasing it and then feel bad about ourselves for making a silly purchase. However, by limiting how much we can spend it means that we will not be allowed to spend money on those sleazy impulse purchases.
The final benefit of owning a virtual credit card would be that you can set a time limit on how long your virtual credit card will be valid for. This is great news as it means if you have an automatic monthly membership to some club that you do not remember you joined you will not have any money leave your account. What I mean by this is that if you forget to cancel a membership that automatically renews you will not be charged for it. This is because if your card expires by the time, the forgotten membership automatically renews it will not be able to take any amount of money from the account. This is because the card is invalid and it will have no way to take money from your account which means your membership will be cancelled and won’t cause you any problems.
How to get a virtual credit card in Australia
Now, after reading all of the points above, you might be desperately looking to apply for a virtual credit card. However, the problem is that you might not know how to apply for one of these cards. Well, the best way to acquire a virtual credit card in Australia would be to go to your local bank and ask about obtaining a virtual credit card. When you are applying for a credit card, you will be asked some very personal questions regarding your current financial status. This means that they will ask questions such as how much money you are making a year and if you have any debt. Once you have truthfully answered all of the questions in your credit card application, you must wait for your request to be approved to see if you qualify for a credit card in Australia. Once you are eligible for your credit card with your chosen bank, you will be able to put that credit card number on a website account to purchase any item online. An example of a site that you can buy off is any E-commerce site such as Amazon or E-bay.
Top Australian banks offering virtual credit cards
You have now read how to obtain a virtual credit card in Australia, but you are now probably wondering which bank to go to when it comes to getting your virtual credit card. Well, the first bank I will be talking about is the bank that is the closest to the Sydney International Airport. Now, I am not talking about the bank that is in the actual airport itself as terminals are known for their terrible rates, but I am talking about a bank that is only a few minutes away from the terminal.
The exact location of this bank is 687 – 689 Botany Rd, Beaconsfield NSW 2015, Australia. This is a very famous bank within Australia as it is a Commonwealth bank, this means that it is experienced with dealing with people from other countries in the world. Overall, the reason to why this bank is so popular is because it specialises with customers from overseas. They are one of the most experienced with virtual credit card services in Australia, whether you are a native Australian or you are a visitor to the country.
The next bank in Australia that I am going to talk about is probably one of the most well-known banks in Australia and that bank is the National Australian Bank. This bank has many branches across all of Australia, Asia and New Zealand. It is important to know by this bank having branches all around the world they have overall 1,590 services and branches offering financial support. By this bank being so popular it stands to reason that it is very trusted by others around the world so you can assure a good experience when it comes to achieving your virtual credit card. With 1,590 services and branches they have been bound to do this virtual credit card application many times, so they will know what they are doing.
The conclusion to this blog post is that owning a virtual credit card in Australia can be very beneficial for you. This is because when you own a virtual credit card, there is a lot of security that comes with it. Like I said before you can put limits on both the time and amount you can spend on the card itself. This can stop not only impulse buys but also thieves who get your virtual credit card information who try to make purchases. This is great as if you set your virtual credit card limit to only two hundred Australian dollars a thief could not spend say five hundred Australian dollars on a new television. Overall, this can ensure you that you will not have any money stolen if you put limits on the virtual credit card.