A virtual credit card (VCC) or a prepaid card is like any other issued by your bank. It is usually but not always an add-on in nature and it does not have any plastic existence. All relevant details on the card number, the ‘VALID FROM’ date, the expiry date, and the CVV number are visible online. The virtual credit card enables you to transact online with a credit limit of your choice. They also have similar cashback or reward points, as a primary physical credit card.
The key details of a virtual credit card like the card number, expiry date, etc. are visible online. You can use these details to transact online and never be worried about losing your card or having to carry it ‘safely’ in your wallet.
Since no physical plastic card is issued, it can be used for online transactions only. If you are afraid of using your debut/credit card for online purchase, you can create your own virtual credit card for online purchase for the required amount. You can use that for online purchase and any balance left will automatically be credited back to your account.
Some of the ways prepaid cards works
- These offers you secured transactions, and the chances of theft or misplacement are considerably low.
- You are allotted with a transaction limit above which you cannot use your card. It ensures that you do not spend over your budget which might create unwanted financial burden.
- Applying for a VCC is completely free of cost.
- In case you have a remaining balance, the amount will be added to the credit limit of your primary credit card.
- Your credit card information stays completely secured, and you can access the required details by logging in to your online account or app by entering your credentials.
Where to get virtual credit card in Uganda
Payoneer
You can access your virtual credit card account via the app developed by your issuer, for example, online services like PayPal or Payoneer, and get the necessary details. These two companies also avail their virtual credit cards in physical form if you need it, but will also be able to get all your transactions on either the company website or mobile app. It should be noted that PayPal virtual credit card option won’t work in Uganda.
MTN MoMoCard
MTN has a partnership with Mastercard to avail virtual credit card services through its mobile money platform but validity is just 30 days. MTN MoMocard is linked to a customer’s Mobile money account. Henceforth all a customer has to do is dial 165*70# and follow the instructions.
ALSO READ: 8 things you must know about MTN MoMocard
Standcharted has digital cards their version of a virtual credit card. These cards are different from the physical StanChart issued cards. Aside from the aesthetics and card name, the card number and CVV are all different.
ALSO READ: How to Create a Standard Chartered Bank Digital Card
Visa powers the card, but this could be so since it powers my current card. Therefore, your account type will most likely determine what kind of card is issued to you with a validity of 2 years as of this writing.
Morpay
This a UK based virtual credit The use of virtual prepaid cards like Morpay is very simple. The process of use is as follows:
- To deposit or pay online with your AstroPay Card, once you reach the checkout page at the online store, simply choose AstroPay Card as your payment method.
- Enter the 16-digit card number, security code (CVV) and the expiration date (EXP DATE).
- You should see that your payment is confirmed instantly.
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