Apply for Virtual Credit Card - Know Features & Benefits (2024)

FAQs

Can I get a virtual credit card instantly? ›

Post successful validation of your KYC and other documents your Virtual credit card will be ready instantly. Log into Internet Banking using the temp ID and password sent on your registered mobile number and get your virtual card details. Use your credit card details for safe and secure online transactions.

Virtual credit cards are digital credit cards that function like physical credit cards—but without the plastic. Rather than providing the same card number to multiple vendors, companies can limit their exposure to potential fraud by generating different 16-digit card numbers and expiration dates for each transaction.

You cannot get a virtual credit card number for your OpenSky card through Capital Bank because it does not offer this service. You can, however, get a virtual card number for your OpenSky card through Click to Pay instead.

The advantages of credit card spending may include earning rewards, traveling, handling emergencies or unplanned expenses, and building credit.

The OpenSky® Plus Secured Visa® Credit Card is the easiest credit card to get because you can qualify even with bad credit as there's no credit check for new applicants.

American Express instant access cards. Nearly all American Express cards offer the ability to receive an instant card number once your identity is validated.

Virtual debit or credit cards can only be used for online transactions. Usually, you can not use them at the ATMs or make cash withdrawals. However, if you want to use your card offline and at ATMs, you can apply for a physical card.

A credit card that doesn't require a security deposit is also known as an unsecured credit card. Credit card issuers typically use a borrower's creditworthiness to determine whether they qualify for the card. So it's generally easier to get approved for an unsecured credit card with good credit scores.

Limited use: The main disadvantage of having a virtual debit card is that it can only be used for online transactions. So, if you want to use it for making purchases in-store or withdrawing cash from an ATM, you are out of luck!

Can you be denied an OpenSky credit card? While the OpenSky Secured Visa Credit Card doesn't check your credit when you apply, other factors can result in your denial, such as insufficient income or an error on your application.

Can you use an Open Sky credit card right away? ›

No, you cannot use your OpenSky® Plus Secured Visa® Credit Card instantly after approval. You'll have to receive and activate your card before you can start making any purchases. It should take 12-14 business days to get the OpenSky® Plus Secured Visa® Credit Card after your approval.

Not every issuer offers instant-use credit cards, but some that do include American Express, Capital One and Chase. Depending on the card, these issuers generally give you your card numbers online or via a digital wallet so you can shop in-person or online right after being approved.

Credit cards often come with several hidden costs that can add up quickly and cause you to go into debt even faster. These include late fees, annual fees, cash advance fees, or balance transfer fees (if applicable). There are also penalty fees for exceeding your credit limit (over-limit fees) and more.

There are some differences around how the various data elements on a credit report factor into the score calculations. Although credit scoring models vary, generally, credit scores from 660 to 724 are considered good; 725 to 759 are considered very good; and 760 and up are considered excellent.

Charge everything (and pay it back quickly)

So the more you charge, the greater your rewards. This doesn't mean spending more money than you have; it means using a rewards credit card for spending that you're already doing anyway. Paying off your purchases immediately allows you to avoid interest charges.

Not every issuer offers instant-use credit cards, but some that do include American Express, Capital One and Chase. Depending on the card, these issuers generally give you your card numbers online or via a digital wallet so you can shop in-person or online right after being approved.

Revolut offers virtual debit cards on all of its personal plans, including its Standard plan which has no monthly fee. Account holders can access a virtual debit card free and instantly within the Revolut app.

And if you're a new Capital One credit cardholder and have yet to receive your physical credit card in the mail, you may be able to access your virtual card through the Capital One Mobile app to start making purchases and earning cash back rewards or miles immediately.

Get Paid Faster: virtual cards arrive the same day or next business day. Secure: with virtual cards, payments are single-use and only the amount issued can be processed. Easy reconciliation: rich remittance info such as invoice numbers and customer details make reconciliation easy.