Review: Virtual Credit Card Numbers

[TromboneAl]

I've been using the virtual credit card number feature for my card, and I thought I'd post a review.  For a description of how these work, see this page.

I use a different "virtual" credit card number for each of the merchants that I pay on a recurring basis (e.g. phone, cable, etc.).  Thus if the number escapes from their records, it can't be used (the number will work for one merchant only).

I also use it when buying something online.  One advantage here is that there's no chance that the merchant will charge too much or bill twice by mistake.

I can generate numbers from my credit card company's web site, or download software to do this.  The software (automatically fills in fields, etc.) is poorly designed and slow.  For example, they use a tiny window to display the list of numbers you've used, and you have to scroll a lot).  Also, if you generate a number, but then wait for a few minutes (e.g. on hold) to use it, the window just disappears!  However, it does the job in general.

Another disadvantage is that the max expiration time you get for your virtual numbers is 12 months.  So every year I'll have to extend the expiration (not sure if that will work) or generate a new number.

If my card is stolen I'm hoping that the numbers I've generated will automatically redirect to the new card that I get.

Of course, you are always protected against fraudulent charges, even if you don't use this feature.  But I've decided that it can protect me from some of the hassles I'd have to endure if my card number were stolen.

Bottom line: Worth using.

 

[Leonidas]

Thanks Al.

I saw someone here mention the virtual numbers a few weeks ago and confirmed their existence at my CC's website. Have not had the occasion to need to use one yet, but now I feel more confident about giving it a try when the need arises.

 

[justin]

We use them a few times a month for online purchases. There's a lot more peace of mind when shopping from unknown online e-tailers.

 

[free4now]

Just out of curiosity does the card that has these virtual numbers give about 1% cash back as well?

 

[justin]

Just out of curiosity does the card that has these virtual numbers give about 1% cash back as well?

Mine does - 1% everything, 5% gas, groceries, drugstores. Of course I don't buy many groceries or gas online. I did buy some hot sauce off the internet last night though. 8)

 

[IBWino]

I've been using virtual CC numbers for the past few years and they've worked great. Unfortunately, they are one-purchase only with a one month expiration date, so it's necessary to update my vendor account information each time I make a purchase. But I consider this a fair trade-off for the additional security.

 

[TromboneAl]

Just out of curiosity does the card that has these virtual numbers give about 1% cash back as well?

Yes.

You can also set a number to be for periodic charges (e.g. for electricity).

 

[wabmester]

... download software to do this

As I mentioned in another thread, I use Discovercard's web-based generator.   I haven't tried the downloadable app thing.   Is it password protected when you use it on your computer, and does it encrypt data going over the net? 

 

[TromboneAl]

Is it password protected when you use it on your computer, and does it encrypt data going over the net?

Yes and I assume so. As you can imagine they are hyper-sensitive to security. That's probably what makes it so slow.