Physical Card vs Virtual Card (2024)

FAQs

Physical Card vs Virtual Card? ›

A virtual card is a credit card number, CVV code, and expiry date issued by a bank or credit card issuer. It's provided digitally to be used for shopping online. While you can use a physical card for in-person retail shopping and cash withdrawals, virtual cards are more temporary and digital.

What's the difference between a virtual and a physical debit card? Virtual debit cards are like regular debit cards, but digital and issued by banks. They're more secure than traditional debit cards and offer more privacy. They allow for quick and easy payments anytime, anywhere, without carrying a physical card.

A major disadvantage of a virtual debit card is that it cannot be used to withdraw cash at an ATM. Moreover, you cannot use it to make in-store purchases where swiping or tapping the card is necessary.

Unlike physical credit cards, virtual cards can't be stolen or lost. If you carry a physical credit card and it's stolen, you can be vulnerable to fraud. Virtual cards live in your digital wallet, keeping you safe from fraudsters.

Virtual credit cards offer an extra level of security against criminals attempting to steal information via insecure connections or data breaches. If the account holder needs to cancel their card for any reason, a virtual credit card can make the process much easier.

Yes, you may apply for both physical and virtual cards and they are managed separately. Card numbers on both Virtual and Physical cards are different, and the spending limit will be shared.

Where can I use a virtual card? A virtual debit card can be used just like you would use a physical bank card. In addition to online purchases, you can use a virtual card for contactless payments in stores by adding it to Apple Pay or Google Pay. Some even allow you to withdraw money from ATMs.

Control. For added control over your online shopping experience, you can lock or unlock your virtual cards at any time without affecting your ability to make other purchases with your actual card number. Some virtual cards may even allow you to set a custom expiration date or spending limits.

Yes, the virtual card allows you to withdraw cash from ATMs that support contactless use. You will need a digital wallet (e.g. Apple Pay, Google Pay) and second, a virtual card PIN code, which you will find on the LHV mobile app or internet bank.

A virtual credit card works with your card account, and account numbers are randomly generated so that your actual card information is kept private when you engage in online or phone transactions. Virtual cards can help protect against fraud and prevent tracking by advertisers.

Is tapping safer than swiping? ›

Benefits of Contactless Credit Cards

In comparison, tapping to pay using a contactless chip can take only seconds. Contactless payments are much faster than inserting a credit card and safer than paying with cash or by means of magnetic stripe swipe.

Generally, credit cards are a safer option than debit cards because they provide better protection against fraud. If your debit card or card information falls into the wrong hands, a criminal has direct access to all of the money in your checking account.

Once you've created a virtual Debit Card, you may wonder why you were not asked to set a PIN for it. This is because virtual Debit Cards do not have PINs by default. If you're trying to use your virtual card and you're asked to provide a PIN, please either: Bypass this by selecting 'Enter' to continue.

Additionally, virtual credit cards aren't directly connected to your physical card or your account details, cutting back on the risk of fraud. Still, information from a virtual credit card might be as prone to hacking as information from a physical credit card.

Owning more than two or three credit cards can become unmanageable for many people. However, your credit needs and financial situation are unique, so there's no hard and fast rule about how many credit cards are too many. The important thing is to make sure that you use your credit cards responsibly.

Virtual card numbers are coded for a specific supplier and a set amount. They can't be processed without the correct supplier credentials and they can't be charged for an unauthorized amount.

Visa Debit cards: Visa debit cards are regarded as the most globally accepted debit cards for all kinds of online and electronic transactions. Such types of debit cards are issued by banks that have tied up with the international Visa Payment System network.

Currently Virtual Debit card is being issued free of cost. No annual maintenance charges will be levied on the Virtual Debit Card.

Even if the virtual card number gets stolen, your money is much safer because it wasn't your actual credit card number. Virtual cards hide your personal payment details when you check out and help protect you against fraud.