June 21, 2024
    With so many options to choose from, picking the best virtual debit card is easier said than done. Our experts explain the key factors to consider here.

    Expert Advice on How to Choose the Best Virtual Debit Card

    Have you heard of virtual debit cards? If you have, you likely want to learn more about their options before choosing one. 

    There are many benefits to going virtual. Virtual cards are more secure, and it’s almost impossible to steal them.

    There are quite a few options out there, but not all of them are created equal. Here’s what you need to consider if you want to find the best virtual debit card.

    What Is a Virtual Debit Card?

    Virtual debit cards work the same way that physical cards do. The key difference is that they only exist online in your digital wallet on your phone.

    You can use virtual cards as a contactless form of payment in physical stores or online.

    One of the big benefits of virtual debit cards is that it’s more secure. Nearly half of all adults in the United States have had at least one fraudulent charge on their credit or debit cards.

    Unlike traditional cards, virtual debit cards can’t be imitated or replicated. You can also block them at any time if you sense anything suspicious or if you believe anyone has accessed your card number. 

    So what do you need to consider when searching for the top virtual debit card company?

    Number of Cards You Need

    If you’re wondering how to choose a virtual debit card, consider your needs first.

    If you’re a small business, you might need more than one virtual debit card. The best companies offer multiple digital cards or even an unlimited number of virtual debit cards.

    We mentioned earlier that you could block or freeze a card if needed. When you have multiple cards, you can freeze one or even delete it. Unlike with a physical card, you don’t have to wait around for your new card to come in the mail either.

    Fees

    Some companies charge fees, either annually, per month, per card, or after a certain transaction amount. However, there are digital debit card companies that are completely free, with no hidden fees.

    You should look at a company closely to find out what fees, if any, they charge.

    Application Process

    The best virtual debit card company should have a simple application process. It should only take you a few minutes to apply.

    Virtual debit cards should be hassle-free, starting with the application process.

    Bank or Third-Party Cards

    So far, only a few banks in the United States offer virtual cards. For bank cards, you have the option of going to the bank directly to get the card.

    There are also third-party companies that offer virtual debit card services. You can send or receive payments to a receiving account. You can transfer money directly to your bank account, purchase items online or in stores, or withdraw money at an ATM.

    You have to decide if you want to go with a bank card or if you would rather go through a third party.

    Spending Limits

    If you’re using your virtual debit cards for business expenses, you might want to set a limit. Setting a spending limit lets you control costs and save money, which helps you protect your company’s bottom line.

    For example, Bento focuses on businesses, and you can learn more about their spending limit controls and much more at https://bentoforbusiness.com/features/virtual-debit-cards/.

    Find the Best Virtual Debit Card

    Make sure to weigh the above considerations when searching for the best virtual debit card. You have a lot of options, but some companies may appeal to you more depending on your needs and whether you want a free service.

    To learn about money, business, and much more, check out some of our other posts before you go.

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