You pay with a credit card from a bank.When you use a credit card, someone lends you money to buy something. It is hard to pay the money back and get out of debt. Some people have problems with debt after using these ways to borrow. They almost always cost more than going to a bank, a credit union or a store. These other ways to borrow are expensive. Some use the title to their car to get a loan.
Why? Because interest often is higher on a store loan than on a bank loan. Some stores offer loans to buy their product. They usually offer loans to people with a good credit history. Where can I get a loan?īanks and credit unions offer loans. A secured credit card can help you build your credit history. You use your money, not a loan from a bank. Then you spend that money by using the secured credit card.Ī secured credit card works like a debit card. This means you deposit money with the bank. What if I can’t get a credit card?īanks and other companies offer secured credit cards. Sometimes a store credit card is a good way to build your credit history. Sometimes these cards are easier to get if you do not have a good credit history. You can use a store credit card only in that store. They usually offer credit cards to people with a good credit history. You might get a loan for:īanks and credit unions offer credit cards. Loans usually are for more expensive things. Many people use a credit card to buy everyday things. For example, a loan with a 2% interest rate costs less than a loan with an 18% interest rate. A higher interest rate means you pay more money. It is how much interest you pay during a whole year.Ī lower interest rate means you pay less money. Look for the “APR.” APR means annual percentage rate. You repay money to whoever gave you the credit card or loan.Ĭredit cards and loans have different interest rates. Interest is what you pay for using someone else’s money.
Since no physical plastic card is issued, it can be used for online transactions only. Besides, you don't have to wait for a physical card and ATM PIN to make their way to your residence.
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. The key details of your VCC like the card number, expiry date, etc. For all the transactions on your ICICI Bank Virtual Credit Cards, you will earn 1 point for every Rs. The virtual credit card enables you to transact online with a credit limit of your choice. the card number, the 'VALID FROM' date, the expiry date and the CVV number are visible online. How about the CVV number? Does it change every time I use the card for an online transaction?Ī virtual credit card (VCC) is an add-on Visa credit card issued on your primary credit card.Can a separate card be issued to add-on cardholders as well?.Is there any kind of fee levied at any time for issuing/holding a virtual credit card (VCC)?.Can I place request to block the virtual credit card online?.How do I make payments for my virtual credit card transactions?.What limit do I get for a virtual credit card? Can I alter the limit depending on my needs?.Is it safer than the credit card I carry in my wallet?