What happens if you lose your phone?

Report your phone as lost or stolen as soon as you can by logging in to your account. From there, you'll be able to lock, track or even erase your phone details so that no one can access your private information – including any digital or virtual cards stored on it.

Are virtual credit cards safe?

Virtual cards are as secure as a traditional credit card – and sometimes could be even more secure because the virtual card numbers can be changed for each transaction. Every virtual card has different features, but some of the key security options include: Unique card numbers. Some virtual cards let you generate a specific card number for each transaction, or for very specific types of transactions. This makes it very hard for a fraudster to use the card for unauthorised transactions. Dynamic CVVs. Traditional credit cards come with a 3- or 4-digit CVV or CVC number that you need to make payments online or over the phone. While that number always stays the same on a physical card, virtual cards can offer CVVs that change regularly, or per transaction. Encrypted details. Both online and contactless payments made from a virtual card use encrypted data so that the account details are protected. Zero liability and fraud monitoring. Both traditional and virtual credit cards in Australia offer zero liability policies so you can get your money back from fraudulent transactions. Most also offer fraud-monitoring technology to flag any suspicious activity.

Can I use a virtual credit card in the same way as a physical card?

Most of the time, you can use a virtual credit card with any business that accepts traditional credit card payments. But there are a some situations when a virtual card may not be accepted, including: When a payment terminal or system isn't set up for contactless payments If a hotel booking requires a credit card and/or other ID when you check-in If you need to present the card as proof of purchase In these situations, a virtual card either won't work when you try to pay or won't show the details that are needed by the business (such as a hotel). So it's a good idea to keep your plastic card handy – or to check if your virtual card will be accepted before you leave with only your phone.

How many virtual credit cards are there in Australia?

Finder maintains a database of every credit card we can find and as of 31 January 2024 we've found 6 providers that offer virtual credit cards for personal spending. These are: Bankwest, Bendigo Bank, Wizit, Latitude Financial, MONEYME and Westpac. Between them, there are over 20 virtual credit cards on offer.

What are the disadvantages of a virtual credit card?

A major disadvantage is that it relies on technology working. If your mobile phone loses power, you won't be able to pay with a virtual credit card, for example. A virtual credit card also isn't suitable if you need to present your card for proof of purchase or as security for hotels or car hire. In comparison, a traditional credit card can be used even if a payment machine's contactless reader isn't working, and is often preferred for car hire, hotel bookings and proof of purchase. So, it's ideal to have more than one payment option available.