Have you ever wished to make an online purchase but were without a credit or debit card? How do you buy from them if you don’t have a card when many firms, including Amazon, Facebook, and iTunes, demand you to have one before they will let you make purchases on their websites?
The answer is provided by virtual credit and debit cards. Similar to their physical equivalents, these only let you use the funds that are currently in your account.
What is a virtual debit Card
A virtual debit card is a credit card that can be used online or at stores that do not accept magnetic stripe cards. Cardholders are assigned an account number and expiration date, which replaces the need for a physical card.
What is a credit card
A credit card is a plastic card issued by a bank that allows an individual to purchase goods and services up to a certain limit. It is a line of credit which the borrower draws on whenever required.
Is a debit card and a credit card the same?
Virtual debit card and credit cards are not the same, even though they have both been referred to as virtual credit cards. The biggest difference between the two is that a virtual debit card is linked directly to a bank account while a credit card, or prepaid card, links directly to your financial institution account.
How to get a virtual debit card in Ghana
Getting a virtual debit card and credit card in Ghana is less difficult compared to the european and american countries. In Ghana, all you have to do is to visit the preferred bank you want to host your account with and let them know your interest.
From there, you will be asked some questions and if you qualify with all the necessary requirements, you get your card as desired.
How to get a credit card in Ghana
Just like the virtual debit card, acquiring a credit card in Ghana also follows similar process. All you have to do is to visit the preferred bank you want to host your account with and let them know your interest.
From there, you will be asked some questions and possibly asked to create a bank account and if you qualify with all the necessary requirements, get your card as desired.
Banks in Ghana that gives virtual debit card
- Guaranty Trust Bank gives virtual debit card.
- Ecobank Ghana also gives virtual credit cards.
Banks that provide virtual debit cards in Ghana are few. However, there are other methods online that one can register for a virtual debit card if they so desire.
Benefit of virtual debit card
- Virtual debit cards in Ghana work the same way as regular debit cards except that they do not require any money on hand.
- They are a convenient and safe way of paying for your purchases, withdrawing money from an ATM, sending remittances abroad, or paying for services and goods online.
- The main benefits of virtual debit cards in Ghana include lower fraud risk, anonymity in transactions, and there is no need to carry cash when travelling.
Benefit of credit cards in Ghana
- The benefits of credit cards in ghana are that they can be used to purchase items online, and they don’t require carrying around a lot of cash.
- It is also helpful for those who want convenience when shopping, paying bills or making small transactions.
Conclusion
There are many things you can do with virtual cards. These cards are helpful for those who want or need a credit card but have been denied one, such as college students. For example, many retailers will offer discounts if you pay with your phone instead of handing over cash.
These cards also come in handy for international travelers since it gives them access to the currency where they may be visiting and protects their money from being stolen or lost while they are away from home.
