One Time Use Credit Cards: The Wave of the Future
Safely shop online with one time use credit cards
Of all of the credit card innovations devised over the past few years, I honestly think one time use credit cards are one of the best. Why? Think about how many times you enter your credit card information onto the Web (or give it over the phone). How easy would it be for someone to steal and use that number? With one time use credit cards, that danger evaporates. But how do you get them and are they all created equal? Here are some things you need to know.
Where To Get Them
Many credit card companies are now offering one time use credit cards. You download the software from your credit card company's website and use it to generate a one-time use card number whenever you need to make an online purchase. Call your credit card company or visit their website to see if they offer this service. If they don't, you might want to consider applying for a card that does.
The Differences Between Cards
Now for the fun part. Not all one time use credit cards are created equal. Some of them are good for a single purchase and have no cap on the purchase amount. Others are good for one day shopping.
Some cards good for a single purchase allow you to specify the limit you want the card to approve. For example, if you're making a $15 purchase online, you can generate the number and program it to only allow a single $15 transaction. That gives you quite a bit of control over what can be charged to the card and your real credit card number isn't out there roaming the Web.
Since terms vary from credit card company to the next, it's important to read them very carefully before actually using the service.
A Word of Caution
Impressed? One time use credit cards make online purchases secure and never compromise your actual credit card number. You'd think they'd be perfect for all online transactions. Unfortunately, they're not. You know those deals where you pay online and pick up in the store? Or those online movie tickets you buy? You can't make those purchases using one time use credit cards.
When you conduct a transaction that requires you to pick your merchandise up at a brick-and-mortar location, you have to show the physical card at the time of pick up. Since the one-time-use number won't jive with your physical card's number, you won't be able to complete the transaction. At times like this, you'll need to use your actual credit card number. For all other online transactions however, one time use credit cards are definitely a go.
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