Posts Tagged ‘Credit Card

30
Apr
10

Credit Card VANs

This was the question I was asked on Aadvark. This was the explanation I found on Citi Banks website.

By using Virtual Account Numbers, you get peace of mind knowing that your actual credit card number is never revealed to merchants, so it can’t be stolen from their files. Plus, each number can only be used with a single merchant, so it will be void if someone tries to use it elsewhere.

How does it work?

With this service, you never have to give out your real credit card number when shopping online. Instead, a substitute credit card number is generated to take the place of your real account number. Every purchase you make with Virtual Account Numbers will appear on your card statement, just like any other transaction. It’s the safe way to shop online.

How to use?

Step 1

First, you’ll need to log into your credit card account online. Most credit card companies put their virtual account number option in their “Tools” or “Services” menu.

Step 2

Click on the “Tools” menu and click on the link to “Generate a Virtual Account Number.”

Step 3

Most companies offer two options. Users may download a program that runs from their computers and is stored for later use or they may use the browser option, which runs directly from the credit card website.

Step 4

Choose whichever option suits your needs, then run the program following the instructions on the website. You may need to disable pop-up blockers to see the account number.

Step 5

The next window will display a virtual account number, an expiration date and the CVV (Card Verification Value) for use online. Write this information down.

Step 6

Now go shopping! When you are ready to checkout, enter the virtual card number at checkout instead of your actual account number. Be sure to use the expiration date and CVV assigned to the virtual number.

Step 7
If you are finished with the account number, you can log back into your credit card account and delete it. If not, check the expiration date provided and keep shopping!

Source: eHow




So what’s this blog about?

Another attempt? Well yes. Attempting to figure out another sustainable model (there are some other attempts going on parallel-ly). Well, we have a lot of questions in mind. we read up stuff, we do some research to find answers to these questions. This is an attempt to publish that little 15-20 minute research.
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