One thing we know for sure: virtual reality has entered the world of credit card transactions. Kingdom Advisors President Rob West tells you how it might affect your purchases.
From our “believe it or not” files, the word is that Russia is catching flak for testing virtual reality headsets on cows. Experts say they’re really milking the technology. But one thing we know for sure: virtual reality has entered the world of credit card transactions. Kingdom Advisors President Rob West tells you how it might affect your purchases.
Virtual credit cards are not actual credit cards made of plastic, but are a free service offered by some of the major issuers like Capital One and Citi. They conceal your financial information and keep it safe while you buy things online. It’s a temporary, randomly-generated number different from the one on your real credit card. If hackers hijack your online transaction, the virtual number won’t do them any good. It’s an added layer of protection.
When you sign up for the service, you don’t have to use your real credit card number to purchase things online. It works in different ways, depending on the options provided by the card issuer.
Right now, the biggest downside is that not all cards have this service. But that’ll probably change as more and more issuers realize it protects their interests, too.
The first place to check to get a virtual credit card is with your credit card issuer. They may offer the virtual number service on the card you hold or you may have to ditch that card for another one. We do know that Capital One and Citi both have some form of the service.
At privacy.com, you can sign up for a virtual debit card for use over and over again with a particular vendor. You can create what are essentially “burner” debit cards that you use one time only.
So, you can definitely have more peace of mind by using a virtual credit card. While it might be a bit of hassle getting one set up, having your actual card number stolen would probably be a much greater inconvenience.
Here are some questions we answered from our callers on today’s program:
What about gold, silver, and/or gemstones for a financial hedge and/or for bartering when times get really tough?
How high is too high to pay for management fees?
Should I put my large sum of money into something better than Ameritrade?
Ask your questions at (800) 525-7000 or email them at questions@moneywise.org. Visit our website at moneywise.org
where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.
Like and Follow us on Facebook at MoneyWise Media for videos and the very latest discussion! Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.
