Virtual debit cards are the next step in the evolution of payment cards. If you haven’t hopped aboard the digital banking train yet, you may have some questions. We’re here to answer these questions and more.
What is a virtual debit card?
A virtual debit card works similar to a physical card, except virtual debit cards live in a digital wallet or banking app instead of in your back pocket or purse. You can use them online, over the phone, or at retailers that accept contactless payments.
How do virtual debit cards work?
Virtual cards work a lot like the cards in your wallet. When you opt for online banking with virtual cards, your provider will generate a card number with an expiration date, PIN, and CVC.
From there, you can upload your virtual card to your digital wallet, whether that’s Apple Pay or Google Pay. Many banks with virtual debit cards also let you generate new card numbers in the event that your card is lost or stolen.
When you make purchases with your virtual card, the money comes out of your linked financial account, just like it does with a physical card.
How are virtual debit cards used?
You can usually use virtual debit cards anywhere that accepts online or contactless payments. When you shop online, simply start the checkout process as you normally would and type in your virtual card number.
The same process applies to over-the-phone purchases. Just read out your virtual card number when you’re ready to pay for the transaction. Most virtual cards also come with PINs and CVCs that you can provide to sellers that require these security features.
Virtual cards can also be used with retailers that accept Apple Pay, Google Pay, or Samsung Pay. If you have a compatible mobile device, you can use the manual entry option in these digital wallets to add your virtual card numbers. From there, you can pay with your virtual card almost anywhere that has contactless technology!
What are the benefits of a virtual debit card?
Banks with virtual debit cards often offer digital lock and unlock features for free added security. Their physical cards have this feature too. And because you can generate a new card number on-demand, you can act the moment you suspect your account has been compromised.
Virtual cards share other perks that physical cards have, too. For instance, when you add them to your wallet, they act like contactless debit cards, which negates the need to fish out your wallet or touch payment terminals. Plus, for many of us, it’s easier to lose a piece of plastic than our phones, so you don’t have to worry about losing your debit card!
How is a virtual debit card different from a traditional debit card?
Virtual cards differ from traditional debit cards in several ways, including:
Card numbers. Unlike a digital card, which is a copy of your physical card, your virtual card is an independent card linked to your financial account.
Quick availability. Most banks with virtual debit cards offer near real-time activation when you open your account. Plus, you can generate new cards on demand.
Safety features. Virtual cards are more difficult to track and hack. And if a thief steals your phone, your passcode or your Face ID feature can add another layer of protection.
Impossible to clone. Unlike physical cards, hackers and thieves can’t clone your virtual debit card.
Get a virtual debit card in minutes!
If you’re on the hunt for a virtual debit card, look no further! Every RoarMoneySM account comes with the option to get two debit cards. In addition to the MoneyLion Debit Mastercard®, you’ll also get quick access to a virtual card that you can use right away after you add funds to the account.
With multi-factor authentication, contactless payments, and unauthorized purchase protection, you can rest assured knowing that MoneyLion is doing its part to keep your money safe. Online banking with virtual cards is simple!
How easy is it to get a virtual debit card?
With MoneyLion, your RoarMoney virtual card is ready to go as soon as you open your account. It’s seriously that easy. Better yet, you can replace your virtual card anytime, anywhere, with just a few taps – no questions asked.
How can I view my virtual debit card info online?
Viewing your RoarMoney virtual card info online is easy. Simply follow these steps:
Open your MoneyLion app or online portal
Tap the ‘Finances’ tab
Select your ‘RoarMoney account’ and virtual card from the displayed cards
Tap your card to view your card information.
Note: you must have your PIN set up to see your full card information. If your card only displays the last four digits, click on the ‘Activate Card Now’ option or call our automated activation line at 1-801-736-2453.
Looking for an online account with a fast virtual debit card?
Virtual cards are helping lead the charge into the future thanks to their convenience, ease of use, and built-in safety features. If you’re ready to enjoy the next generation of financial technology, it’s time to create a RoarMoney account and get your virtual debit card today!
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Disclosures
Investment advisory services provided by ML Wealth LLC. Investment Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclosures relating to the MoneyLion Investment Account, see Investment FAQs, Form ADV Brochure, and moneylion.com/investing. Accounts are subject to a monthly account fee of $1, $3 (accounts valued over $5,000), or $5 (accounts valued over $25,000).
MoneyLion is a financial technology company, not a bank. RoarMoney℠ demand deposit account provided by, and MoneyLion Debit Mastercard® issued by, Pathward®, National Association, Member FDIC. RoarMoney is a service mark of MoneyLion. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International. Funds are FDIC insured, subject to applicable limitations and restrictions, when we receive the funds deposited to your account.
This material is for informational purposes only and should not be construed as financial, legal, or tax advice. You should consult your own financial, legal, and tax advisors before engaging in any transaction. Information, including hypothetical projections of finances, may not take into account taxes, commissions, or other factors which may significantly affect potential outcomes. This material should not be considered an offer or recommendation to buy or sell a security. While information and sources are believed to be accurate, MoneyLion does not guarantee the accuracy or completeness of any information or source provided herein and is under no obligation to update this information. For more information about MoneyLion, please visit https://www.moneylion.com/terms-and-conditions/.