Best Instant Virtual Credit Card Providers in Australia
Looking for the best instant virtual credit card providers in Australia? It's of no doubt because Australia is a really great country to live in and many foreigners and expats have rated the country as the one of the best touristic countries one can live it with great topographies, cultures and probably the most interesting area in the Oceania. Australia has been a choice for many and that's why many individuals (expats) migrate to the country over time.
When migrating to the country, you will need some financial assets to ensure your financial support and backup in the country, what more can we talk of other than bank accounts and bank cards? As a resident of the country, it will be even easy for you to get a credit card in Australia as many traditional and online banks in the country offer them.
As for non-residents of Australia, or expats planning to fly to the country, you gonna definitely need financial assets more than ever. The best options for you in this case are virtual credit/debit cards and even a virtual bank account to dispense cash within the country.
Hopefully, the banking regulations in Australia aren't that tough as it is the case for most countries. Most Australian banks make it easy for non-residents and expats to open a bank account from abroad and when they arrive the country, they can easily visit a bank branch to complete their application. Banks will let you get a credit card in the country.
Though most banks in Australia offer credit cards, only a few offer virtual credit cards. However, there are many online financial institutions that let you apply for an instant virtual credit card to better handle your finances in the country.
Providers such as MoneyMe, Westpac, PayPal let you get an instant virtual credit card that you can use to better manage your finances in Australia.
If you want to know all the possible ways to get an instant virtual credit card in Australia then you are in the right place — as we have compiled the best instant virtual credit card providers in Australia, revealing all the possible ways to get this card in the country.
What is a Virtual Credit Card and How Does it Works?
Virtual credit cards also known as digital cards are those cards that do not have a physical form — meaning, they cannot be held at hand as compared to physical cards. They are mainly used for secure online purchases. It has the same card number, CVV, and validity dates as traditional credit or debit cards. All of these facts, however, are only available online.
Benefits of Using Virtual Credit Cards
Physical cards have become considerably more of a target for payment fraud as a result of the specified security hazards associated with standard bank account cards.
Virtual cards are considered far more secure and safe because they allow you to set a precise maximum spending restriction at any moment.
You equally have the choice to cancel your account at any moment with just a click of a button if you are concerned about data leaks.
Instead of sending the same set of bank numbers to third parties over and over, each transaction includes a one-time use bank number that you can use to complete the transaction.
2. E-Commerce Convenient
Unlike traditional banks, which have set working hours, virtual banks work around the clock, 24 hours a day, seven days a week, only to be ready to help you with your international business whenever you need it.
What's more, you don't even have to waste time going to a physical branch; instead, with just a few clicks on a phone, laptop, or iPad, you can simply complete transactions online to make your business as effective as possible.
A lot of virtual banks tend to have much fewer fees required for customers.
With every dollar spent, you can actually earn cash rebates for just paying your suppliers or buyers.
But virtual cards, on the other hand, cost you absolutely zero costs.
Since everything is run online, so the operating costs can be cut down by the virtual bank and in turn, they will charge less on the customers. So you can literally sit back, and earn money.
4. Easily Track Cash and Spending
When dealing with payments to vendors or suppliers, cash flow might become a little tangled when you're trying to make the payments before a deadline.
With virtual cards, on the other hand, you can keep track of the funds available using the information offered by the system.
As a result, you'll be able to improve internal transparency and efficiency in the payment process.
5. Full Control Over Your Card
Virtual card users have greater control and flexibility than those who use traditional cards.
Instead of having a bank-imposed preset spending restriction, customers can set their own spending limitations for their accounts and decide when to freeze or close them.
Furthermore, because these single-issued virtual cards can be given to a certain individual for a specific amount of money, you have more control over how much you spend.
How Safe and Secure are Virtual Credit Cards?
Virtual cards are just as safe as traditional credit cards, if not safer, because for all transactions you make with a virtual card, a one-time use card number or temporary card number will be generated for that purpose — making it difficult for thieves to capture the exact card number.
Although each virtual card has its own range of features, the following are some of the most important security features:
- Numbers on each card are unique: — You can generate a unique card number for each transaction or for very specific types of transactions with some virtual cards. This makes it extremely difficult for a fraudster to make unauthorized purchases using the card.
- CVVs that change throughout time: — Traditional credit cards come with a three- or four-digit CVV or CVC number, which you'll need to make online or phone payments. While the CVV on a physical card is always the same, virtual cards might have CVVs that change on a regular basis or every transaction.
- Details are encrypted: — Payments done using a virtual card, both online and contactless, employ encrypted data to protect account information.
- Zero-liability and anti-fraud measures are in place: — In Australia, both traditional and virtual credit cards have zero liability rules that allow you to get your money back in the event of a fraudulent transaction. Most of them also have fraud-detection software that alerts them to any unusual activity with their virtual cards.
Here is what you should do if you lose your phone:
Similar to reporting a lost or stolen traditional credit card, you should log into your account as quickly as possible to report your phone as lost or stolen. You'll be able to lock, trace, or even erase your phone's details from there, ensuring that no one has access to personal data — including any digital or virtual cards saved on it.
CHECK ALSO: Best Instant Credit/Debit Cards With Immediate Access and Approval in Australia for Bad Credit
How to Apply for a Virtual Credit Card in Australia
It is very easy to apply for a virtual credit card in Australia since the application process is same as that of a traditional credit card which is by filling out an online application form. You must also meet the card's eligibility requirements.
You might notice a few distinctions between the virtual credit card and other applications, especially if it's a "instant" virtual credit card. This is because the card issuer requires sufficient information to verify that the applicant is qualified for approval.
Let's take for instance, you'll need to upload bank statements as part of your application for the MoneyMe Freestyle Virtual Mastercard in Australia. You must also log in to your bank account while applying for the Westpac Flex Card.
Best Instant Virtual Credit Card Providers for Personal Use in Australia
Instant virtual credit cards are those cards you get to use once you have been approved. The virtual credit card comes with a card number, expiry date and a CVV as every bank card will do.
These virtual cards can then be used for online purchases and be linked to PayPal, and even mobile wallets such as Google Pay and Apple Pay for more secure transactions. Ideally, you can shop using these cards in shops that accept contactless payments.
Some instant virtual credit card providers in Australia also provide a physical credit card, meanwhile some provide only the digital card. However, that will depend on the card provider.
For instance, the PayPal Rewards Card comes with a virtual card which is accepted only by PayPal partners — you will have to wait for your physical card to be delivered to you before you can be eligible to shop anywhere else.
That said, here are some instant virtual credit card providers in Australia — some of which offer both a virtual credit card and a physical card and others offering just a digital card:
1. MoneyMe Freestyle Virtual Mastercard (Virtual)
MoneyMe Freestyle Virtual Mastercard is probably one of the best, if not the best instant-use, virtual credit cards in Australia. Approval for the card is fast and you get to use the cards in minutes after when your application has been approved.
The card can be used directly from your smartphone — but check to see whether there is an annual charge, as it is based on your credit limit.
This your virtual credit card is saved in your MoneyMe App and may be used wherever Mastercard is accepted with Mobile Payments such as Google Pay and Apple Pay.
Additionally, transactions with the card can be made both online and offline — making it suitable for every use.
The MoneyMe Freestyle Virtual Mastercard has a credit limit between $1,000 and $20,000 with an annual fee of $0, $49, or $149, depending on the amount.
This card is meant to make it simple for you to apply and save the time you would otherwise spend waiting for a physical card to arrive. The option to pay money directly to your bank account is another unique function.
However, because the annual and monthly costs vary according on your credit limit and debt, it's important double-checking these information to be sure it's the right fit for you.
2. Westpac Flex Card (Virtual and Physical)
The Flex Card is a simple, low-cost, interest-free credit card that makes it easier to pay for both the unplanned and the things you want. Best of all, it's accepted everywhere — in-store as well as online.
There are no interest charges on the Westpac Flex Card, and a $10 monthly fee is removed if you settle the previous month's debt in full.
The Westpac Flex Card is a straightforward alternative to standard credit cards and buy-now-pay-later (BNPL) programs. It has a 0% interest rate, a 0% late payment fee, and a 0% international transaction fee. It's also available on the Westpac app as a digital card, allowing you to use it immediately your application is gets approved.
3. PayPal Rewards Card (Virtual and Physical)
The PayPal Rewards Card is a virtual credit card that is added instantly to your PayPal wallet once your application gets approved — in this way, you can use it to shop with businesses that accept PayPal.
You also get a traditional credit card that you can use anywhere Visa cards are accepted.
The PayPal Rewards Card has no annual charge and offers unlimited points. Keep in mind, though, that the interest rate is 20.99 percent.
PayPal's credit card, which was launched in July 2021, presently gives an extra 50,000 points if you apply before January 20, 2022 and spend $3,000 during the first three months of card confirmation. That's good for a $250 discount at thousands of PayPal-accepting merchants.
You can have up to 55 days interest-free on purchases if you complete your entire debt before the due date on each statement. Otherwise, a purchase rate of 20.99 percent per annum applies, which is greater than Australia's average standard credit card interest rate.
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4. Latitude Credit Cards (Virtual and Physical)
With over 2.6 million customer accounts in Australia and New Zealand, Latitude Financial Services (formerly GE Money) is a large non-bank consumer lending provider. It's one of the few instant credit card providers in Australia that provides long-term in-store financing with a variety of shops.
You won't have to pay for annual fees, international transfer fees and instalment plans with the Latitude credit cards.
You can setup your Latitude virtual credit cards directly from the mobile app, later on link the virtual card to your mobile wallets (Google Pay and Apple Pay) and use before receiving your physical card.
5. Bendigo Bank Credit Cards (Virtual and Physical)
Although Bendigo Bank is not one of the Four Largest banks in Australia, it provides a similar variety of products and banking services as the big banks do. A Bendigo Bank credit card, which is available to consumers all around Australia, can provide rewards, a balance transfer, Qantas Points, and more.
The method interest is computed on Bendigo Bank credit cards is also unique. Unlike other credit cards, Bendigo Bank charges interest from the moment your statement is issued, which could save you up to 50percent on interest payments.
The Bendigo Bank Personal credit cards can be set up digitally through the bank's mobile app and afterwards, the card can be instantly linked to your Apple Pay wallet.
6. Bankwest Credit Cards (Virtual and Physical)
With affordable rates and fees, as well as reward and frequent flyer cards, Bankwest credit cards cater to both big spenders and the budget-conscious. It's also one of the few banks that will send you a virtual credit card for instant use before sending you a physical card.
The personal credit cards from Bankwest can be obtained through the bank's mobile app. The card number and other information associated to the card can then be used to make payments or linked to a mobile wallet.
Instant Virtual Visa Card in Australia
Latitude equally provides a Latitude Gem Virtual Visa Card is a credit card that gives you a few different ways to shop interest-free. The card can be used to shop in most stores partnered with them all through Australia. This instant virtual visa card as the Latitude Mastercard can be linked to your Google pay and Apple pay for easier and safer transactions.
The majority of these credit cards come with both a virtual and a physical card, ensuring that they will all be widely accepted.
However, if you plan to make virtual payments frequently, it's worth comparing the apps and online platforms offered by each card to see which one you like.
App store reviews are a good place to start because you'll see feedback from individuals who have already downloaded and used the app. This, combined with the card's features, rates, and fees, will help you decide which one is right for you.
However, these were the best instant-use virtual credit cards for personal use. Looking for a virtual credit card for your business or company, let's talk on those.
Best Instant Virtual Credit Card Providers for Business and Corporate Organizations
Virtual credit cards were initially widely utilized for business and corporate purposes in Australia. These accounts allow organizations to manage their finances without having to issue a large number of standard credit cards to their employees.
Some corporate virtual cards also allow you to create virtual card and account details for payments, either for one-time use or for continuing spending that is limited to specific categories of transactions. In comparison to traditional business and corporate credit cards, virtual cards can provide you with more flexibility and financial transparency.
Here are some business virtual credit card with their features made available for organizations in Australia:
- All transactions are invoiced monthly from a central company account.
- Statements that can be customized
- You can instantly generate virtual Mastercard credit card numbers for your transactions.
- Limit the use of virtual cards to a certain purpose, currency, spending limit, and time period.
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- Through the American Express Go interface, program administrators can issue virtual cards to employees.
- Rather than using a standard credit card, spending is done using an app.
- As soon as virtual cards are provided, employees can begin using them.
- Cost centers and spending restrictions are among the fields that can be customized.
- Reports and reconciliation information are available through the site.
- Virtual cards for travel or virtual cards for procurement are available.
- For each transaction, an unique card number is assigned that is linked to the central account.
- Options for payment include: Limit to one-time use, set date range, a specific dollar amount, or a specific merchant
- Integration with financial system
- There are no limits to the number of virtual corporate cards that can be linked to a single account.
- Cards are instantly issued
- Limits can be set depending on merchants and/or transaction amounts.
- For transactions and budgets, real-time data feeds are available.
- Each transaction's merchant data, GST, and GL codes are automatically recorded.
- Pre-loading funds into the account or asking for a $20,000 line of credit are also options.
- For each transaction, it generates a unique account and card number.
- Card management in real time
- Card personalization, including transaction-level control
- Tools for online management and reporting are available
- Instantly creates virtual cards for online purchases, vendor payments, and subscriptions in seconds.
- Employees have the option of receiving physical Visa cards.
- You can easily transfer money both domestically and internationally
- For the person using the virtual card, the budget owner, and the firm administrator, instant transaction data is available.
- Customization of the budget and spending
- Cashback of up to 2% on foreign currency transactions
- Preload funds and distribute to various virtual or physical cards.
- Apply for a credit line of up to $100,000.
- A virtual card featuring a 16-digit card number, an expiration date, and a CVV code (like a traditional card)
- Processing of data over the internet
- There isn't a way to cash out or send money.
- Businesses or individual departments can create accounts.
- Numerous reporting and integration options are available.
There are business and corporate virtual cards from a variety of additional organizations that specialize in business solutions, in addition to banks and regular credit card issuers. If you're looking for virtual cards for work, these virtual card providers give you more possibilities.
What about virtual prepaid cards?
Prepaid virtual Mastercard and Visa cards are available in Australia, however they are not officially "credit cards." These are usually gift cards that come pre-loaded with a certain amount of money and can be used until that amount is depleted.
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Final Thoughts on Best Instant Virtual Credit Card Providers in Australia
Australia banking regulations are not complicated as those of many other countries may be. There are many providers in Australia that let you get an instant virtual credit card that you can use immediately your application gets approved.
Depending on the need for a virtual credit card, you should be specific in the provider you choose. For example, if you want a virtual credit card for your personal use, then a provider such as MoneyMe will do the job by providing you with an instant-use virtual credit card that you can start using for your online transactions.
Some virtual card providers in the country provide a physical card that will be delivered to you once your application is approved — however, to ease the spending before your card is delivered, they will give you a digital copy of the card which you can start using instantly.
Businesses also need virtual credit cards to manage their company finances. Some of the business virtual credit card providers above let you generate virtual credit cards for one-time use or long-term use depending on what you want the virtual card for. You can generate credit cards for each of your teams in your organization.
Before going in for any provider be it personal use or business virtual credit card provider, consider checking the fees (monthly, annual and transfer fees) and what will be required from you before you can get approved — go in for a provider that requires what you can provide and doesn't charges a lot of fees for your transactions.
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