Virtual credit cards are an innovative financial tool that provides an added layer of security and convenience when making online purchases. These digital cards generate unique, temporary card numbers for each transaction, ensuring that your primary card information remains secure. As virtual credit cards continue to gain popularity, several financial institutions and fintech companies are now offering this service in Canada. This article reviews and compares the best virtual credit cards available in Canada for 2023.
Best Virtual Credit Cards in Canada 2023
- KOHO Virtual Card
KOHO, a popular Canadian fintech company, offers a virtual credit card alongside its prepaid Visa card. The KOHO Virtual Card is accepted anywhere Visa is accepted and can be used for online and in-app purchases.
Features and Benefits:
- Instantly generated virtual card number
- Real-time transaction notifications
- No monthly or annual fees
- 0.5% cashback on all purchases
- Integrated with the KOHO app for easy management
- STACK Virtual Card
STACK is another Canadian fintech company that provides a virtual credit card in conjunction with its prepaid Mastercard. The STACK Virtual Card can be used for online and in-app purchases wherever Mastercard is accepted.
Features and Benefits:
- Secure, temporary card numbers for each transaction
- Real-time transaction notifications
- No monthly or annual fees
- Customizable spending limits
- Compatible with popular mobile wallets like Apple Pay and Google Pay
- CIBC Pace It™ Installment Plan Virtual Card
CIBC offers a virtual credit card feature through its Pace It™ Installment Plan. This service allows eligible CIBC credit cardholders to convert individual purchases into installment plans using a virtual card number.
Features and Benefits:
- Available to eligible CIBC credit cardholders
- Convert individual purchases into installment plans
- Unique card number for each installment plan
- Manage installment plans through CIBC online banking or mobile app
- Revolut Virtual Card
Revolut, a UK-based fintech company, offers virtual credit cards to its Canadian customers with a Standard, Premium, or Metal plan. Revolut’s virtual cards can be used for online and in-app purchases wherever Visa or Mastercard is accepted.
Features and Benefits:
- Instantly generated virtual card number
- Disposable virtual cards available with Premium and Metal plans
- Real-time transaction notifications
- No foreign transaction fees
- Integrated with the Revolut app for easy management
Conclusion
Virtual credit cards provide a secure and convenient way to make online and in-app purchases without exposing your primary credit card information. In Canada, several options are available, each with unique features and benefits. When selecting a virtual credit card, consider factors such as fees, rewards, and compatibility with your preferred mobile wallet. Ultimately, the best virtual credit card for you will depend on your specific needs and preferences.