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Credit Card that is Exclusive for Online Transaction
#1
Bank of the Philippines Island (BPI) is offering me a Credit Card which purpose is exclusive only on online transactions. They say it is much safer to use in online shopping or transaction. What can you say about this?
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#2
Haha, They are competing with Paymaya and Gcash virtual debit card. It's actually new to me that BPI is now offering an exclusive credit card. What are the differences between having a normal credit card and exclusive credit card online transactions? Ask them what are the special features of their credit card you should compare the two and know the advantages and disadvantages.
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#3
(01-29-2018, 12:20 AM)aecel Wrote: Haha, They are competing with Paymaya and Gcash virtual debit card. It's actually new to me that BPI is now offering an exclusive credit card. What are the differences between having a normal credit card and exclusive credit card online transactions? Ask them what are the special features of their credit card you should compare the two and know the advantages and disadvantages.
I agree with what you've said. What is the difference between having a normal credit card versus having a card that is exclusive only for online transactions? Is it easier to apply for an online credit card?
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#4
(01-28-2018, 11:29 PM)JB Fernandez Wrote: Bank of the Philippines Island (BPI) is offering me a Credit Card which purpose is exclusive only on online transactions. They say it is much safer to use in online shopping or transaction. What can you say about this?

They are just competitors, they are simply trying to sway card users in patronizing what they are offering. If the card you are making use of recently is satisfying your needs 100%, I see no reason why you need to worry about getting a new card unless you are in the need to have more than 1 card. Then it's understandable if you get the card they are offering you.
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#5
Many credit cards will have an additional layer of security that might not be enabled by default. MasterCard's SecureCode is a one-time code you enter every time you make a transaction on a supported site.

Verified by Visa also requires a passcode to authorize a purchase. On top of these safeguards, some banks also have their own verification system in place that works in place of SecureCode and Verified by Visa. This may include the bank sending a one-time PIN or security code to your phone as a second layer of authorization. Check with your bank or financial institution to see if one of these options is available.

Both Mastercard and Visa offer Zero Liability protection against fraudulent transactions for both online and offline use.
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#6
One thing that I've come to realize about business in general is the need for competitors to find innovative ways to do things that are not there at the start of the industry and the funny thing is that when such things finally works out, they would have gotten enough part of the market share that others will be trying to catch up with what they are doing. So, I see no reason we should be skeptical about this new online based credit card not working.
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#7
I never heard about that exclusive card for online payment. But it seems better than virtual cards coz you can have 1 on 1 assist from the bank if you encounter any possible problems in your online transaction. Overall it seems a good step for that bank for me.
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#8
Even if you consider yourself a seasoned online shopper, it's always worth a reminder to make sure your experience is the safest it can be.

General tips
Don't send your credit card details via email, post them on social media (even in a private message), or enter them on an unsecured website
Don't give away more information than you need. Retailers generally don't need to know details like your date of birth or social security number, so why disclose it if you don't have to?
Check for a physical address and contact details like phone numbers for the vendor before buying
Remember to log out of your account after making a purchase
Keep your PC, Mac or mobile device up to date
This means regularly checking for updates to your operating system, as well as ensuring apps and browsers are also kept up to date with the latest version. Running regular antivirus and malware scans is recommended to help avoid compromising your personal details to tools such as keyloggers.

Also, get into the habit of using strong, unique passwords for each online store you buy from. If you haven't changed your password for an existing account in some time, do it now. Password managers are a great tool if you have trouble generating and remembering unique passwords.
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#9
I think it is better if you will go for a credit card that can transact online and manually. You will always need both of the service because sometimes, it is what the situation demands. There are other more affordable virtual credit cards that you can purchase or have and are way safer. Always check whether it will benefit you more or not, personally.
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#10
For me, it's definitely better to have an online transaction in terms of having a credit card. And by BPI making that, I think it's a great move and idea as well. Usually people would prefer using card with a history about their usage on online, like they would know what they are buying and what items mostly cost them.
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