Follow up article on Revolut banking
A few days ago, I published a review about Revolut banking and it was already quite the lenghty article as it was, so I decided to spend a seperate article on the topic I want to share with you today: Revolut disposable virtual cards.
Here's a link to the review in case you're curious. I think if you already read it you know that I'm a fan of Revolut banking because of the many benefits they offer. But to be honest, I do use my bank card quite often for online payments and I know that data can get leaked, causing major problems.
You can start spending right away
If you opened a Revolut account, you don't have to wait until you can start spending your funds. Of course, you'd have to add funds first to spend them (lol), but once that's done, you can start using your account right away.
Once you opened the account, there is a virtual card available in the app, which I knew, but didn't use for a long time. I also noticed the virtual disposable card, which I never occured to me at first, that this would be a smart card to use for online shopping. Granted, until very recently, the Revolut account was not my main account, so I didn't really use the card for many online purchases.
When Revolut became my priority banking account
There was more time to figure out all the benefits I hadn't noticed so far. One of them is using a virtual disposable card for safety reasons. Although I've never experienced an online hack of my banking data (knocks wood) so I have no experience in the actual trouble that follows after this, but I do understand that losing your monthly budget for bills or even worse: savings as well, will have an impact you won't soon forget. It's not something you just solve quickly and forget in most cases.
I've never saved any banking data in browsers in my life, as I always knew this is sensitive information you don't want some browser to remember, when they get hacked, you're data is out there. The little effort of filling in the requested data whenever making an online payment, is well worth it if you think about what's at stake.
Here's what Revolut writes on their website regarding security.
I'm happy to read that they notify you immediately after they detect suspicious activity on your account. I also believe this is actually the case because they send a notification for every transaction, every incoming transfer, outgoing transfer that's been processed the second it's happening. This is also the case for the moment you pay in the store, and your card is close to reaching the contactless limit, or your balance falls below a certain amount. Everything is instant, and this is awesome because this way, you also notice it whenever "someone" uses your card without your permission.
Don't you hate it when you have to call the bank to freeze your card? I do, I had to do it a few times in my life when I thought the card was lost, and back then I didn't even have internet with me all the time, so I had to look up the telephone number of the bank that I needed to call to freeze my card. In the meantime, a lot can happen. With Revolut, you don't have this issue, you can freeze (and unfreeze) your card in the app in just seconds.
Revolut virtual card
Let's get to virtual cards option in Revolut, as I mentioned, I never used the regular virtual card so far, but I consider doing so in some situations where I prefer not to take my card, but need my phone with me. In this case, I already have the app with me, where the virtual card can be used easily. I have to admit, that usually, I do have a card with me when shopping, but not always my phone, so it won't be convenient for me personally in all cases. I can imagine that people who always carry their phone, but hate carrying a wallet/cardholder with them constantly will use this option more often.
Revolut disposable virtual card
This is the one that I appreciate a lot! When you pay quite a few things online every month, your banking data is at risk every time you do so. Although you have to confirm some payments by opening your app and confirming it's you using the card, it's still sensitve data you're using. Why not build in an extra security for those moments?
With just a click, you can request a disposable virtual card in the app, it's ready to use after you get a notification (right away), you have to click on the card to be able to read the data on the card, and you can also click on copying data in case you want to just copy paste it to your browser. It actually works exactly the same as when you use your normal card for online shopping, with the difference that this card is destroyed immediately after usage. They notify you instantly when the card has been used, and destroyed. And a new disposable card with other data is available instantly as well.
Refunds and cancellations
So what if your purchase is cancelled, or you get a refund for your order? As your card gets destroyed after a single use, I can imagine you wondering what happens to refunds/cancellations, because these can happen. Not to worry, I made sure to ask this question in the Revolut help center before writing this article, because I had to be sure thiis won't cause problems. Revolut knows that this disposable card number was connected to your bank account, therefore Revolut will know this money belongs to your account.
No excuse not to use Revolut disposable virtual cards
I personally don't see myself not using the disposable cards unless I don't have my phone with me, why would I risk my data getting stored somewhere if I can just as easy use this single use card instead? Maybe I need to remind myself a few times before it becomes a habit, but once it is, I can't see myself not using it.
Great job Revolut!
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