If you’re looking for a virtual credit card in Australia, this article is for you.
We’re going to share the options you can choose from along with the challenges you’ll face when applying for a virtual credit card.
But, more importantly, we’re going to outline even better options…
Including, how to get credit cards that unlock valuable benefits, profitable rewards, and multiple currencies when you open accounts with the top institutions or one of the best international banks for expats.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Virtual Credit Card Australia
- How to Apply for Australian Virtual Cards as a Non-Resident
- Alternatives to Australian Virtual Credit Cards
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Virtual Credit Card Australia
Virtual credit cards in Australia are available through traditional brick-and-mortar banks and digital banking platforms. This includes virtual credit cards for businesses and individuals. Additionally, in many cases, virtual cards are available with instant approval. However, the providers, their fees, and the benefits each card offers will vary.
It’s important to note that like most countries, credit card providers in Australia tend to favor physical cards. So, the number of options that you will have to choose from when searching for a virtual credit card in Australia will be limited. That said, they do exist. In fact, virtual credit cards are available in Australia for both individuals and businesses.
Of course, like any credit card, the specific limit that you will receive depends on certain variables. These include your past credit history, existing relationship with the card issuer, and overall client profile. But, unlike physical cards, most virtual cards have specific limits that they cannot exceed. In most cases, this is several thousand dollars. However, certain virtual cards do have credit limits of up to AUD 20,000.
When it comes to choosing which card to apply to, one of the most important things you will need to consider is the fees. With this in mind, here is a look at some of the most common fees that most people overlook.
Virtual Credit Cards Fees
- Annual card fee
- Monthly maintenance fee
- Cash advance fee
- Foreign transaction fee
- Interest rate
- And more
While each of these fees can have a large impact on the overall cost of maintaining and using a card, the interest rate is particularly important. Most virtual credit card providers charge the same rates as physical cards, which is between 18% and 24%. And, if you are planning on maintaining a balance on the card, that 6% difference can add up to quite a bit in interest payments. With this in mind, it’s important to ask for the best rate possible when applying for a credit card, whether virtual or physical as you may be able to get a significantly lower rate than what’s on offer.
Alternatively, if you’re looking for other credit products through crypto-friendly banks in the UK, you can click the link here for more information.
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How to Apply for Australian Virtual Cards as a Non-Resident
Australia is a particularly challenging country for non-residents if your goal is to get a virtual credit card. The reason for this is that there are only a handful of Australian banks that are suitable for non-resident applicants. And, unfortunately, these banks do not issue virtual credit cards to their customers. But, there is an alternative approach that non-residents can consider instead.
While virtual credit cards are not available through non-resident banking options in Australia, it is entirely possible to add debit and credit cards from these banks to a mobile wallet. For example, both Google Pay and Apple Pay can be used with your traditional (physical) credit cards or debit cards that you receive from these banks.
With this in mind, if you are a non-resident and you would like a virtual credit card for ease of use, added security, or to use via your phone, options do exist. However, if you are looking for a virtual credit card for other reasons, then you may want to consider one of the following alternatives instead.
Alternatives to Australian Virtual Credit Cards
There is a wide range of alternatives to choose from when it comes to virtual credit cards. These alternatives include cards from banks in Australia as well as many other countries. In this section, we’ll take a look at both Australian and foreign alternatives.
Australian Virtual Debit Cards
One of the most straightforward alternatives to a virtual credit card in Australia is a virtual debit card. This is especially true if you have a business that requires virtual cards for employees or for the business itself. Most of the virtual account services available in Australia offer virtual debit cards. In most cases, these cards are available for instant approval.
International Credit Cards
While having an Australian credit card may be the primary objective for most people reading this article, international credit cards can offer a very attractive alternative. In fact, in most cases, international credit cards are lower cost, offer far more benefits and flexibility, and can be used anywhere in the world.
Frequently Asked Questions
Below are three of the most common questions we receive from people looking into a virtual credit card in Australia If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Banks Give You an Instant Virtual Card Australia?
The banks that give you an instant virtual card in Australia are those with virtual accounts. There are five card issues that work with business clients and two that may be suitable for individual clients. However, it’s important to understand the fees and constraints of each card and issuer before applying.
Can I Get a Virtual Credit Card Online?
Yes, you can get a virtual credit card online if you choose certain credit card issuers. However, if you are looking to get a virtual credit card as a foreign non-resident, there will be fewer options to choose from. With this in mind, we typically suggest looking at international card providers as they offer better rates, lower fees, and a wider range of benefits and services to international clients.
What Credit Card Company Gives You a Virtual Card?
Most credit card companies give you a virtual credit card today. This can come in the form of a virtual credit card number that can be used for a fixed amount or time frame, a credit card that can be used with a mobile wallet, or a native virtual card that has no physical counterpart. Of course, each card offers different benefits and has different constraints, so it’s important to compare all the options before selecting the card you want to apply to.
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