Virtual Citibank Credit Cards: A Whole New Way to Buy Things on the Web

Are you looking for an option where you can shop online without using your credit cards? If yes, you are lucky! Citibank, the world's largest issuer of credit cards has unveiled yet another option for consumers where they can shop on the Internet.

Citibank now offers credit cards that are virtual cards. The cards called eCards are only usable through online transactions. To put it another way, Citibank's eCards can be used only with the assistance of the Internet. You would not receive a slim physical plastic card that you swipe in stores. Instead, you would get a card number, plus an expiration date. By entering the card number at any online retailing agency you can shop whatever you want.

The Citibank eCard comes with the MasterCard logo. So, you can use it at any online retailing agency that accepts regular MasterCard credit cards. Not only in America, even worldwide the merchants accept MasterCard credit cards. Therefore, if you go for Citibank's eCard, you would be accepted by millions of online merchants because these cards support MasterCard.

According to Antony Jenkins, director of online initiatives for Citibank's credit cards business, "It's a totally new kind of payment tool, designed for the virtual world. Citibank is hoping the new service will enhance its relationship with customers, increase loyalty to the bank and stimulate online banking," Jenkins said. "The credit card division currently has 40 million U.S. customers, and the bank is now signing up 8,000 people a day for its online account services," he said.

Citibank's eCards are user-friendly for consumers. Just by remembering the card number, one can buy those electronic goods, decorative items or whatever he/she wants. One big advantage with these credit cards is that you need not worry about losing them. The only minor threat may come from identity thefts. But thanks to the wonders of modern technology, it is now nearly impossible for anyone to steal your credit cards information online. Almost all online merchants employ secure websites and encrypted data transferring to ensure that someone does not steal your credit card information.

Your Citibank eCard prevent you against fraud through its security measures. Some of the major security measures of the company are as follows:

--Your e-card number is totally different from your Basic Credit Card.

--To protect usage of your e-card by unauthorized people, there is an expiry date on your e-card. Only you would know this specific date.

--Fraud Early Warning System is a unique system that continuously monitors transactions on your Citibank e-card to prevent fraudulent usage. When any suspicious transaction occurs on your account, which is not in line with your usage pattern, would receive a call from the company to check and confirm that the transaction is genuine.

--Your data on the card is printed and not embossed so it cannot be used on manual Point of Sale machines.

--Unlike the regular credit cards your e-card would not be activated on when you receive it. You need to call on 111-222-222 to activate it.

--The Credit Limit assigned for the e-card is low to ensure that your risk is limited.

To further stimulate use of its services, Citibank also introduced CitiPlaza, an online shopping mall, which links to Internet retailers offering discounts to Citibank customers. The merchants include Barnes & Noble, Dell (DELL) Computers, the Disney Store, Eddie Bauer and Sharper Image. Antony Jenkins even adds "We believe use of the Internet is ubiquitous and will increase dramatically over time". So, obviously Citibank is trying to expand its eCard business all over the country. In the coming days the company would give more offers to the customers while shopping. For the regular credit cards issuers that may be a bad news!

Therefore, we can expect for better services pouring in our way from other credit cards issuers also. Unless, they are unable to come up with something like Citibank's eCard, then Citibank would definitely take over the finance market by storm.