The reason I don't use virtual credit cards is because they tend to not protect you from first party fraud, only third party fraud.
Despite what the banks claim, they usually will NOT prevent recurring payments from being honored. Even if you don't have enough money in your account. (The bank will just collect it from you)
I used to use a service called Entropay, which would actually let you pre-pay money into a disposable virtual credit card. But banks would never let you do that, because it would undermine their own system.
90% of the problems that I have had over the last ten years have not been with credit card info being stolen, but with misleading or outright fraudulent behavior by merchants, and BoA virtual credit cards have all of the exact same problems as real credit cards and will do nothing to protect you.
You will still have to always keep an eye out that 90 days later you aren't charged again for the same thing. And you are still on the hook for charges made by the merchant you paid, and it is up to you to dispute any charges through the same process as with a regular credit card.
What I want, is to give a merchant a credit card number, pre load that number with $30, have them charge it, and then be completely done with it. This especially makes sense for low stakes low cost recurring monthly payments. I should just be able to stop paying a $5/month fax service that I never use, and have them terminate my service. Banks would never let you do that. Services that used to let you do that have been mostly shut down.
I understand that I may be technically agreeing to pay each month with recurring payments, but the onus should be on the provider to stop servicing me if I cannot come up with the money. The system that we have today for recurring payments makes no sense.
I simply want to be in control of how much money gets taken from me. It is the same reason I take bills out of my wallet to pay a clerk at a store, and do not simply hand them my wallet and ask them to take the money out. I don't care if I can call the bank and dispute things with them, I want to be the one to dole out the money for the transaction.
And I haven't tested this, but apparently if some scummy vpn service you did a 30 day trial with a few months ago claims you owe them, and you miss the window to dispute it, or the bank sides with the merchant, the bank is obligated to go after your money from other accounts.
>What I want, is to give a merchant a credit card number, pre load that number with $30, have them charge it, and then be completely done with it. This especially makes sense for low stakes low cost recurring monthly payments. I should just be able to stop paying a $5/month fax service that I never use, and have them terminate my service. Banks would never let you do that. Services that used to let you do that have been mostly shut down.
Privacy.com offers this service, but you have to pay from your bank account.
Like, Privacy.com has access to your bank account and have the authority to collect? Because then it is the same problem.
All I want, is the digital equivalent of a personal check.
A one time promise to pay money. If the merchant has a dispute with me, or thinks I owe them more money, they are free to sue me.
If my utility company wants automatic recurring payments, I have to sign paperwork which makes it very clear that I am authorizing recurring bank transfers.
Despite what the banks claim, they usually will NOT prevent recurring payments from being honored. Even if you don't have enough money in your account. (The bank will just collect it from you)
I used to use a service called Entropay, which would actually let you pre-pay money into a disposable virtual credit card. But banks would never let you do that, because it would undermine their own system.
90% of the problems that I have had over the last ten years have not been with credit card info being stolen, but with misleading or outright fraudulent behavior by merchants, and BoA virtual credit cards have all of the exact same problems as real credit cards and will do nothing to protect you.
You will still have to always keep an eye out that 90 days later you aren't charged again for the same thing. And you are still on the hook for charges made by the merchant you paid, and it is up to you to dispute any charges through the same process as with a regular credit card.
What I want, is to give a merchant a credit card number, pre load that number with $30, have them charge it, and then be completely done with it. This especially makes sense for low stakes low cost recurring monthly payments. I should just be able to stop paying a $5/month fax service that I never use, and have them terminate my service. Banks would never let you do that. Services that used to let you do that have been mostly shut down.
I understand that I may be technically agreeing to pay each month with recurring payments, but the onus should be on the provider to stop servicing me if I cannot come up with the money. The system that we have today for recurring payments makes no sense.
I simply want to be in control of how much money gets taken from me. It is the same reason I take bills out of my wallet to pay a clerk at a store, and do not simply hand them my wallet and ask them to take the money out. I don't care if I can call the bank and dispute things with them, I want to be the one to dole out the money for the transaction.
And I haven't tested this, but apparently if some scummy vpn service you did a 30 day trial with a few months ago claims you owe them, and you miss the window to dispute it, or the bank sides with the merchant, the bank is obligated to go after your money from other accounts.
No thanks.