How to apply for GTBank Prepaid Virtual Naira MasterCard: Virtual credit cards are becoming more and more demanded by consumers and many banks have to see into it that they provide their users with virtual credits cards to help them facilitate their online transactions.
In this article, we will be focusing on How to apply for GTBank Prepaid Virtual Naira MasterCard in Nigeria. So, if you are a Nigerian and have an account with GTBank, you can apply for a virtual prepaid card following the instructions here.
About GTBank Nigeria
Guaranty Trust Holding Company PLC is also known as GTCO PLC is a multinational financial services group, that offers retail and investment banking, pension management, asset management and payments services, headquartered in Victoria Island, Lagos.
Guaranty Trust Bank Limited (GTBank) is a multinational financial institution that provides individuals, businesses, private and public institutions across Africa and the United Kingdom with a broad range of market-leading financial products and services. Headquartered in Lagos, Nigeria and with subsidiaries in Cote D’Ivoire, Gambia, Ghana, Liberia, Kenya, Rwanda, Tanzania, Uganda, Sierra Leone and the United Kingdom, the Bank currently employs over 12,000 professionals and has Total assets and Shareholders’ Funds of ₦4.057trillion and ₦661.1Billion respectively.
At Guaranty Trust Bank Limited, we constantly strive to create the best outcomes for our customers and communities. Our strong service culture, efficient management, world-class corporate governance standards and bias for innovation has enabled us to maintain consistent year on year growth in customer base and profitability since inception. We are also passionate champions and enduring patrons of a wide range of Social Responsibility causes channelled towards improving access to Education, driving Community Development, promoting the Arts and protecting the environment.
As a Proudly African and Truly International Institution, we are fully invested in powering our continent’s progress. We are at the forefront of promoting enterprise and empowering small businesses, and our free business platforms, the GTBank Fashion Weekend and the GTBank Food and Drink Festival, are driving the growth of Africa’s fashion and food industries and helping to create new and global opportunities for the continent’s incredibly young population.
The GTBank vision is to become a Platform for Enriching Lives by building a strong, value-adding relationship with customers, stakeholders and the communities in which it operates. In line with this vision, we are constantly pioneering ground-breaking ideas that offer customers more value beyond banking, such as Habari, an integrated digital platform that connects customers to anything they need, from e-commerce to music, in one place. We are also revolutionizing access to consumer loans with our first-of-its-kind digital lending product, Quick Credit, which gives individuals and small businesses instant, real-time access to loans anytime, anywhere.
Over the years, Guaranty Trust Bank Limited has been the recipient of numerous notable awards for product and service innovation, corporate social responsibility and world-class governance standards. In 2019, GTBank was recognized as the Best Bank in Africa and Best Bank in Nigeria, by Euromoney Magazine and the Best Banking Group and Best Retail Bank Nigeria by World Finance Magazine. In the same year, Guaranty Trust Bank Limited also dominated the Central Bank of Nigeria’s Electronic Payment Incentive Scheme (EPIS) Efficiency Awards for the third year in a row, taking home 8 of the 12 honours for banks at the forefront of driving the digitalization of financial services.
What is a Prepaid Virtual Card?
A virtual prepaid card is very similar to a physical prepaid card. Except for only being able to access and use the card for online purchases, a virtual prepaid card offers all of the same options as a physical prepaid card.
A VCC is a debit or credit card that is created entirely online. They’re a randomly generated 16-digit number, complete with a card verification number and expiry date. They act in the same way traditional credit cards do—without the need for a physical card.
One good thing about VCC is that you can’t trace them back to the original easily. So, online hackers or deceitful merchants are not able to get to your sensitive data.
Also, given that virtual credit cards are non-physical, it is almost impossible to clone them, which makes them highly safe for all online transactions.
Advantages of using a Virtual Credit Card(VCC)
- Firstly, there is the protection of your personal information.
- Secondly, there are no extra charges to when you use them(free)
- Thirdly, VCC is accepted by most internet users globally
- Customers are allowed a minimum and maximum credit limit per transaction each day.
Some Cons of VCC
- Firstly, virtual credit cards are valid for only a specific time period, specified by the card issuer.
- Secondly, not accepted by all merchants since it isn’t the real CC.
- Thirdly, at times transaction may delay resulting in the item purchased being sent without the transaction getting completed.
- And lastly, if there is a transaction where the customer has to show the original credit card in which the payment was done, virtual cards are unusable.
What is the GTBank Prepaid Virtual Naira MasterCard?
The GTBank Prepaid Virtual Card is an instant card issued via the Internet Banking Platform just like any other prepaid virtual CC.
The GTBank Virtual MasterCard is a digital payment card designed to aid frequent online shoppers with a secure and flexible alternative to physical payment cards. The virtual card is instantly issued via Internet Banking.
The to apply for GTBank Prepaid Virtual Naira MasterCard is designed primarily for:
- Security conscious online shoppers who prefer not to use their debit/credit cards linked to their regular bank account online.
- As a fall back option for customers who have forgotten or lost their Card, but need to perform urgent online purchase.
Transaction Limits of the GTBank Prepaid Virtual Naira MasterCard
|Daily loading limit||N100,000|
|Daily Maximum Card Balance||N500,000|
|Local Web transactions||N500,000 daily|
|International Online transactions||$3,000 monthly|
Features and Benefits of the GTBank Prepaid Virtual Naira MasterCard
- Accessible: Your Virtual Mastercard can be used wherever MasterCard is accepted online.
- Instant: The Virtual card is available instantly on request.
- It’s Flexible: The card can be loaded from your existing Account via Internet Banking.
- Safe: Your card eliminates the risk and inconvenience of carrying cash and it cannot be stolen.
- It’s Prepaid: The card is loaded via Internet Banking.
- Shopping Online: With your card, you no longer have to wait until you travel to shop. You can now do so at many international websites that offer delivery to Nigeria such as ASOS, Amazon, Victoria Secret, River Island, Hawes and Curtis and many more.
- It’s Virtual: You don’t need to carry it out around to use it for online shopping as it’s always available on your Internet Banking.
- Secure: The card rides on the existing GTBank Internet Banking state-of-the-art secure technology platform.
- Back-up plan: The Virtual Mastercard is a fall back option for customers who have forgotten or lost their Card, but need to perform urgent online purchase.
- It’s Convertible: The card can be converted to a physical debit card upon your request.
- The card is valid for 3 years
Some common frequently asked questions about the GTBank Prepaid Virtual Naira MasterCard
- Where Can I Use my GTBank Virtual Prepaid Card?
Your card can be used for online purchases ONLY
- Do I need to activate my GTBank Prepaid Virtual Naira MasterCard before first use?
No, you do not need to activate the card before use.
- Is my Virtual card linked to my primary account with the bank?
No, the card is not linked to your primary account, a separate account is created for the card.
- What is my Maximum Balance?
Your maximum balance represents the maximum amount that can be stored on your card at any time. Your maximum balance cannot exceed N500,000 at any time.
- What is my Daily Funding Limit of the GTBank Prepaid Virtual Naira MasterCard?
Your daily funding limit is the maximum amount that can be loaded on your virtual card daily. GTBank Virtual Prepaid Cardholders are restricted to loading a maximum of N100,000 on their virtual cards daily.
- What is my Daily Transaction Limit?
The daily transaction limit allowable on the card is N500,000.00. It should be noted that the funding limits are subject to Central Bank of Nigeria (CBN) regulation and may change without notice.
How to apply for GTBank Prepaid Virtual Naira MasterCard this 2022
Now that you’ve learnt about the How to apply for GTBank Prepaid Virtual Naira MasterCard, let’s now see how to apply for one.
How to Apply for a Prepaid Virtual Naira MasterCard
The virtual card is issued instantly when requested on Internet Banking. To request, follow the steps below:
- Login to the Internet Banking Platform via the link https://ibank.gtbank.com/ibank3/login.aspx
- Select Cards from the left-hand panel, click on the Virtual Card request menuand fill the displayed form
- Click the new “Request Button” to initiate your request for a new virtual Pre-paid Card
- Select the Account to Debit for charges
- Click on the ‘Account to link’ and agree to the “Terms and Condition” check boxes
- Answer your secret question and click the ‘Continue’ button
- The confirmation button is then displayed
- Generate a 6-digit code from your hardware token device
- Input the generated 6-digit token code on the confirmation page and click the ‘Submit’ button
- Internet Banking will display the details of the Pre-paid card once your request is successful:
– PAN (Card Number)
– Expiry date
– Activation Code
How to Convert to Your GTBank Prepaid Virtual Naira MasterCard to a Physical MasterCard
To convert your to apply for GTBank Prepaid Virtual Naira MasterCard to a physical MasterCard, you will have to:
- Click ‘Convert to physical Card’ link button as shown on the right once your are logged-in on the GTBank Internet Banking Platform
- Select the Account to debit for the card Charge
- Select your preferred Pickup Branch
- Answer your secret question and click the ‘Continue’ button
- A record submitted successfully is displayed once request is complete
Since the GTBank virtual Naira MasterCard is instant on request, secured and accepted by many international online platforms, it will be wise to go for one. Plus, it can be converted to a physical master card. So, we will recommend GTBank users to make sure they get one for themselves especially if you do online transactions often as it is a fallback option for customers who have forgotten or lost their card, but need to perform urgent online purchases.