Federal Laws:

The Real Estate Settlement Procedures Act (RESPA) is a consumer protection statute, first passed in 1974.  It requires lenders to give a good faith estimate (GFE) of all closing costs that borrowers must pay.  It was designed to help borrowers from being forced to pay “hidden fees” at closing.
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The Truth in Lending Act (TILA) requires lenders to disclose the terms of a loan, including the total amount of the loan, the annual interest rate, and the number, amount and due dates of all payments necessary to repay the loan.  The TILA also requires additional disclosures and places many restrictions on mortgages.
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The Fair Credit Reporting Act (FCRA) was designed to prevent inaccurate or obsolete information from entering or remaining on a credit report.  The law requires credit bureaus to adopt reasonable procedures for gathering, maintaining and disseminating information.
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The Equal Credit Opportunity Act (ECOA) was designed to ensure that all qualified people have access to credit and prohibits discrimination based on sex, marital status, age, race, national origin, or public assistance benefits received.
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How Does Virtual VISA Card Differ from a Traditional Card?

An online card has all the same features as a regular plastic one - number, expiration date and three-digit security code. It is issued in one of the largest payment systems, most often - Visa. Like a regular card, it can be credit or debit. Since the virtual VISA card is used only on the Internet, a PIN code is not needed for it. Online cards are not only debit or credit, but also prepaid. They offer a certain amount or limit for use. But unlike a credit card, it does not accumulate interest, and its limit is formed from the amount credited by the client.

Distinctive Features of a Virtual VISA Card

A prepaid card does not require an agreement and does not have its own bank account. It can be disposable or reusable. The validity period of a virtual card is shorter than that of a plastic one. For debit, this is usually one to two years, for prepaid - a few months. The debit card can then be reissued. At the end of the term, prepaid card closes forever. Therefore, withdraw money from it in advance. To draw up an online card, just fill out a short application form on the bank's website. Then, you will immediately receive all the necessary details in SMS. Refill the account in any convenient way before use. You can track the status of the account in the Internet bank or mobile application. You can also request another message with the details there.

Payment for purchases using such a card is the same as using a plastic one. When making a purchase, select a payment method using a credit card. Then go to the calculation page. Enter your payment information - number, expiration date, security code. If the card is not named, leave the name field blank or enter your name or surname in English. When paying for purchases in stores that operate abroad, consider the exchange rate of your bank. Also, some organizations charge an additional exchange fee. After sending the data, wait for the operation to be processed. Enter the one-time password that you will receive via SMS. So, you confirm the purchase.

After a successful payment, the money will be debited from the account, and you will receive a document confirming payment, for example, an electronic check.


A virtual card is always an additional payment tool. Do not store large amounts of money on it, arrange it only for one or more purchases. In other situations, use your primary debit or credit card, or, if necessary, in cash. When using a virtual card, follow all safety rules and precautions.

Check the site before payment, do not leave details in suspicious places, don’t give anyone a security code and passwords to confirm transactions. After you make all the necessary purchases and withdraw the rest of the money, do not forget to close the card. If you follow all the rules, an online card will be the most convenient way to pay for online purchases. Learn about other benefits of using virtual cards here.