American Express® Virtual Card: What is it and How to get one?

What Is an American Express Virtual Card?

An American Express virtual Card is a temporary digital version of your physical American Express Card with a unique 16-digit Card number. There are two reasons why making purchases with it offers transparency and enhanced security:

1. You don’t have to share your actual Card number with the merchant.
2. You can set the amount the Card has access to and the expiration period of the virtual Card.

How does the American Express Virtual Card work?

An American Express virtual Card works like any other Card product. You can create them directly from the Card issuer’s platform or by using third-party applications they integrate with. Even though the Card might not have a physical form, you can still make purchases by connecting it to your mobile wallets.

How does an American Express Virtual Card compare to Physical Credit Cards?

• Enhanced Security: With virtual Cards, you use unique, randomly generated 16-digit Card numbers to hide your actual Card details from merchants, reducing the risk of fraud in online transactions.
• Convenience and Accessibility: You can access your virtual Cards from a mobile app or wallet, eliminating the need to carry your physical Card everywhere. If your employees need your physical Card to make business transactions, you can quickly create and share a virtual Card with them so you never become a blocker for their work.
• Budgeting Control: You can also set spending limits and expiration dates for each virtual Card you issue, which is ideal for specific purchases or controlling expenses. For example, you can issue a virtual Card that only works at a specific store with a daily limit of $250. This can help your employees stay on budget and eliminate unnecessary expenses.
• Reduced Risk of Loss or Theft: No physical Card means no chance of losing or having it stolen. And in case of any fraudulent activity, you can deactivate the Card remotely without even needing to call the bank or American Express.

How To Get An American Express Virtual Card

Since the virtual Cards are issued on your main American Express credit line, you must first be an American Express Card Member. Once that’s out of the way, issuing virtual Cards is very simple. You can issue them directly from the Card provider, in this case, American Express, or via third-party tools that integrate directly with American Express. 

Benefits of using an American Express Virtual Credit Card

• One-time use numbers: Each virtual Card generates a unique number for every transaction, masking your actual Card details and minimizing fraud risk.
• No physical Card to lose: Eliminate the worry of losing your physical Card and potential unauthorized charges.
• Dynamic security code: Each transaction uses a unique security code, adding an extra layer of protection.
• Budgeting control: Set spending limits and expiration dates for each virtual Card, perfect for specific purchases or managing expenses.
• Multiple Cards for different needs: Create separate virtual Cards for subscriptions, travel, or online stores, keeping your finances organized.
• Reduced clutter: Fewer physical Cards in your wallet can be liberating and reduce the risk of accidental loss.
• Trial subscriptions: Use virtual Cards for free trials to avoid unwanted charges if you forget to cancel.

But There’s More…

Another significant benefit of using American Express business virtual Cards is integration with Fyle, a powerful expense management software!

Fyle is a real-time expense management software that simplifies tracking receipts, reporting expenses and reconciling Credit Card spending. With its latest integration with American Express, managing employee Credit Card spending has never been easier. Let’s take a look at how Fyle + American Express can help you improve your organization’s expense management process and enable you to close your books on time:

Manage Budgets With Unlimited virtual Cards

If managing employee expenses or staying on budget is complicated, with Fyle, you can now issue unlimited virtual Cards¹ to your employees straight from your eligible American Express U.S. Business or Corporate Card to simplify it. You can issue the Card with custom controls like spending limits and expiration dates.

For example, if your employee wants to buy $100 in office supplies, you can create a virtual Card instantly and allow it to be used only at a specific store. This ensures your employees comply with the given budgets and minimizes the risk of fraud or misuse. An American Express virtual Card can be issued case-by-case for paying specific vendors, booking employee travel, software subscriptions, and more.

No More Lost or Delayed Receipts

Fyle uses a revolutionary new way to track and manage Card expenses. Thanks to the direct integration with American Express, Card Members get access to virtual Card transaction data within Fyle’s platform. Fyle sends a text message requesting a reply with a picture of the receipt. Fyle reads the receipt and automatically matches it to the corresponding transaction instantly. Stop wasting time chasing employees, and let Fyle do it for you.

Close Books Quicker With Instant Reconciliation

If your current reconciliation process is manual and error-prone, it's time to let Fyle take over. When your employee sends the picture of the receipt, Fyle automatically matches and reconciles it to the correct transaction. It also accurately codes the transactions to your accounting software according to your General Ledger so you can close your books on time.

Stay On Top of Card Spend With up to Date Information

Thanks to the direct integration with American Express, you can track your employees' Card spending in real-time from Fyle. This makes it easy to manage budgets, spot spending trends, and make informed decisions.

Reduced Fraud 

Virtual Cards are a great way to decrease fraud, and here’s how:

• Since each virtual Card generates unique Card numbers for each transaction, it reduces the risk of unauthorized access or leak of sensitive information. 
• With virtual Cards, you can set specific spending limits, expiration dates, and even acceptable merchants, which minimizes the opportunity for fraudulent activities. 
• The absence of a physical Card reduces the chances of loss or theft, adding an extra layer of security. 

Conclusion

American Express virtual Cards offer enhanced security and budgeting tools alongside the convenience of traditional Cards. One-time use numbers and dynamic codes minimize fraud, while customizable spending limits keep you on track. 

For businesses, integrating with expense management software like Fyle unlocks even greater efficiency: real-time expense tracking, instant reconciliation, and valuable spending insights. Ditch the paperwork and optimize your finances – go virtual with Fyle and American Express.

Sign up for a demo today to see how Fyle can improve your American Express Card experience!

¹ _{To generate American Express virtual Cards through Fyle, you must be an American Express Corporate, American Express Business, or American Express Corporate Purchasing Card Member. Separate enrollment with Fyle and American Express is required to utilize combined product offering. To make an American Express Card payment to a vendor through Fyle, the vendor must be an American Express accepting merchant. There is no fee to generate American Express virtual Cards.Certain features, upgrades, and additional payment methods may require separate activations and fees may apply. Fyle is solely responsible for determining any and all fees associated with their product. Please contact your Fyle representative to learn more.}