How to Cancel Subscriptions on Your Virtual Card

 

A friend once had her virtual card terminated and she wasn’t happy about it. Who would? Apparently, she had made a recurring subscription to a certain platform and forgot to fund her card. Her card declined severally and then got terminated. This would have been avoided if she cancelled her subscription but she didn’t.

Managing subscriptions has become a vital norm in our digital life. Everyday we work with certain platforms that require payments. From streaming platforms like Netflix to productivity tools like Canva and also, online courses. Freezing or deleting your virtual card isn’t a full proof way to stop subscriptions. In this article, you will learn how to keep track of all your subscriptions on your virtual card, the correct way and stress-free way to cancel subscriptions linked to your virtual card, avoid unexpected charges and take control of your money.

 

How Does A Virtual Card Work?

A virtual card is a digital version of your credit or debit card. Just like your physical card, it also has a card number, expiry date, and CVV number but it only exists online. Most people use virtual cards for online subscriptions because it offers control and security.

Virtual Cards enable users to:

• Have control over spending
• Instantly freeze or delete their card
• Avoid exposing your bank details

While these make them powerful and efficient tools with numerous benefits, they do not automatically cancel subscriptions linked to them. 

 

Why Cancelling a Virtual Card is Not Enough

Some people tend to believe that freezing or deleting their card cancels their subscription. This however is a wrong approach and is far from the truth. In reality, your subscriptions are managed by the service provider and not your virtual card. 

Here is what happens when you delete your virtual card:

• The subscription remains active
• The platform attempts to charge you and fails and may retry multiple times
• You could lose access to the platform unexpectedly without formally cancelling it
• Your account may get restricted or terminated which may be annoying if you want to return.

That’s why the correct way to cancel a subscription starts from the platform you subscribed to. 

 

How to Identify and Manage Subscriptions on Your Virtual Card

Sometimes you lose track of the platforms you are subscribed to and get unexpected charges. These subscriptions can quietly drain your money if you are not paying attention. That's why it is important to identify and manage your subscriptions. To identify subscriptions, you will need to look through your transaction history and check for repeated deduction from the same merchant  on a weekly or monthly basis.

Managing subscriptions isn’t just about cancelling them rather it entails:

• Tracking what you are paying for
• Preventing unwanted renewals
• Controlling when payments go through
• Organizing your financial commitments

Virtual cards provide the means to do all of this in ways your physical card cannot.

 

Step-By-Step Guide to Cancelling a Subscription Properly

1. Log into the platform you subscribed to
2. Go to account settings and look for sections like: “Account”, “Billing”, “Subscription” and “Payment Settings”
3. Locate the subscription option where you see details such as the subscription type which could be monthly or yearly, renewal date and, payment method
4. Click “Cancel Subscription”. You might be asked why you are cancelling and if you want to pause instead. 
5. Check for an email or message that confirms cancellation.

Another way you can cancel your subscription is directly from the playstore or appstore. This method is effective if you subscribed through your phone instead of  directly on a website.

Cancelling Virtual Card Subscriptions From Playstore

• Open your playstore
• Tap your profile icon
• Go to payments and subscription
• Select subscription
• Choose the app and click on cancel

Cancelling Virtual Card Subscriptions From Appstore

• Open settings
• Tap your name
• Select subscriptions
• Choose the active subscription and cancel

Final Thoughts

Virtual cards are efficient tools for managing online payments. However they don’t replace subscription management. By following the steps in this guide, you can avoid hidden charges, stay financially organized and effectively manage your subscriptions on your virtual card.