Re: But it doesn't always work well (Score 3, Interesting)

Citibank and HSBC both have had this system for a while.

I've stopped using it though after a rather unpleasant incident where the online vendor (ETS) did not perform the transaction immediately, but instead waited for 2 working days to debit the amount. The one time card is not meant to last for that period of time (quite obviously, otherwise there would be little safety). The transaction was denied and I was charged an additional 20$. The nice folks at ETS refused to allow another GRE registration till I paid up the extra fee.

I'll stick to the normal credit card , particularly when the purchases are valuable.