Is the virtual card niche slowly dying off?

Hey everyone, I’ve noticed a really weird shift in my new leads over the past few months.
Back a while ago, most people reaching out were regular advertisers running social media ads, SaaS subscriptions, standard marketing spend—legitimate long-term clients that keep consistent volume.
Now? Almost every new inquiry falls into two categories:

1. Guys chasing refund arbitrage / chargeback loopholes to flip quick profits
2. Small one-off micro orders just to grab sign-up bonuses or temporary free trials

Genuine steady advertisers are few and far between. The high-risk crowd is taking over most new traffic, and it’s jacking up platform risk nonstop.
Just curious if other virtual card providers here are seeing the exact same trend.

What’s your client mix looking like lately?

And do you think this whole virtual card space is on a downward slope long-term?

I think the market has changed. Good clients still come, but less often than before.

holder.jansa said:

This is just what other people have noticed too. The number of "easy money" seekers has increased dramatically, and serious advertisers have become more cautious, sticking to only those whom they know well. In the long run, I believe that this industry will survive, but with stricter adherence to regulations.

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yeah, I think so

The niche is just changing. The easy money crowd is getting bigger, while long-term business clients are becoming harder to find.

Finding long term clients has become harder now while short term and high risk requests are becoming more common. Building relationships with genuine customers feels more important than ever.

I feel the same, the demand of it is getting lesser, market needs are evolving

Melissax22 said:

I feel the same, the demand of it is getting lesser, market needs are evolving

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I’m actually thinking about switching to another line of work.