A method for implementing an anonymous face to face or Mail Order Telephone Order credit card transaction by a user who has established a user account associated with a fictitious name. The user generates a valid personal charge number by executing an algorithm in a computer affixed to the electronic credit card that uses a user key and a card number as input variables. A merchant is provided with the valid personal charge number and the fictitious name that is submitted for approval to a credit approval center. The electronic credit card is sized such that a standard magnetic stripe reader can read it.