That doesn't work when someone has multiple or virtual cards. That also means if someone steals my phone they get my credit card too.
Not a great solution.
> That also means if someone steals my phone they get my credit card too.
Which hasn't been an issue since Chip & PIN became required, 22 years ago (at least over here).
You can load multiple card identities onto the same SIM and select the one you want to use.