Banks have seen profits from the credit card business climb in recent years, which has encouraged more competition in the market. — VNA/VNS Photo Both domestic and foreign banks are offering preferential programmes to lure more credit card holders to compete for a larger market and a piece of the high profits generated by the credit card segment. Vietnam International Bank (VIB) recently launched its VIB Zero Interest Rate Credit Card, which is free of interest for all card expenses. VIB is the first bank in Viet Nam to waive interest rates for cardholders for five years of their cards’ validity, instead of the typical period of 45 to 60 days. In addition to waiving interest rates for all card transactions, VIB will also waive transaction fees in the first three months from the card’s activation date. At HSBC, the Visa Cash Back Card allows cardholders to get back up to 8 per cent of the total they spend at grocery stores and supermarkets with a maximum value of … [Read more...] about High profits lead to stiff competition in credit card market
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VIB launches zero interest credit card
The card's 3D-secure and integrated features enable cardholders to easily manage cards anytime and anywhere via internet banking or the mobile banking application MyVIB. — VNS Photo Vietnam International Bank (VIB) debuted its VIB Zero Interest Rate Credit Card – free of interest rate for all card expenses – in HCM City on Thursday. VIB is the first bank in Việt Nam to waive interest rates for card holders for five years of their cards’ validity, instead of 45 to 60 days as is typical. The card's 3D-secure and integrated features enable cardholders to easily manage cards anytime and anywhere using internet banking or the mobile banking application MyVIB. This helps them lock cards in emergency cases or open online payment features and reset passwords conveniently and quickly on mobile phones. In addition to waiving interest rates for all card spending transactions, the bank will also offer card holders free transaction fees in the first three months from … [Read more...] about VIB launches zero interest credit card
LOTTE Finance launches credit cards with annual fee cashback for life
The credit card launch marks an important milestone for Lotte Finance in positioning its premium brand in the Vietnamese market, while demonstrating the company's commitment to become a trusted and beloved financial partner to Vietnamese people. LOTTE Finance launches two new credit cards that come with abundant bonuses On April 14, 2019, Lotte Finance Vietnam Co., Ltd. (Lotte Finance) has officially launched two new credit card products with attractive features and benefits such as annual fee cashback for life as well as discounts and bonus points at Lotte Group's service system, including its food chain, coffee shops, and cinemas. Accordingly, the credit cards launched are Lotte Finance Visa and Lotte Finance Visa Platinum. As a financial company under the South Korean conglomerate Lotte Group, Lotte Finance provides various benefits to its credit card customers through attractive incentive schemes. While enjoying the services of Lotte Group’s affiliates, customers … [Read more...] about LOTTE Finance launches credit cards with annual fee cashback for life
Sacombank offers summer vacation deals on credit cards
Sacombank international credit cards holders will enjoy promotions during summer vacation. — Photo courtesy of Sacombank Sacombank has announced promotions for international credit cardholders when they book air tickets, hotels and sightseeing services or spend when travelling under programmes it has launched for the summer holidays. From April 1 to September 30, Sacombank international credit cardholders (excluding corporate credit cards) can send text message THE VIVU to 8149 to get benefits when shopping and spending overseas, though not online. CCardholderswill get a preferential foreign currency transaction fee rate of just 1.5 per cent when they spend at least VND5 million (US$215.5). Sacombank Visa Signature cardholders will get their Sacombank air miles tripled, enabling them to redeem tickets from many airlines, get Vietnam Airlines reward miles or redeem for annual fees or cash. Other international credit card holders (except Sacombank JCB Ultimate card, Visa Platinum … [Read more...] about Sacombank offers summer vacation deals on credit cards
Vietnamese credit card market offers potential for banks
Vietnamese credit card market offers potential for banksThe Saigon Times Daily A credit card is used for payment - PHOTO: THANH HOA HCMC – Despite recent enormous growth, the local credit card market still offers potential for local commercial banks, Tuoi Tre Online newspaper reported. According to the State Bank of Vietnam, as of the third quarter of last year, 147.3 million bank cards had been issued, an increase of 20 million cards year-on-year. Of these, there had been only 4.6 million credit cards conducting transactions valued at nearly VND50 trillion, a 50% surge over the one year-ago period. Banks have rushed to issue credit cards with preferential policies, as part of a race to lure more customers to increase their market shares. According to financial experts, the development of tourism and online shopping has fueled Vietnamese consumers’ demand for payments via credit cards. In addition, banks can earn large profits from credit card services due to … [Read more...] about Vietnamese credit card market offers potential for banks
Credit card race heating up with more competitors
VietNamNet Bridge - Small banks and finance companies are now rushing to issue credit cards and compete with big banks as they believe the development potential of the credit card market remains great. The total number of cards issued by the end of the second quarter of 2018 had reached 141.6 million, an increase of 7.3 percent compared with the beginning of the year, according to the State Bank of Vietnam. The number of cards issued has been increasing steadily in recent years, as non-cash payment methods are becoming more popular. Of the 141 million issued cards, more than 90 percent are debit cards, while other types of cards, including credit cards, account for a very small proportion. Meanwhile, Vietnam has over 70 million adults, and income and spending growth rates among the highest levels in the region. As for banks, developing credit cards can bring higher profits thanks to the higher interest rates than normal lending. They also have earnings from different types of … [Read more...] about Credit card race heating up with more competitors
6 Common Misconceptions About Credit Cards
Do you know you should not hold too many credit cards? If you think it’s because it will hurt your credit score, then you, like many others, have misunderstood how credit cards work. Despite the rising popularity, many people these days still hold on to wrong notions about credit cards. There are many aspects of these cards that are still generally misunderstood. It’s not the credit cards, but these misconceptions that can cost you dearly. Check out some of the most common misconceptions about credit cards: Do not accept an increase in your credit limit If you are punctual with the payment of your credit card bill, your card issuer may offer an increase in your credit limit. You may think that the bank is trying to trick you into spending more. However, you can use this opportunity to your advantage. If you accept the increase in your credit limit and continue to spend the same amount … [Read more...] about 6 Common Misconceptions About Credit Cards
Vietnam agents warn against buying third-party air tickets booked with stolen credit cards
Purchasing an air ticket bearing totally legitimate and valid information from a third-party might be all it takes to turn your dream vacation into a nightmare. Nearly ten passengers have sent complaints to Tuoi Tre (Youth) newspaper after being denied flying with Vietjet tickets that were properly booked with correct information after the bookings were found to have been purchased with stolen credit cards. Some ticket agents suggest that these disgruntled travelers are the victims of scammers who bought the tickets with stolen credit cards before reselling them at rock bottom prices. Denied flying In August 2017, Truong Thi Bao Trinh asked a ticket agent named Chu Hai Yen to book her a Saigon – Hanoi flight at the lowest possible price. Yen then made a request on a Facebook group for ticket sellers where she received an offer to transfer a Vietjet ticket for VND1.65 million (US$73) from Pham Thi Trang, a Ho Chi Minh City resident. The normal rate typically sits around VND2 … [Read more...] about Vietnam agents warn against buying third-party air tickets booked with stolen credit cards
15 years old persons can use credit cards
That is one of noteworthy contents in Circular 26/2017 by the State Bank of Vietnam to amend and supplement Circular 19/2016. The new circular permits people from six years old to under 15 years old with full civil act capacity to use debit and prepaid cards instead of no-overdraft prepaid and debit cards as before if their legal representatives agree in writting. According to previous regulations, those aging from 15 to under 18 must have private properties to ensure that they can conduct their missions in car use to be permitted to use the above cards. By NHUNG NGUYEN – Translated by Hai Mien Tags: credit cards Circular 26/2017 State Bank of Vietnam … [Read more...] about 15 years old persons can use credit cards
New limitation of foreign currency withdrawal for Vietnam`s credit card holders
The new regulation would go into force from March 3, 2018. Specifically, a card holder can withdraw a maximum amount of cash in foreign currency equivalent to VND30 million (US$1,300) per day. For cash withdrawal at domestic card accepting units, each card holder can withdraw maximum VND5 million in one day. This is in line with newly-issued Circular 26 by State Bank of Vietnam (SBV) concerning bank card operation. For the withdrawal of cash by cards abroad, to limit the use of cash as foreign currency spent for improper purposes that are not permitted by the law, the circular stipulates that cash withdrawal transactions will be subject to a daily cap limit The circular also states, in case of issuing credit card with collateral asset, the credit line will not exceed 80% of the asset’s value, which is not over one billion VND. lso supplements regulations on the issuance of cards to foreigners to prevent the case where foreigners enter the country for a … [Read more...] about New limitation of foreign currency withdrawal for Vietnam`s credit card holders