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
Jquery credit card validator
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
VIB launches premium World MasterCard credit card
Clients register for opening credit cards at a VIB branch in Ha Noi. — VNS Photo Vietnam International Commercial Joint Stock Bank (VIB) last week launched a premium credit card —VIB World MasterCard. The card provides special offers on dining, travelling, relaxing and shopping to cardholders who often go on business or travel aboard. By now, banks in Viet Nam have introduced many kinds of credit cards designed to meet the needs of each group of customers, ranging from common consumers to businesspeople. “VIB World MasterCard credit card has been designed for the convenience and benefits of cardholders, specifically those who often travel within the country or abroad, be it for personal or business reasons,” VIB said in a statement. VIB World MasterCard cardholders can use a credit limit of up to VND1.2 billion (nearly US$53,000), with an interest rate of zero per cent within 55 days. Cardholders can get many offers at airports, such as free services up to … [Read more...] about VIB launches premium World MasterCard credit card
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
Third largest credit card brand of US to cooperate with NAPAS
Updated at Saturday, 23 Dec 2017, 13:25 The Hanoitimes - Previously in last month, NAPAS has also signed Memorandum of Understandings (MoU) with Alipay of Jack Ma. Discover Financial Services subsidiary DFS Services LLC has formed a strategic alliance with National Payments Corporation of Vietnam (NAPAS) to allow acceptance of NAPAS Global Cards outside of Vietnam on the Discover Global Network, which includes Discover Network, Diners Club International and PULSE. The partnership will allow acceptance of NAPAS Global Cards outside of Vietnam on the Discover Global Network. The agreement also opens acceptance for Discover, Diners Club and affiliate network cards on NAPAS network in Vietnam, with more than 17,000 ATM and more than 270,000 Point of sales (POS) in Vietnam. The Discover Card was originally introduced by Sears in 1985, and was a unit of Dean Witter, which merged with Morgan Stanley in 1997. In 2007, the unit was spun off as an independent, publicly … [Read more...] about Third largest credit card brand of US to cooperate with NAPAS
Sacombank JCB Ultimate credit card launched
Sacombank and JCB International Co. Ltd. (Japan) on December 25 launched Sacombank JCB Ultimate credit card in Viet Nam.This is the most prestigious JCB card for individual customers in Viet Nam, and people should have an income of VND80 million (US$3,522) per month to qualify for it.Cardholders can get cash back for all transactions during weekends at certain merchants such as restaurants and supermarkets at the rate of 15 per cent for overseas spending and 10 per cent for domestic spending.It is 0.5 per cent for spending on weekdays.Cardholders can get a free dish when dining at high-end Japanese restaurants such as Fuji and Chiyoda Sushi (HCM City) and Makoto (Ha Noi).They are also entitled to other privileges such as travel insurance of up to VND10.5 billion; free use of over 57 airport lounges in Japan, China, Hong Kong, Singapore, South Korea, Thailand, and Viet Nam; and global support through a free hotline when booking cars, hotels, restaurants and golf sessions in Japan.Until … [Read more...] about Sacombank JCB Ultimate credit card launched
Techcombank launches internet credit card
Techcombank launches internet credit cardBy Thu Thuy - The Saigon Times Daily Rêv Visa Internet Card is a pre-paid card and does not require the holder to have a bank account. A customer just needs to buy a scratch card with the desired amount of money, then goes to the website www.revinternetcard.com.vn to activate the card. He or she then can use that account to buy goods on local and international websites accepting payment by Visa card. In HCMC, customers can buy the card at Coop Mart supermarkets on Nguyen Dinh Chieu, Nguyen Kiem, and Dien Bien Phu Street or Sinh Telecom Co. in District 10. The bank, which is the first bank to launch this virtual card in Vietnam, said these cards would be widely distributed in the near future. Techcombank now issues many kinds of payment cards comprising local debit card, Visa debit card, Visa credit card, and a card under cooperation between the bank and Vietnam Airlines. As of late June this year, Techcombank’s total assets had … [Read more...] about Techcombank launches internet credit card
Metro wholesale stores accept debit and credit cards
Metro wholesale stores accept debit and credit cardsBy Quoc Hung - The Saigon Times DailyWith the agreements in place, the Metro Cash & Carry stores in Vietnam will accept local debit cards (or ATM cards), and international debit and credit cards such as Visa, MasterCard, JCB, CUP and Dinner’s Club.VietinBank will provide card services and install card acceptance devices at all Metro Cash & Carry centers in Vietnam. Visa will provide technical support, consultancy, and user training.Speaking at the signing ceremony in HCMC, Randy Guttery, managing director of Metro Cash & Carry Vietnam, said: “We deployed credit card payment in Metro wholesale centers to bring more financial benefits to our business customers.“An increased penetration of credit card use in our professional customers, and in Vietnam’s business community in general will drive up the number of transactions and the spend for transaction through Metro stores, increasing the credit … [Read more...] about Metro wholesale stores accept debit and credit cards