Blank credit cards seized by Vũng Tàu police. — Photo congly.vnViet Nam News BÀ RỊA-VŨNG TÀU — Police in the southern province of Bà Rịa-Vũng Tàu have arrested 22 Chinese citizens accused of making fake credit cards and organising gambling over the internet. The police surveilled the group of Chinese nationals, allegedly involved in using technology to carry out illegal activities in Vũng Tàu City. On Wednesday, provincial police in co-ordination with the Ministry of Public Security raided three villas and a hotel in Vũng Tàu’s wards 1 and 2. The group of 20 men and two women was caught using machines and electronic equipment to carry out high-tech crimes with Vietnamese accomplices who acted as translators. As many as 41 desktop computers, 13 laptops, 300 mobile phones, 200 blank cards and 33 credit cards issued by Chinese banks were seized by the police. They also took custody of … [Read more...] about 22 Chinese citizens arrested in Vũng Tàu for credit card fraud
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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
Vietnam’s credit card market heats up with big players
The Hanoitimes - Competition in the country’s credit card market has become stiffer as more big players join large domestic banks and finance companies in the race to gain shares in the potential market. Last week, South Korea’s Lotte Card officially took part in the Vietnamese card market after receiving a license from the State Bank of Vietnam to establish and operate its Lotte Finance Vietnam Co. Ltd as a finance company in the country. Vietnam now has about 10,000 places that accept card payments Under the license issued on September 19, Lotte Finance Vietnam, which has charter capital of VND600 billion (US$25.5 million), is allowed to provide various financial services, including consumer lending and credit card issuance. With the license, Lotte Finance Vietnam has become the first Korean financial company to be permitted to issue credit cards in Vietnam. According to statistics, shares of the country’s credit and debit card market are currently in … [Read more...] about Vietnam’s credit card market heats up with big players
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