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
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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
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
Four Chinese men arrested in HCM City for using fake credit cards
HCM City Police have arrested four foreign men for using fake credit cards. The four Lu Lei, 30; Shang Ai Yu, 23; Wang Lin Nin, 33 and Yao Wen Lin, 29 are from China. They were living at a hotel in District 1. Foreigners' fake credit cards confiscated by police recently On the evening of June 18, Lu Lei and Shang Ai Yu came to Mai Nguyen Shop on Vo Thi Sau Street in District 3 to buy two iPhones and some related accessories worth total VND47 million (USD2,130) using an HSBC credit card. The credit card used for the purchase failed four times. However, when Lu Lei instructed them to swipe the cards, the system said the payment had been successful. The staff suspected the card was fake and asked Lu Lei to show his passport, but unsurprisingly he said that he had left it at the hotel. The staff refused to hand over the mobile phones and said they would be delivered to him the next … [Read more...] about Four Chinese men arrested in HCM City for using fake credit cards