Illustrative photo (Source: baodauthau.vn) Hanoi (VNA) - The State Bank of Vietnam (SBV) has directed commercial banks to tighten control over credit card payments to prevent the improper use of credit cards. Under the instruction, the SBV has asked commercial banks to review transactions and terminate contracts with customers suspected of using their credit cards for improper purposes. Banks should review contracts with units accepting credit card payments and supplement requirements on the use of credit cards, as well as work out solutions to supervise, inspect, manage and address violations by these units. Also, criteria for choosing units that can accept credit card payments should be created. Members of the Vietnam Bank Association need to update their information on the illegal use of bank cards. If banks detect violations by units accepting credit card payments, they must report these violations to the SBV and the Vietnam Bank Association. The central bank also asked units … [Read more...] about Banks required to tighten control over credit card payments
Zero percent credit card balance transfer
Banks required to tighten control over credit cards
The central bank has asked commercial banks to review transactions and terminate contracts with customers suspected of using their credit cards for improper purposes. Photo baodauthau.vn HÀ NỘI The State Bank of Việt Nam (SBV) has directed commercial banks to tighten control over credit card payments to prevent the improper use of credit cards. Under the instruction, SBV has asked commercial banks to review transactions and terminate contracts with customers suspected of using their credit cards for improper purposes. Banks should review contracts with units accepting credit card payments and supplement requirements on the use of credit cards, as well as work out solutions to supervise, inspect, manage and address violations by these units. Also, criteria for choosing units that can accept credit card payments should be created. Members of the Vietnam Bank Association need to update their information on the illegal use of bank cards. If banks detect violations … [Read more...] about Banks required to tighten control over credit cards
High profits lead to stiff competition in credit card market
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
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
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