What is credit card?
A credit card is a card integrated chip containing the cardholder’s information and links to the bank that issued the card. Using a credit card is to replace the direct payments. This kind of payments based on the reputation of the cardholder to the bank.
The cardholder does not need to pay when they are shopping, but instead, the Bank will pay in advance, then the cardholder will pay back the money to the bank (plus the interest, if any). Credit cards are different from debit cards because when you spend money, it is not deducted directly into the deposit account of the cardholder immediately after each purchase, or cash withdrawal at POS.
How much money is spent by credit card depends on the income, financial situation and credit history of the customer, the bank will provide customers with a suitable credit limit. You do not have to pay all the money you’ve spent using credit cards for banks, instead you can “pay down” the money you’ve spent in a certain period of time, usually can be up to 45 days.
Conditions for opening credit card
– Individuals who have jobs and stable incomes (employees):
- Main card: Individuals 18 years old or older
- Extra tags: Individuals 16 years old or older
- Seniority at least 3 months, minimum income 5,000,000 VND.
– Individuals secured by assets (savings book):
- Main card: Individuals 18 years old or older
- Extra tags: Individuals 16 years old or older
- Having secured assets as collateral or pledged deposit account at Sacombank
(Note: Account activity for at least 06 months and a minimum balance of 1000USD/month)
– Business owner / individual business households paying tax or securities.
- Main card: Individuals 18 years old or older
- Extra tags: Individuals 16 years old or older
- Business activity at least 2 years and minimum income VND 5 million / month
The credit cards
American Express, Diners Club, MasterCard (Debit MasterCard Maestro), Visa (Visa Debit Visa Electron).
Credit card forms
Most of the credit cards are issued by local banks or credit institutions. Credit cards were originally made of cardboard, takes many forms, and different sizes, depending on bank or credit institution issuing it. How to use the card is limited, where people can directly identify the cardholder. Due to the advancement of science, along with the growth of demand, the credit cards used today are made of plastic polymer material, the same uniform shape and size according to ISO 7810.
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