BAOVIET Bank ends Visa credit card services, shifts to domestic cards
BAOVIET Bank ends Visa credit card services, shifts to domestic cards
BAOVIET Bank has announced that it will cease offering its international Visa credit cards from September 15.
The bank's Visa international credit card, previously available for both domestic and international transactions, allowed customers to utilise credit to pay for goods and services.
The card came in two tiers - standard and gold - with credit limits ranging from VND50 million to VND200 million (approximately $2,000 to $8,000). After September 15, BAOVIET Bank will exclusively issue a domestic credit card, restricted to transactions within Vietnam. This domestic card was first launched in partnership with National Payment Corporation of Vietnam (NAPAS) in January 2021.
In mid-August, BAOVIET Bank introduced an additional payment method for settling domestic credit card debt, enabling customers to make instant transfers from other banks to their BAOVIET Bank domestic credit accounts. Customers can also continue to settle their debts through cash or bank transfers at BAOVIET Bank branches, automatic debits, or via the bank’s electronic banking services.
The primary difference between the Visa international credit card and the domestic credit card lies in their transaction scope. While the Visa card enabled both domestic and international payments, the domestic credit card is limited to use within Vietnam. Moreover, the domestic card generally has lower issuance and annual fees, along with reduced daily withdrawal and transfer limits, compared to the international Visa card. This domestic option is better suited for customers who primarily conduct basic, local transactions within Vietnam.
