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What does opening a credit card with a savings account mean?
A savings account is the amount of money you deposit into the bank. This money ensures responsibility for opening a credit card, serving as a basis for the bank to see that you have enough capability to repay debts with the amount provided in the credit card.
With the savings amount, you only need to bring cash or possibly gold, gemstones... with the corresponding amount required by the bank. For example, if the bank requires a minimum of 30 million dong in your savings to open a credit card, then you open a savings account with a minimum of 30 million dong. Your savings account still earns normal interest, however, you cannot withdraw money until you stop using the credit card.
How is the credit card limit determined?
For instance, if you open a savings account at Techcombank with 26 million VND, your credit card limit would be around 22 million VND. You only need to deposit the amount of 26 million VND once into your savings account when applying for the card to get a monthly limit for 2 - 3 years. However, you need to repay the full amount spent through the credit card each month.
Requirements for applying for a credit card with savings
Applying for a credit card with savings is extremely simple and fast. You only need to bring the following relevant documents to meet your card application needs:
- Identification card/residence card, permanent residence book (certified copy)
- Cash (gold, gemstones, diamonds) equivalent to the amount required by the bank.
The funds in your savings account cannot be withdrawn during the card usage period, but you still earn interest at the savings deposit rate. Therefore, if you have no bad debts, besides the high success rate of opening a credit card with savings, your savings continue to grow.
Currently, credit cards are extremely useful online payment tools. With the option to open a credit card without income proof using savings, you can undoubtedly open a credit card quickly and easily. Additionally, you can open a card through various methods such as life insurance contracts, car ownership, cash ... for more details, refer to other ways to open a credit card without income proof here.
