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1. What is a credit card?
A credit card is a type of card issued by banks to facilitate online payments instead of cash transactions. Cardholders can directly advance money to sellers when making purchases without carrying cash. Later, the cardholder will pay the bank for the transaction amount.
When using a credit card, the cardholder can gradually repay the amount in their bank account without having to pay the entire balance in the monthly transaction statement. However, the cardholder needs to make at least the minimum payment by the due date specified in the transaction statement.
Moreover, credit cards also integrate many other functions such as travel, entertainment, leisure, dining, and more.
Types of credit cards
- Secured credit cards: These require cardholders to prove collateral such as relevant documents related to assets, savings accounts, etc., making the card application process complex and challenging.
- Unsecured credit cards: These only require cardholders to prove their financial status by their monthly income.
2. Should you get a credit card?
Applying for a credit card at a bank
Credit cards are incredibly useful for making quick and convenient payments, fitting perfectly into today's modern lifestyle. Furthermore, when you open a credit card, you'll enjoy the following benefits:
- Enjoy a 45-day interest-free period for selected offers.
- Whether you're paying domestically or internationally, Visa/Mastercard can be used.
- With a credit card, your money stays in your wallet, so you can have peace of mind.
- Easy payments even without carrying cash, especially with discounted prices.
- Credit cards offer secure usage with high-level data protection.
- Using a credit card earns you various shopping benefits.
3. How long does it take to get a credit card?
How long does it take to get a credit card from Vietcombank, Sacombank, etc.? Nowadays, many banks offer different registration methods to meet customer needs, such as online registration on the bank's official website or in-person registration at bank branches/offices. Although both are methods of obtaining a credit card, they have different processing times.
If you apply for a card directly at the bank branch/offices, it will take about 10-15 minutes, but it only takes 3 - 5 minutes if you register online on the website because you don't have to wait, queue, or go through the elaborate procedures required at the branch/offices.
Once you've completed the bank card registration, the bank will provide you with an appointment for picking up the credit card. Typically, obtaining a credit card from banks like Vietcombank, Sacombank, BIDV, VPBank ... takes 5 - 7 days.
4. How much does it cost to get a credit card?
Generally, when applying for a credit card at any bank, you'll incur a card issuance fee and an account maintenance fee. However, each bank and card type will have different regulations regarding the card issuance fee. On average, customers applying for a bank card will have to pay a card issuance fee ranging from 50,000 to 100,000 VND. Some banks may also require an annual fee for cardholders, which is around 200,000 to 300,000 VND per card.
5. Banks Issuing Credit Cards with Preferential Fees
Currently, many banks have introduced credit card issuance services with preferential fees to attract and entice users, build brand reputation, establish credibility, and meet customer needs.
Banks offering preferential fees for credit card issuance
Moreover, many banks waive the card issuance fee, such as Vietcombank, BIDV, OCB, ACB ... so customers can consider choosing the appropriate credit card issuance service.
We hope that with the answers regarding how long it takes to get a credit card and how much the card issuance fee is, you now have additional information to arrange for obtaining a credit card to meet your daily needs. Additionally, you can learn more about International Debit Cards here.
