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Are you wondering about the minimum balance in a Visa card? Each bank and type of Visa card have different regulations on the fixed minimum balance, ensuring the most convenient service for customers.
The minimum balance in accounts with Agribank, BIDV, Vietcombank, and others varies. Find out the specific requirements for each.
1. What is the minimum balance in a Visa card?
The minimum balance in the account is the least amount that a cardholder needs to maintain in their Visa credit card at any given time. This ensures the card remains active and allows the bank to serve you best with confidence.
Hence, the minimum amount in a Visa, especially for domestic and international debit cards, is the least amount that a cardholder must always maintain. For domestic and international debit cards, the minimum balance set by banks ranges from 50,000 to 100,000 VND.
For example, the minimum balance in a Visa card at Vietcombank with a Vietnamese dong account is currently 50,000 VND, and for a USD account, it is at least 15 USD.
When using a Visa card, maintaining a minimum balance allows the bank to calculate interest, but the interest is of the non-compound type, resulting in lower rates. If you no longer use the Visa card service, you can retrieve the minimum balance you closed before completing the account closure.
2. Banks with the lowest minimum balance in Visa cards
Banks like Vietcombank, Techcombank, BIDV, and others have regulations on the minimum balance in Visa cards. Depending on each bank, different minimum balances are set. Among them, the following banks specify the lowest minimum balance.
* ACB Bank
Vietcombank is a seasoned player in the financial industry, consistently adjusting the minimum balance for Visa Vietcombank to better serve consumers and enhance competitiveness in the market. Presently, holding a Visa Vietcombank requires maintaining a minimum balance of just 50,000 VND.
Ensuring a continuous minimum balance in your card is crucial, and failure to do so for 6 months to 1 year will result in the bank closing your Visa account, with prior notification during the card registration process.
Important considerations regarding the minimum balance in your Visa card
The bank advises receiving notifications and upholding the minimum balance consistently, a requirement communicated during Visa card registration. Failure to comply may lead to account closure.
Legal provisions regarding the minimum balance in accounts are clearly outlined and specific.
The regulations in Circular 23/2014/TT-NHNN issued by the Governor of the State Bank of Vietnam are detailed and explicit, stating:
'Account holders are obligated to maintain the minimum balance on their payment accounts as stipulated by the payment service provider;
Payment service providers, where the payment account is opened for customers, have the right to specify the minimum balance on payment accounts and publicly announce and provide specific instructions for customers to be aware of.'
Payment service providers are obligated to establish internal procedures regarding the opening, use, and maintenance of payment accounts. They should provide clear instructions and public notifications for customers to be informed. Timely resolution of queries and complaints during the process of opening and using payment accounts is essential.
Therefore, this regulation tightly specifies the minimum balance for both banks and customers to limit potential issues. Understanding the minimum amount on Visa cards and essential notes about balances, it is advisable for individuals to consider and make appropriate choices before proceeding with the opening and usage of credit cards, such as cash withdrawals and efficient payments to ensure compliance with the bank's regulations.
Grasping the minimum amount on Visa cards and the necessary considerations regarding balances, we hope individuals make thoughtful and suitable choices before embarking on the process of opening a credit card. Efficiently utilizing the card, whether for withdrawals or payments, is crucial to ensuring that the minimum balance on the card complies with the bank's regulations.
If you wish to obtain a BIDV Visa card for payment and shopping purposes, you can refer to Mytour's article on how to get a BIDV Visa card to enjoy the benefits and conveniences provided by the bank.
