VIETNAM CHAMBER OF COMMERCE AND INDUSTRY
Liên Đoàn Thương Mại Và Công Nghiệp Việt Nam
Fri, Mar 17, 2023, 13:51:00
From March 15, VIB applied new features and a refreshed look for its Mastercard credit cards. The bank is pioneering in using cutting-edge technology and minimalist design with more luxurious and durable materials for the cards.
At the same time, the bank has reorganised its credit card portfolio to feature key products including Cash Back, Rewards Unlimited, Travel Elite, and Premier Boundless to meet customers’ demands.
With the new design, VIB has combined minimalism and modern styles. The special lines on the cards are carefully chosen to make the cards more luxurious and durable.
On the back of the card, the QR code is incorporated with VR and augmented reality. The virtual finance expert Vie will appear at customers’ request to give advice on card usage and incentives.
Vie is brought closer to users with a 3D display and voice interaction. VIB is a pioneering bank in introducing the talking card to customers, creating an unprecedented experience for cardholders.
Customers will be exempt from any fees when changing to the cards with the new design between March 15 and April 30.
From March 15, VIB Rewards Unlimited cards double the spending points with 10 bonus points for every VND1,000 (42 US cents) spent at point of sale and duty-free shops, and 5 bonus points at supermarkets.
Previously, cardholders received an additional 5,000 points for every VND10 million ($424.18) spent. From March 15, they just need to spend from VND10 million ($424.18) and all bonus points will be doubled.
VIB Cash Back cardholders have two cash back options, unlimited 0.1 per cent cashback on all spending, or a refund of up to 10 per cent according to the group of spending categories.
Previously, the maximum refund by category group was VND800,000 ($33.93) per month. From March 15, the refund climbed to VND2 million ($84.84) per month, equivalent to VND 24 million ($1,018) per year.
Category groups still include food, entertainment, marketing, and advertising services. The medical and health group is now replaced by the Insurance group.
In addition, from March 15, when saving card information on online shopping websites and apps, Cash Back cardholders will be refunded up to VND 100,000 ($4.24) in each statement period for the first three periods.
From March 15, VIB applies zero per cent fees for foreign currency transactions using a VIB Travel Elite card for the first three statement periods from the date of first card issuance and only 1 per cent for subsequent periods. This is a very beneficial adjustment for cardholders compared to the usual 3-4 per cent rate in the market and the rate of 1.75 per cent in the past.
The card's bonus mile accumulation is increased from 1 mile for every VND20,000 (85 US cents) to 3 miles for every VND25,000 ($1.06) spent at point of sale abroad. For other spending, the accumulation is 1 mile. VIB no long applies the 5-mile accumulation rate for Prudential premium payments via digital banking. The bank grants 1,000 extra miles for every VND 100 million ($4,241) spent.
Travel Elite cardholders are entitled to use airport lounges free of charge twice a year without conditions or four times per year when spending from VND 60 million ($2,545) per year abroad.
From March 15, VIB grants 4,000 Lotus Gold miles for new cardholders of VIB Premier Boundless who spend from VND5 million ($212.09) at Vietnam Airlines within 30 days from the issuance date. The bank also grants 3,000 Lotus Gold points if the cards are successfully opened between now and April 30.
Cardholders can have unlimited access to airport lounges with overseas spending of VND60 million ($2,545) in the previous year. They can also access the lounges four times per year without any requirements.
With only one spending transaction, cardholders can also get an automatic upgrade to a Titan Lotus Gold card for the first year from the issuance date. In the following years, cardholders are automatically upgraded to Titan, Gold, and Platinum cards with spending levels in the previous year of VND360 million ($15,270), VND 1.5 billion ($63,626), and VND3 billion ($127,253) respectively.
The card still automatically accumulates 2 Lotus Gold miles for every VND20,000 (85 US cents) spent at Vietnam Airlines, 1.5 miles for every VND25,000 ($1.06) spent abroad, and 1 mile for every VND30,000 ($1.27) spent domestically.
The bank no longer applies incentives like free foreign currency transactions for the first three statement periods, annual fee waivers for the next year with average spending from VND 30 million ($1,272) per month in the previous year, and foreign currency exchange rates according to the rate announced by the State Bank of Vietnam. Instead, there are promotions for different periods. For example, VIB is waiving the next year's annual fee if the previous year's spending reaches VND 40 million ($1,696) a month.
From March 15, VIB suspended the issuance of Zero Interest Rate and Happy Drive cards. The cards in operation will be automatically changed to Cash Back until expired. Customers can request a change to Travel Elite and Premier Boundless free of charge until April 30.
With the desire to be the best choice for customers when thinking about opening and using credit cards, VIB is committed to quality and meeting customers’ demands, reinforcing its leading position in the card market.
