International Credit Card: The Key to Traveling Across Five Continents

International credit cards can be used for “buy now, pay later” payments in countries around the world. Owning this credit card brings many utilities, making your travel or business trips truly simple. So, who can open a card? What are the conditions and methods for opening a card that need attention? Detailed information is answered in the article below.

1. What is an international credit card? Conditions and how to open a card

International credit cards help make travel and business trips simpler

An international credit card is a special type of card, issued through cooperation between banks and reputable card organizations in the world such as Visa, MasterCard, JCB. When owning an international credit card, you will have the opportunity to experience the modern payment method “buy first, pay later” anywhere in the world.
With superior features and a wide range of use, international credit cards will be an effective companion in your travel or business trips far from home. Just put on your backpack and go, all costs from shopping, dining, to hotel booking can be paid quickly by card without carrying much cash.
Moreover, with the incentives and privileges that banks dedicate to international credit cardholders such as cashback, points accumulation, and discounts, you also have the opportunity to enjoy shopping experiences more exciting than ever.

2. Conditions for opening an international credit card

To own your own international credit card, customers must ensure the following conditions:

2.1 Subjects for opening an international credit card

Vietnamese citizens or foreigners living in Vietnam who are 18 years old or older have the right to open a credit card
The appropriate subjects to open an international credit card are Vietnamese citizens aged 18 or older or foreign citizens living and working in Vietnam.
These individuals must have a job as well as a stable monthly income. The proof of monthly income may vary according to the specific regulations of each bank as well as the card class to be opened.

2.2 Necessary documents to open an international credit card

To open an international credit card, customers need to prepare a full set of the following documents. Note, each item only needs one valid type of document.

• Proof of identity:
  • Identity card
  • Passport
  • Citizen identity card
• Verification of permanent address:
  • Household registration book
  • Marriage certificate (if it contains address information)
  • Driver’s license
• Proof of current residence:
  • House lease contract
  • Most recent electricity, water, or internet bills
  • Temporary residence confirmation from the ward police
• Proof of work and income:
  • Labor contract
  • Payroll or account statement receiving salary for the last 3 months
  • Health insurance, social insurance
  • Documents proving you are a business owner (if applicable)
• Other collateral assets (if any):
  • Savings account statement, certificates of deposit
  • Life insurance contract
  • Ownership documents for real estate, cars
  • Other types of financial proof documents

3. How to open an international credit card

Opening a credit card nowadays is very simple. You can go directly to the bank to register or open a card online.

3.1 Traditional method

Open a credit card directly at transaction counters

To open an international credit card using the traditional method, customers follow these steps:

• Step 1: Prepare a full set of documents according to MSB regulations from time to time
• Step 2: At the transaction counter, the customer fills out the international credit card registration form.
• Step 3: The documents are received and processed by MSB’s Customer Relationship Specialist. The application is approved within 3-5 working days and the card is delivered to the customer’s registered address.

3.2 Online method

Currently, many banks have applied the online credit card registration form to help customers save time and avoid having to go directly to the bank for cumbersome procedures. The steps are as follows:

• Step 1: Access the website/app of the card-issuing bank
• Step 2: Select the appropriate “Credit Card” product. Click the “register now” button, fill in full and accurate information.
• Step 3: The bank’s Relationship Specialist will contact the customer to support opening the card within 1-3 working days.
• Step 4: The application is appraised and approved
• Step 5: The physical card will be sent to the customer at the registered address

4. Notes when opening and using an international credit card

When deciding to open and use a credit card for payment, customers should note some information related to incentives as well as relevant policies to use the card optimally.

4.1 Before opening an international credit card

Pay attention to incentives for cardholders: each bank will deploy special incentives for customers when opening an international credit card account. Usually, these incentives will be vouchers, promotional gifts, discounts on total order invoices, cashback based on total payment invoices….

Customers should pay attention to incentives when opening a credit card

Pay attention to incentives when opening a card: Currently, banks are constantly launching attractive incentive programs to stimulate the demand for international credit cards. These can include: receiving gifts when opening a card for the first time, cashback when paying online; accumulating points to exchange for annual fees, vouchers…

4.2 When using an international credit card

Pay attention to the payment capacity of the card: Each type of credit card will have a certain payment limit. Therefore, when using a credit card for payment, you need to clearly understand the prescribed limit, avoiding overspending or exceeding the payment limit.

If it is a standard class credit card, the payment limit is 10 million VND to 50 million VND depending on the bank. For gold, platinum, or signature credit cards, the spending limit is from 50 to 200 million VND depending on each card-issuing bank. For platinum international credit cards, the spending limit is from 500 million VND to 2 billion VND.

Should not withdraw cash from credit cards: When using an international credit card, customers should minimize cash withdrawals. This is because credit cards are issued for the purpose of limiting cash usage. In some emergency cases, if cash must be withdrawn from the card at an ATM, the cardholder will lose a significant fee to pay to the bank. This fee ranges from 1% to 4% depending on each bank. And besides the cash withdrawal fee, cash withdrawal interest is calculated immediately from the date the customer withdraws cash.

Pay attention to interest rates and payment time when using a credit card to avoid extra charges

Pay attention to the credit card payment date: During the process of using an international credit card, users need to pay attention to the monthly payment time to have an appropriate usage and spending plan. Minimize late payments. Because in addition to the late payment interest rate, customers also have to pay a late fee, this fee is usually applied by banks ranging from 4-6% on the minimum late payment amount, at least 100,000 – 300,000 VND.

5. Popular types of international credit cards

On the market today, international credit cards are quite popular, but there are 3 types of cards that are favored most: Visa, Mastercard, and JCB. Understanding the characteristics of each type of card will help customers make the best and most effective choices and uses.

5.1 Visa

VISA cards are accepted for payment in over 200 countries and territories

Visa cards are international credit cards issued when banks collaborate with Visa International Service Association of the USA – a leading payment service company in the world. This type of credit card is currently used by about 1.3 billion people. Owning a Visa card, customers can make payments globally.

Owning a Visa card, customers enjoy special incentives such as: 20% discount on hotel booking fees globally; cashback up to 10% when booking online; discounts up to 100,000 when paying bills on Lazada…

5.2 Mastercard

MasterCard international credit cards are also among the types of credit cards trusted and used by many customers. With 25 million transaction points globally, MasterCard owners can perform transactions worldwide.

Using a MasterCard, customers can pay in advance for direct shopping transactions at merchants accepting MasterCard or pay online.

Incentives for owning a Mastercard include: accumulating points for gifts; cashback when paying with Mastercard; incentives when booking flight tickets; discounts at major tourist destinations around the world…

5.3 JCB

JCB international credit cards were born from the link between banks and the international payment brand Japan Credit Bureau – Japan. JCB cards are commonly used in Asian countries.

Owning a JCB credit card, besides the payment function, cardholders also enjoy many incentives in the field of tourism such as: free wifi access in Japanese tourist areas, incentives when buying flight tickets, and free admission to some sightseeing spots and tourist destinations in Japan.

6. Fees and interest rates for international credit cards

When using an international credit card, you cannot ignore fees as well as card interest rates. Mastering these fees will help customers use the card effectively without losing money on unnecessary extra charges.

Card issuance fee

When opening an international credit card, all customers are informed about the card issuance fee. Depending on each card class, the fee will be appropriately adjusted.

Card maintenance fee

Understanding the costs and interest rates when using a credit card helps you use the card with peace of mind

Maintenance fee, also known as the credit card annual fee, is also regulated differently depending on each bank. Customers can find specific information on each bank’s website or ask staff directly when opening a card at the counter.

Withdrawal fee

Withdrawal fee is the amount customers must pay when they need to withdraw money at an ATM. This fee is quite high, usually up to 4% of the total amount the customer needs to withdraw. Therefore, you also need to limit withdrawing money from the card.

Foreign currency exchange fee

The fee for converting into foreign currency is the fee customers must pay when performing foreign currency conversion for each international transaction. This fee is regulated by the state and does not exceed 5% of the total converted value.

Late payment fee

This late payment fee will arise when a customer does not pay the loan on time. It will include interest calculated on the loan and the penalty fee for paying the loan to the bank. Usually, this penalty fee is applied by banks ranging from 4-6% on the minimum late payment amount, at least 100,000 – 300,000 VND.

7. Live your passion, enjoy incentives with MSB Mastercard World Elite

Live your passion with the limited edition MSB Mastercard World Elite

MSB Mastercard World Elite is a limited edition high-end credit card from the cooperation between Vietnam Maritime Commercial Stock Bank and MasterCard. Owning this card in hand, customers enjoy many incentives to live their passion:

• The privilege of 100% foreign transaction fee waiver. Customers do not have to convert foreign currency before each business trip or travel abroad.
• Relax in private spaces at 1,200 world-class comfortable airport lounges and 10 lounge visits for accompanying relatives, regardless of ticket class or airline.
• Cashback up to 10% equivalent to 36 million VND/year for travel, resort, and culinary experiences at 5-star hotels or shopping for gifts for relatives and friends…

Using international credit cards is a modern consumer trend today. With convenience in how to open and use them, customers can easily perform transactions without worrying about costs. If you want to own an international credit card from MSB bank, please contact us for advice and support.

See more: Virtual credit cards and things you need to know – MSB

Share: