Credit limit of credit card is up to VND 1 billion
(Updated at 13:11, 16/1/2018)
This is a new point added in Circular No. 26/2016/TT-NHNN issued by the State Bank of Vietnam on amending and supplementing Circular 19/2016/TT-NHNN on bank card operations.
Accordingly, Circular 26 supplements the regulation: "Credit limit for individuals as stipulated in Clause 1, Article 126 of the Law on Credit Institutions (amended and supplemented) as follows:
Where credit cards are issued with security assets, the credit limits granted to cardholders shall be determined by card issuers according to the internal regulations of credit card issuers on granting credit via credit card and a maximum of VND 1 billion.
Where credit cards are issued no security assets, the maximum credit limit granted to cardholders is VND 500 million."
At the same time, Circular 26 also added: "With regard to the limit of withdrawal of foreign currency cash in foreign countries, one card can withdraw maximum amount of cash in foreign currency equivalent to VND 30 million in one day.”
The Circular stipulates that persons between 15 and 18 years of age who do not lose or restrict their capacity for civil acts may use debit cards, credit cards or prepaid cards.
For card holders being organizations: Organizations being legal entities established and operating legally in accordance with the provisions of Vietnamese law may use cards. An entity cardholder can authorize in writing for an individual to use the card of the entity or allow the individual to use the supplementary card as prescribed in this Circular."
Another new regulation added in Circular 27 is that card-issuing organizations must apply at least two forms of receiving information to inspect complaint information of the cardholder including phone call center (with recording, 24 hours a day, 7/7 days a week) and through the card issuer's transaction points; ensure authentication of the basic information that the cardholder has provided to the card issuer.
The card issuer must promptly take measures to block the card when requested by the cardholder due to suspected fraud or loss and is liable for all financial losses incurred by the cardholder due to the use of the card after the time of card lock.

Hong Ngoc
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