8 Things you may not know about cards postpaid credit

1. What is a postpaid credit card?

A postpaid credit card is a type of payment card that allows you to spend now and pay later. When using the card, you will be given a certain credit limit by the bank. This means you can shop and pay for services even if there is no money available in your account, as long as you do not exceed the credit limit approved by the bank. 

Then, the customer needs to pay the bank on a fixed day of the month (card statement date), usually within 45 - 55 days from the time the cardholder borrows money to spend. If you pay during this time, customers will be completely exempt from interest. Customers who pay credit card balances after the interest-free period will have to pay interest and penalty fees according to bank regulations.

Identifying characteristics of postpaid credit cards:

The front has the following information:

• Cardholder name: The name of the card holder is clearly printed on the front.
• Card number: A 16-digit number sequence, this is the card's unique code.
• Bank logo: Logo of the card issuing bank.
• Chip: A small chip is embedded in the card to perform transactions.
• Magnetic strip: A black magnetic strip contains information about the card, used for card swipe transactions.

The back of the postpaid credit card has information:

• Signature panel: A blank box for the cardholder to sign. This signature is used to confirm transactions.
• CVV/CVC code: A series of 3 or 4 digit numbers, printed on the back of the card. This code is used to authenticate online transactions.
• Publisher name: Name of the card issuer.

2. Benefits of credit cards

Credit cards used effectively will bring many benefits to users. Specifically as follows: 

• Pay online easily: Just enter card information on shopping websites, you can complete the transaction quickly and conveniently without having to have money in your account.
• Convenient spending management: When using a credit card, banks will send spending via text message, email or application for you to control spending conveniently and effectively. 
• High safety and security: Your card information is encrypted to protect against unauthorized access. If you accidentally lose your card, you can immediately contact the bank to block the card to limit damage.
• Receive many attractive offers: Banks often cooperate with partners such as supermarkets, stores... to provide discounts for customers using credit cards. In addition, when using a postpaid credit card, customers can also accumulate reward points to exchange for goods and services.

3. Postpaid credit cards

There are two main types of postpaid credit cards: domestic credit cards and international credit cards:

1. Domestic credit card

A type of credit card issued by domestic banks, mainly serving domestic spending needs.

2. International credit card

This is a type of credit card issued by domestic banks but with international brands (Visa, Mastercard, JCB...).

Currently, domestic credit cards are less used because these cards cannot be paid on foreign websites and e-commerce websites. International credit cards are more popular and widely used. 

4. Conditions and procedures for opening a credit card

To open a postpaid credit card, customers need to meet the following conditions and prepare procedures:

Condition

According to the provisions of Article 16 Circular 19-2016-TT-NHNN Conditions for card use are as follows:

• “For cardholders who are individuals:

a) People aged 18 years or older with full civil act capacity as prescribed by law may use debit cards, credit cards, and prepaid cards;

b) People from full 15 years old to under 18 years old who have not lost or limited their civil act capacity, and have their own assets to ensure the fulfillment of obligations in using the card are allowed to use debit cards that cannot be overdrafted or prepaid cards.

• For supplementary cardholders:

“The supplementary cardholder may use the card according to the specific instructions of the primary cardholder but only within the following regulations:

a) People aged 18 years or older with full civil act capacity as prescribed by law may use debit cards, credit cards, and prepaid cards;

b) A person from full 15 years old to under 18 years old who has not lost or limited his or her civil act capacity and whose legal representative has agreed in writing to use the card may use a debit card, credit card, or prepaid card;

c) A person from 6 years old to under 15 years old who has not lost or limited his/her civil act capacity and whose legal representative has agreed in writing to use the card may use a non-overdraft debit card or prepaid card.

In addition, customers need to prove income to the bank to ensure their ability to pay the outstanding debt. At the same time, customers do not have bad debt balances at banks and other credit institutions.

Card opening procedures:

Legal documents:

• Identity card/Citizen identification card: This document is required to verify your identity.
• Documents proving address: Household registration, temporary residence registration... to confirm your place of residence.

Documents proving financial capacity:

• Labor contract: This document helps confirm that you have a stable job and a certain salary.
• Bank account statement: This document helps the bank evaluate your spending ability and ability to pay.
• Business contracts, tax finalization: For self-employed people.

Collateral profile: (If any)

• Red book, house ownership certificate: Used as collateral when you want to borrow a large amount of money.

Application: You will fill out all personal information in the bank's registration form.

Other documents as required by the bank.

5. How to open a postpaid credit card

Currently, there are two ways for customers to open a postpaid credit card: opening a card online and opening a card directly at the counter. Specifically: 

5.1. Open card online

This is a convenient, time-saving way to open a credit card that you can do anytime, anywhere with just a smart device with an internet connection. The steps are as follows: 

• Step 1 - Access the bank's website or application: After accessing the bank's website or Mobile Banking application, you canChoose the card type that suits your needs and financial capabilities.
• Step 2 - Fill in personal information: Enter complete and accurate personal information such as full name, identity card number/citizen identification card, phone number, address...
• Step 3 - Upload profile: Upload scanned copies or photos of necessary documents such as ID card, household registration, labor contract, bank account statement...
• Step 4 - Verify information: The bank will send an OTP code or ask you to perform other authentication steps to ensure your information is correct.
• Step 5 - Wait for approval and receive the card: After completing the above steps, you will have to wait for the bank to review your application. Processing time may vary depending on each bank. If your application is approved, the bank will send the card to the address you registered.

5.2. Open card at the counter

This is a form of card opening in which customers will go directly to the bank's transaction counter to receive direct instructions from staff.

• Step 1 - Prepare documents and move to the bank: Customers bring all necessary documents such as identity card, household registration, labor contract, bank account statement... Then, customers go directly to the nearest bank branch to complete the card opening procedures.
• Step 2 - Complete the required procedures: Bank staff will directly guide customers to carry out the required procedures.
• Step 3 - Wait for approval: Bank staff will review the information you have provided to review your application.
• Step 4 - Receive card: If the bank agrees to approve the card opening request, the customer will receive the credit card after about 3 - 7 working days. 

6. The secret to using postpaid credit cards with no fees and many incentives

When using a postpaid credit card, please "pocket" the following tips to receive maximum benefits:

• Pay your outstanding balance in full on time, especially within the interest-free period: This is the most important secret to avoid incurring interest rates. Once you pay the full amount spent during the period, you will not have to pay any additional fees. The interest-free period usually ranges from 45 - 55 days, depending on the bank.
• Control spending well: You need to clearly determine the amount of money you have to spend each month, avoid buying unnecessary items. This will help you avoid spending beyond your means, leading to difficulty making payments and incurring interest.
• Take advantage of card incentives: Each type of credit card will have its own incentives. You need to clearly understand the "privileges" of your credit card to spend appropriately and receive many attractive incentives such as discounts, points, 0% installment payments... These incentives help you save a significant amount of money.
• Check your balance regularly: Checking your balance regularly helps you clearly understand how much money is left to spend, avoiding over-consumption and bad debt.
• You should keep receipts when spending by credit card for comparison when needed: When spending with a credit card, you should maintain the habit of keeping receipts to compare with transactions on the statement, detect invalid transactions and make complaints if necessary.
• Buy 0% installments via credit card: This is a flexible form of shopping, helping you own items of great value without having to pay once.

7. Ways to secure your credit card better

Credit card security is one of the important factors to avoid bad guys taking advantage of money in your credit account. Here are ways to better secure your credit cards: 

• Make sure the information is accurate: When receiving the card, you need to carefully check the information printed on the card such as: cardholder name, card number, expiration date... to ensure they match the information you provided when registering. If you detect any errors, please contact the bank immediately for repair support.
• Sign in the signature box: Signing the signature box on the back of the card is very important. When making a transaction, the cashier will compare the signature on the card with your signature to verify your identity before making the payment.
• Use broken stamps to cover CVC/CVV numbers: CVC/CVV number is a series of security numbers, usually printed on the back of the card. You should use the stamp provided by the bank to cover this number. CVC/CVV numbers can only be revealed when entering directly on POS machines or when making online transactions on reputable websites.
• Absolute confidentiality of information: Card number, expiration date, CVC/CVV number are extremely sensitive information. You absolutely must not share this information with anyone, including relatives. Because if this information is leaked, thieves can make transactions without needing a physical card.  

8. SeABank credit card - many attractive incentives for customers

Southeast Asia Commercial Joint Stock Bank (SeABank) is one of the prestigious joint stock commercial banks in Vietnam. With many years of experience, SeABank has continuously developed and brought customers a variety of financial service products, including credit cards. SeABank credit cards are known for many attractive incentives and outstanding utilities.

• Annual fee: Many SeABank credit cards have annual fees waived for the first year or even forever, helping you save a significant amount of money.
• Unlimited Refunds: When you use your card to pay your bills, you may be able to get a portion of your spending back. Cashback levels and applicable conditions will vary depending on card type and promotion program.
• Pay in 0% interest installments for all expenses: This is a very attractive offer, allowing you to split large expenses into multiple installments without paying additional interest.

Customers can learn more about card types and attractive offers credit card to choose the appropriate card type and optimize benefits when used.

Above is useful information about postpaid credit card, hWe hope this article has helped customers better understand this convenient card and make the right choice for them to spend flexibly and receive many benefits. Don't forget to choose a reputable bank with a variety of credit cards like SeABank for great spending.

If customers want to learn more about SeABank's programs and products and services, they can contact the nearest transaction points or call Hotline 1900 555 587 or visit the website. www.seabank.com.vn for detailed information and advice.