With the current trend of globalization, online transactions or cross-border shopping as well as international payments are becoming more and more popular. Many people choose to use VISA cards but do not know which types of VISA card to choose. This article will provide information about Difference between types of visa cards. Follow the article to find the right VISA card for your needs.
Difference Between types of visa card?
1. What is a VISA card?
VISA card is an international payment card, first issued by the Visa International Service Association (USA) in 1976. According to statistics from creditcards.com VISA is the most commonly used card in the world. However, instead of issuing cards directly, Visa organization cooperates with domestic banks to issue cards. Of course, you can still shop online abroad and pay with a VISA card issued by a local bank. At this point, you only need to bear the foreign currency transaction fee.
The main function of the VISA card is to make online payments at home and abroad. Besides, some cards can also withdraw cash, transfer, deposit... Especially, compared to regular domestic payment cards, you will often receive more incentives when using different types of cards. visa card.
2. Types of VISA cards
VISA cards are divided into 3 types, suitable for many different needs. Specifically:
2.1. VISA Debit (international debit card)
VISA Debit is a card linked to an account at a bank. Accordingly, you can withdraw, pay, transfer ... the amount in your account anywhere that accepts VISA cards. When paying with VISA Debit card, it should be noted that you cannot pay more than the current amount in your account.
For example, if you have 1 million VND in your account, you can only pay less than 1 million VND. In case you want to pay for a transaction worth VND 2 million, the bank will send you a notice of non-payment.
More information: Visa debit
2.2. VISA Credit (international credit card)
Similar to VISA Debit, international payments can also be made with VISA Credit. However, the difference here is that you can overpay your existing account by "borrowing money" from the bank with which your card is linked. After a period of time specified in the contract, if you do not repay in full, the amount you are borrowing will start to be charged interest. It is also for this reason that to create a VISA Credit card, you need to prove your income.
For example, if you "temporarily borrow" 1 million VND from the bank and the repayment period in the contract is 45 days, after this period of time, if you do not fully repay, you will be charged interest. If you refund before this period, you will not be charged interest at all.
Click for more: Visa Credit
2.3. VISA Prepaid (VISA prepaid card)
VISA Prepaid has a similar usage method to VISA Debit, that is, you can only use it within your existing account. Therefore, you do not need to declare your income when you want to create a card. However, unlike the above VISA cards, VISA Prepaid is not linked to any bank account.
3. Instructions on how to use the VISA card
3.1. Payment via POS
Currently, the trend of going cashless is gradually gaining popularity, including when shopping in person. Therefore, POS machines are equipped by many stores to make it convenient for customers to pay.
POS (Point of Sale) are machines that accept card payments. When paying by VISA card by swiping the card on the POS machine, you only need to enter the security code (PIN) to be able to pay.
This payment method helps you reduce the risk of theft due to carrying too much cash on you. However, always ask for an invoice from the store to match the amount you just paid.
3.2. Online payment
You can buy goods online in the country and also on foreign websites such as Lazada, Tiki, Ebay, Amazon ... or pay online for services of foreign organizations such as Facebook, Google, Youtube... Accordingly, when present In the payment request box, you need to enter all the information including: Name of the cardholder; Card number; Card duration; Security code CVV number can proceed to payment (no need to enter PIN code).
3.3. Withdraw cash at an ATM or a bank's transaction office
You can withdraw cash by VISA cards (except for prepaid VISA cards). If at an ATM, you perform the same operations as a normal domestic payment card. As for the method of withdrawing money at the bank's transaction office, you only need to bring your Visa card and ID card, the bank staff will support you to withdraw money after confirming the information.
4. Frequently Asked Questions
How much salary is eligible to apply for a credit card?
Because it is a card to spend first, pay later, you need to have a minimum salary depending on each bank. Accordingly, with a low salary of 5 million VND or more, you can open a credit card with a limit of 10 million VND.
How much does it cost to make a VISA card?
Depending on the bank you choose to make the card, there will be different costs. However, many banks are now FREE to issue and deliver Visa cards to all customers.
Is there a fee if I don't activate my credit card?
Once you have opened a credit card, if you do not activate it, you will still lose the basic fees of the issuance fee and the annual fee. Depending on each bank, this fee varies from 100,000 - 1,000,000 VND. Annual fee: This is a fee that the cardholder must pay the bank each year to maintain the card. This fee depends on each credit card product and the bank's regulations, ranging from 100,000 - 1,000,000 VND/year.
The above article has provided the necessary information about the differences between types of VISA. If you have any questions, please contact ACC using the information below.
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