Maximum credit card limit is 1 billion VND

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Accordingly, Circular 26 adds the regulation: “The credit card limit for individuals is stipulated in Clause 1, Article 126 of the Law on Credit Institutions (amended and supplemented) as follows: In case of issuing a credit card with secured assets, the credit limit granted to the cardholder is determined by the card issuing organization according to the internal regulations of the card issuing organization on granting credit via credit cards and is maximum 1 billion VND.

In case of issuing a credit card without collateral, the maximum credit limit granted to the cardholder is 500 million Vietnamese Dong.”

At the same time, Circular 26 also adds the regulation: "Regarding the limit for withdrawing foreign currency cash abroad, a card can withdraw a maximum amount of foreign currency cash equivalent to 30 million Vietnamese Dong in one day."

The Circular clearly states: People from 15 years old to under 18 years old who do not have lost or have limited civil capacity are allowed to use debit cards, credit cards, and prepaid cards.

For primary cardholders who are organizations: Organizations are legal entities established and operating legally under the provisions of Vietnamese law and are allowed to use all types of cards. Cardholders who are legal entities are authorized in writing for individuals to use the legal entity's cards or allow individuals to use supplementary cards according to the provisions of this Circular."

Persons from 6 years old to under 15 years old who do not have lost or have limited civil capacity and whose legal representative agrees in writing to use the card may use a debit card or prepaid card.

Receive complaints 24/7

Another new regulation added in Circular 27 is: Card issuing organizations (TCHPT) must apply at least two forms of receiving information to check and complain from cardholders, including via telephone switchboard (with recording, operating 24/24 hours a day, 7/7 days a week) and via TCPHT transaction points; ensuring authentication of basic information that cardholders have provided to TCPHT.

TCPHT must immediately take measures to block the card when requested by the cardholder due to suspicion of fraud or loss and is responsible for all financial losses incurred by the cardholder due to the use of the card after the time of blocking the card.

TCPHT develops a request for verification and complaint form for cardholders to use when requesting verification and complaint. In case of receiving information via telephone switchboard, if deemed necessary according to TCPHT's internal regulations or according to TCPHT's agreement with relevant parties, TCPHT requests cardholders to supplement the request for verification and complaint form within the time limit prescribed by TCPHT as the official basis for handling the request for verification and complaint. In case of authorizing another person to request verification and complaint, the cardholder shall comply with the provisions of law on authorization."

This Circular takes effect from March 3, 2018, except for some provisions with other provisions.