What does it mean to get a credit card using a savings account?
Saving money is a safe and effective way to accumulate idle funds. After depositing, the bank will provide the customer with a passbook containing information about the deposit amount, term, applicable interest rate, etc.
Accordingly, owning a savings account is considered a valuable asset. Banks will use this to facilitate customers opening credit cards instead of requiring them to prove their income.
When opening a credit card account using a savings account as collateral, users must sign a pledge agreement with the bank. The bank considers this asset as security.
To apply for a credit card using a savings account, customers must meet the following conditions:
- Must be a Vietnamese citizen aged 18 or older.
- Having deposits at the bank and being issued a savings passbook according to the bank's regulations.
- Depending on the specific requirements of each bank, the savings account must have been active for 4-6 months with a minimum balance of 20 million VND per month, or as per the bank's own regulations.
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Documents and procedures for opening a credit card account using a savings account.
The documents required for applying for a credit card using a savings account include the following:
- Credit card application form and contract provided by the bank. - Proof of identity: National ID card/Citizen ID card/Passport
- A notarized photocopy of the savings passbook issued by a government agency.
- The mortgage contract must contain complete information and signatures of the owner or beneficiary of the property as recorded in the register.
- Employment contracts, business registration certificates, etc.
The process of opening a credit card using a savings account.
To complete the credit card application process, customers need to follow these steps:
- Bring your documents to the nearest branch or transaction office to request a credit card using your savings account.
- Fill out the credit card application form completely and submit it to the bank.
- Submit the relevant documents as requested by the bank.
- The teller collects the relevant fees before issuing the card and gives a receipt with an appointment date for card collection.
Minh Huong (compiled)
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