Should I get a Visa or a domestic card?

VTC News•18/01/2024

What are Visa cards and domestic cards?

Domestic cards are payment cards that only allow customers to make payments, top up, withdraw, or transfer money within the country. A distinguishing feature of domestic cards is the "Napas" logo printed on them.

Visa cards are international payment cards issued by Visa in collaboration with various banks. Visa cards come in three types: credit cards (Visa Credit), debit cards (Visa Debit), and prepaid cards (Visa Prepaid). Customers can use Visa cards for both domestic and international payments. Each Visa card bears the word "VISA" to distinguish it from cards issued by other organizations.

Similarities between Visa cards and domestic cards

International and domestic payment cards share several similarities:

- Both are issued by banks: Both Visa and domestic cards are issued by banks. All card transactions are controlled, tracked, and monitored by the bank throughout the process.

- Spending limits: Both Visa and domestic cards are subject to certain spending limits. These limits include daily withdrawal limits, daily payment limits, daily money transfer limits, etc. Each limit will vary depending on the card type and the bank's policy.

- Opening process and conditions: The requirements for opening a domestic card and a Visa card are similar. Both types of cards can be opened online or in person at a branch.

- Payment methods: Both Visa and domestic cards can be used for online transactions/payments through shopping websites/apps and card swiping via POS machines.

- Versatile functionality: Both Visa and Napas cards can be used for transactions such as withdrawing and transferring money at ATMs, at bank counters, or for making payments.

The difference between Visa cards and domestic cards.

Aside from some similarities, Visa cards and domestic cards differ in terms of credit limits, fees, and usage scope.

Regarding card issuers : Domestic cards are issued by domestic banks and financial institutions. Meanwhile, Visa cards are issued by international financial institutions such as VISA, JCB, MasterCard, American Express, etc., in partnership with domestic banks.

Regarding usage scope: Domestic payment cards are only valid within the country. International payment cards, on the other hand, can be used both domestically and internationally.

Security level: Domestic cards typically use magnetic stripe technology, while Visa cards often employ world-class security technologies such as 3D Security, offering multi-layered, high-tech protection for user information.

Fee schedule: For domestic cards, the issuance fee ranges from 30,000 to 100,000 VND, and the annual fee ranges from 50,000 to 100,000 VND. For Visa cards, the issuance fee ranges from 50,000 to 100,000 VND, and the annual fee ranges from 100,000 to 150,000 VND.

Limits: Domestic payment cards have a withdrawal limit of VND 50,000,000/day and a transfer limit of VND 100,000,000/day. Visa cards have a withdrawal limit of VND 100,000,000 - 200,000,000/day and a transfer limit of VND 250,000,000 - 500,000,000/day.

Should I get a Visa or a domestic credit card?

Domestic payment card. (Illustrative image)

Essentially, Visa cards and domestic cards have similar functions. The biggest difference between the two is that international payment cards have a wider range of uses, higher fees, and more benefits. Therefore, whether to get a Visa or a domestic card depends on each individual's purpose for using the card.

Those who frequently make international payments, travel abroad, or want to take full advantage of convenience can open a Visa card. The advantage of this type of card is that it allows customers to withdraw cash or make payments anywhere. In addition, when withdrawing cash abroad with a Visa card, customers also benefit from preferential exchange rates and many promotional programs offered by the bank.

Meanwhile, those with regular spending needs should consider opening a domestic credit card. The fees for using domestic cards are not too high, and they can still handle necessary daily transactions and payments.

Lagerstroemia (compilation)

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