Important information credit card holders should know before it's too late

(NLDO) - At many banks, credit card interest rates have increased from 2% to 4% compared to before, the highest rate is currently up to 22%/year.

Vietcombank has just sent an email to customers announcing an increase in international credit card interest rates from November 20, for both individual customers and small and medium-sized business customers.

Accordingly, the interest rates for current credit cards from 15%-18% will increase to 18%-22%/year. The highest increase is up to 4% for credit cards for standard individual customers, from 18% to 22%/year. Credit cards for small and medium-sized enterprises will also increase from 15% to 19.5%/year.

From November 21, BIDV also increased the interest rate of international credit cards for individual customers by 0.5% to a maximum of 4%. In particular, the card line with the highest interest rate, Standard class, increased from 18% to 22%/year.

The lowest credit card interest rate at BIDV is currently applied to BIDV VISA Easy card line at 12%/year (after adjustment).

Adjusted credit card interest rates at BIDV

According to the reporter of Nguoi Lao Dong Newspaper, the trend of adjusting credit card interest rates has also been applied by some banks recently.

At VietinBank , this bank also adjusted the interest rate of international credit cards for individual and corporate customers, from 18.5%/year to 22%/year. Users of VietinBank's international credit cards with the brand names Visa/Mastercard/JCB/UnionPay/DCI will pay the new interest rate from mid-November.

Adjusted credit card interest rates at Vietcombank

A credit card is a type of card that allows you to make purchases first and pay the bank later. The cardholder can only make transactions within the credit limit granted according to the agreement with the card issuer.

Banks usually waive interest for 45-55 days, depending on the type of card. After the interest-free period, customers will have to pay interest according to regulations.

Source: https://nld.com.vn/thong-tin-quan-trong-chu-the-tin-dung-nen-biet-truoc-khi-qua-muon-196251119083748252.htm