Vietnam International Bank (VIB) has partnered American Express to launch its first Super Card, offering cardholders in Viet Nam up to 15 per cent cashback on their spending across multiple categories.
This cashback white card gives customers the freedom and flexibility to choose how they earn rewards based on their lifestyle and needs, VIB said in a statement.
With a positive income growth and a high ratio of young-age individuals owning their first credit card, Viet Nam is a country with a dynamic economy and an ideal market for cashless payments. This partnership between American Express and VIB, with its leading card trends position in Viet Nam, will bring privileges that exceed expectations for credit card users.
Tuong Nguyen, Head of VIB's Card Strategy & Operation Centre said: “American Express and its partners provide cards for consumers in various countries worldwide and innovate based on consumers’ changing needs.
"VIB is proud to be partnering American Express to launch a new white card that will provide world-class services and privileges to cardholders in Viet Nam.
"With our leadership in card trends in Viet Nam, the Super Card will be a milestone in our personalisation strategy to satisfy every customer in using their own card.
"With this card, customers will be allowed to be truly a boss of their card and decide what they use. The Super Card will be a highlight in the cashless payment market that all users desire to have.”
Divya Jain, Vice President and General Manager, Global Network Services, Asia and South Pacific Growth Markets, American Express said Viet Nam is one of the fastest growing economies in Southeast Asia and presents an opportunity for American Express to expand its brand with new products and services through partnerships.
"The new cashback product is part of our overall strategy to work with bank partners like VIB to grow attractive portfolios and drive more volume for the American Express network,” she said.
Super Card offers cardholders in Viet Nam up to 15 per cent cashback on their spending across multiple categories. — Photo courtesy of VIB
Empowering cardholders to personalise their card style
Different from other credit cards, the Super cardholders can customise card features according to their own needs.
Cardholders can choose certain features, which is a privilege. Depending on the cardholder’s needs, they can actively choose features to receive bonus points or cashback of up to 15 per cent of the transaction, up to VND1 million per statement period. More specifically, cardholders can change the spending category whenever needed.
They can also choose their own last five digits of their card number for that extra personal touch.
Moreover, the statement due date is at the discretion of the cardholder. This allows cardholders to set a statement date each month that suits their actual need of time to pay their credit card bill.
At the same time, cardholders can choose the minimum payment amount. This privilege can be leveraged for the first six statement periods. This makes it more convenient for cardholders to balance their monthly spending.
With the competitive advantage of 100 per cent digitisation of the registration and approval process for credit cards from VIB, the Super Card is shaped as a pioneering digital card in Viet Nam. From registering to opening a card, selecting features and changing categories during the whole life of the Super Card, cardholders can fully and proactively do it at the bank or on the mobile banking application MyVIB 2.0.
Continuously leading card trends in Viet Nam
In Viet Nam, VIB is top in terms of card growth rate and spending on cards for many consecutive years.
By the end of 2022, VIB recorded the number of credit cards exceeding half a million issued cards, an increase of 5.5 times compared to 2019. Total spending of Vietnamese through VIB credit cards grew 8.5 times, from VND700 billion (US$30 million) each month in 2019, to VND6 trillion (more than $2.7 billion) each month in 2022.
This impressive result comes from VIB’s strategy of leading card trends and continuously enhancing outstanding incentives for card users, digitising the card payment experience, and always pioneering the application of the most modern technology for designing credit cards since 2019.
With a leading position in card trends, VIB has made a significant mark when pioneering cashless payment trends based on leading technology in terms of customer-centric strategy.
Depending on the cardholder’s needs, they can actively choose features to receive bonus points or cashback of up to 15 per cent of the transaction, up to VND1 million per statement period.— Photo courtesy of VIB
“A partnership with global brand American Express will help us to continue to lead card trend in Viet Nam via launching ingenious, unique card products and satisfy most customers who want to improve the quality of their spending and level up their lives,” Tuong Nguyen said.
VIB is one of the leading retail banks in Viet Nam with more than 27 years of development. Credit cards are one of VIB's core businesses, besides home loans, auto loans, business loans, and bancasurance, which is focused on promoting when the Bank implements its transformation strategy.
Meanwhile, American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. — VNS