Check out credit card tips from Humphrey Yang – former financial advisor of Merrill Lynch, Peter Rothbart – writer of a famous economic magazine, John Liang – a TikToker specializing in credit card reviews… to maximize the great benefits of the most popular cashless payment method today.
Tip 1: Choose the right card for your needs
Humphrey Yang, former financial advisor of Merrill Lynch with over 54 million followers, reveals that credit cards are one of the top 10 items under $200 worth owning to save time and money.
To maximize the benefits, you should choose a credit card that suits your needs and lifestyle. For example, you need to consider your frequent expenses and choose a card with corresponding privileges. For example, if you often go shopping, prioritize cards with high cashback rates, good installment deals, multiple partnerships with stores or e-commerce platforms… Among them, you should mention the most popular shopping cards today like VIB Online Plus 2in1 (up to 6% cashback), VIB Cash Back (up to 10% cashback), VIB Super Card (up to 15% cashback), VIB LazCard (up to 20% cashback)…
If you are passionate about traveling or frequently go on business trips, you should choose a credit card with a high credit limit, attractive foreign transaction fees, accompanied by a business lounge program and miles accumulation such as Travel Élite or Premier Boundless from VIB. These are also 2 card lines preferred by successful entrepreneurs because of their many exclusive privileges at restaurants, hotels, airports, golf courses for convenient spending and personal status expression.
Tip 2: Take advantage of interest-free periods
The interest-free period is the number of days you spend on a credit card and repay money to the bank without any fees or interest. Currently, most banks offer a 45-day interest-free period for standard cards and a 55-day interest-free period for premium cards. Meanwhile, VIB applies the “45-55 golden days” for card lines to make cardholders more comfortable in their monthly spending.
For example, if VIB provides you with an Online Plus 2in1 card with a credit limit of 40 million VND, you can spend from January 27th to February 27th (each statement period is 30 days), but you only need to pay the bank on March 22nd (an additional 25 days of grace period). To maximize the interest-free period, you should remember 2 experiences: make transactions in the early days of the statement cycle and pay the full outstanding balance on the statement due date.
Tip 3: Pay your outstanding balance on time
John Liang, a finfluencer with influence on Gen Z on Tiktok with 2.2 million followers, started using credit cards while still a student. He believes this is an ideal financial management tool for saving money for life, as long as you spend discipline and pay your outstanding balance on time.
Credit card outstanding balance is the amount of money you have spent in each statement period, detailed by the bank through emails, text messages, digital banking apps… Paying your outstanding balance on time helps avoid interest and late payment fees, while maintaining a good credit history for easy bank loans (home, car…) in the future. Cardholders should pay a few days before the due date to avoid system errors or be moved to the next payment date on weekends.
Tip 4: Take advantage of all the benefits
Peter Rothbart, a freelance writer and credit card and travel expert at Business Insider, has implemented a spending strategy to get up to 15% off when shopping by taking advantage of cashback levels, card perks, and gift vouchers. Banks always have many attractive offers to attract customers, just regularly follow and keep up with them, and you will have many tips to save money when spending.
For example, with the annual fee you need to pay, you can easily offset it by taking advantage of card privileges (cashback, reward points…).
Especially at VIB, as long as you open a card before March 31st, you can simultaneously enjoy 3 cashback offers. Specifically, you will be refunded the first-year annual fee if you open the card on special dates (double dates, VIB card opening day, cardholder’s birthday) and spend only from 3 million VND within 30 days. The second-year annual fee will continue to be refunded if the cardholder accumulates spending in 2024 of at least 10 million VND/month. In addition, you will receive an additional cashback of 10% based on spending, up to 1,500,000 VND in the first 3 months of owning the card, and an additional refund of the annual fee for the supplementary card.
Joining the VIB cardholder community, you will enjoy many attractive travel offers such as Mastercard Travel Rewards with up to 20% cashback at over 400 brands and 20 duty-free stores worldwide (valid until December 31, 2024); 10% off domestic flights & 5% off international flights of Vietnam Airlines when purchasing tickets online (valid until March 31); 250,000 VND off at Klook or 10% off at IVIVU.vn (valid until February 29)…
In addition, the Unlock Privileges 3.0 program for VIB cardholders offers up to 25% off dining at luxury hotels (Renaissance Riverside Saigon, InterContinental Saigon, New World Saigon…) and additional main dishes at Michelin-starred restaurants, as well as a Golden Lotus Card from Vietnam Airlines… Along with that are incentives of up to 1,000,000 VND off when shopping at Lazada and Shopee, up to 50% off beauty and healthcare services…
Open a credit card here to spend like financial experts and enjoy exclusive offers just for you.
