The rise of fast-issued credit cards
According to statistics from the State Bank of Vietnam, non-cash payment activities continue to increase in the early months of the year compared to the same period last year. The number and value of domestic card payments are also on the rise. Among them, credit cards are one of the most popular payment methods today.
Notably, 2023 witnesses the rise of the credit card trend as a series of banks and e-wallets are developing this product. The most prominent is the emergence of fast-issued credit cards with integrated financial features. At the same time, the card application process has been optimized both in terms of procedures and approval time.
Unlike traditional credit cards, which usually require multiple procedures and financial verification documents, the opening process for fast-issued credit cards is 100% digital, with all actions streamlined on a single application.
Although many people are concerned that the credit limit of fast-issued credit cards is usually lower than that of traditional cards, in reality, according to financial experts, a high limit can lead to loss of control and overspending. Furthermore, the credit limit of fast-issued credit cards can reach up to 50 million VND, enough to comfortably cover most essential daily services such as transactions, transportation, dining, personal shopping, etc.
Hoang Nghi (25 years old, Ho Chi Minh City), currently an office employee, said she switched to using credit cards over a year ago after being introduced by her colleagues. “Before, I didn’t use credit cards not because I was afraid of ‘consumer traps’ but because I was still hesitant about the procedures and income verification documents. Since I got my hands on the fast-issued credit card from Cake by VPBank, I feel more comfortable in spending, and at the same time, I can manage my personal finances better,” Nghi shared.
Cake credit card – the favorite payment method of young people
Not just Hoang Nghi, the fast-issued credit card from Cake by VPBank is highly favored by many young people right from the early days of its release, thanks to its superior advantages compared to traditional credit card products.
First and foremost is the instant approval, issuance, and use process. Specifically, customers can easily open a Cake credit card with just their ID card without having to submit income verification documents. The approval and card issuance process takes only a few minutes. The virtual card can be used immediately for online transactions, while the physical card will be delivered to the customer’s address in just 3-5 days.
More conveniently, Cake credit cards are accepted for payment worldwide. As a result, customers can not only make easy payments but also withdraw cash anytime, anywhere, up to 50% of the credit limit, at any ATM with the Visa logo worldwide.
Especially, one of the advantages that few fast-issued credit cards like Cake Freedom have is the leading 20% cashback promotion in the market. This privilege applies to 5 categories, including dining, e-commerce platforms, transportation, supermarkets, and convenience stores. This means that every month, customers can save up to 1 million VND on everyday expenses. In addition, cardholders are also exempt from issuance fees and the first year’s annual fee if they make 3 spending transactions totaling 1 million VND within 30 days from the successful card issuance date.
With the above advantages, it is not difficult to explain why the Cake by VPBank is the fastest-issued card in nearly 2 years since the product was launched. On the other hand, the popularity of Cake credit cards among young people also contributes to the fact that fast-issued credit cards in general are becoming the “darling” of modern and savvy users.
