Customers can use credit, debit and prepaid cards to make cashless payment.
With many types of cards in use, it is worth taking the time to learn the advantages and disadvantages of each so that we can use them properly.
|HDBank Petrolimex 4-in-1 super cardIt integrates credit cards, debit cards, prepaid cards, and Petrolimex loyalty accounts (Petrolimex ID) in one place. — Photo courtesy of HDBank|
Credit cards are one of the most popular cashless payment tools, allowing customers to "pay now, pay later" with banks also waiving interest for a certain period of time.
For instance, HDBank offers an interest-free period of up to 45 days. It means customers have up to 45 days from the moment they use the card to make the repayment. If they repay before the due date, they do not have to pay any fees or interest on their spending.
But credit cards cannot be used to transfer money, and money transfers can only be made from a checking account or with a debit card (ATM card).
Customers can use credit cards to withdraw cash, but they should not do so because the fee for cash withdrawal is quite high at 2-5 per cent, and the interest will start accruing as soon as the customer withdraws the money. Therefore, if customers want to withdraw cash at an ATM, they should use a debit card.
Unlike a credit card, a debit card allows cardholders to pay, transfer, receive wages, and withdraw cash.
Customers can use debit cards to pay for goods and services easily at more than 30 million merchants’ worldwide and at 15,000 in Việt Nam besides shopping on websites around the world that accept card payment.
But a debit card is not a financial backup like a credit card, and customers can only spend what they have in their checking account.
|HDBank Petrolimex 4-in-1 card is especially suitable for customers who are in the process of adapting to card payment but have not yet determined what kind of card to use. — Photo courtesy of HDBank|
Prepaid cards are another popular mode that allow consumers to make cashless payment. There are two types of prepaid cards: unidentified and identified.
With an unidentified prepaid card, customers can only pay at merchants that accept the card while an identified prepaid card allows cardholders to withdraw money, pay at any store, pay online, and transfer money.
The features of a prepaid card are almost the same as that of a debit card. The only difference between them is that customers do not need to open a payment account for the prepaid card or maintain a cash balance.
Gift cards with a predetermined amount of money in them (VNĐ500,000, VNĐ1 million...) are an example of unidentified prepaid cards.
Identified prepaid cards are suitable for transactions involving small amounts or payments on unfamiliar/foreign websites so that if there is a loss, customers will only lose the amount of money in the card.
HDBank Petrolimex 4 in 1 super card
Understanding customers' desire to have flexibility in spending, HDBank launched the HDBank Petrolimex 4 in 1 super card that integrates four utilities: credit card, debit card, prepaid card, and Petrolimex ID (Petrolimex loyalty accounts).
With a single application, customers can get several popular and convenient card types at the same time, and pay just one annual fee for the three cards. Customers applying for the card now will have their first year annual fee waived.
HDBank Petrolimex 4-in-1 card is especially suitable for customers who are in the process of adapting to card payment but have not yet determined what kind of card to use. With the 4-in-1 super card, customers can make whatever payments they want with one single compact card.
When spending large amounts of money, or needing to spend urgently before getting their salary, customers can choose to use a credit card to enjoy the benefits of buy now and pay later during the interest-free period of 45 days. Cardholders can make instalment purchases from VNĐ3 million (US$120) at zero interest for three to six months.
They can use debit cards to receive money and prepaid cards if they are shopping on a websites for the first time to ensure safety.
In addition, when using the credit card, cardholders earn points and get 0.7 per cent cashback (0.2 per cent cashback from HDBank and 0.5 per cent converted via Petrolimex ID) for spending at Petrolimex petrol stations, and enjoy unlimited cashback for daily spending such as shopping, dining, car booking, and ticket booking, including 0.2 per cent on domestic transactions and 0.3 per cent on overseas transactions .
Customers who obtain an HDBank Petrolimex 4-in-1 Super Card between April 18 this year and March 31, 2023, have the opportunity to win lucrative prizes, including four first prizes of VNĐ100 million ($4,013), four second prizes of 2021 Honda Vision Premium Edition scooters, and 12 third prizes of Iphone 13 256GB besides getting a refund of VNĐ100,000 for their first transaction of VNĐ200,000 and above.
More information about HDBank Petrolimex 4-in-1 card is available at https://hdbank.com.vn/s/3Hqv1VJ.