Vietnam International Bank (VIB) today partners American Express to launch its first Super Card, offering cardholders in Vietnam up to 15% cashback on their spending across multiple categories. This cashback white card gives customers the freedom and flexibility to choose how they earn their rewards based on their lifestyle and needs.
With a positive income growth and a high ratio of young-age individuals owning their first credit card, Vietnam 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 Vietnam, will bring privileges that exceed expectations for credit card users.
Ms. Tuong Nguyen, Head of Card Strategy & Operation Center, VIB 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 Vietnam. With our leadership in card trends in Vietnam, the Super Card will be a milestone in our personalization 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.”
Ms. Divya Jain, Vice President and General Manager, Global Network Services, Asia and South Pacific Growth Markets, American Express said, “Vietnam is one of the fastest growing economies in Southeast Asia and presents an opportunity for American Express to expand our 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.”
Empower cardholders to personalize their card style
Different from other credit cards, the Super cardholders can customize the card features according to their own needs.
First, cardholders can choose certain card features, which is a privilege. Depending on the cardholder’s needs, they can actively choose features to receive bonus points or cashback of up 15% of the transaction, up to 1,000,000 VND per statement period. More specifically, the cardholder can change the spending category whenever needed.
Second, cardholders can choose their own last 5 digits of their card number for that extra personal touch.
Third, 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.
Four, cardholders can choose the minimum payment amount. This privilege can be leveraged for the first 6 statement periods. This makes it more convenient for cardholders to balance their monthly spending.
With the competitive advantage of 100% digitization of the registration and approval process for credit cards from VIB, the Super Card is shaped as a pioneering digital card in the Vietnam. 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 here or on our mobile banking application MyVIB 2.0.
VIB has continuously led card trends in Vietnam
In Vietnam, 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 700 billion VND/month (30 million USD) in 2019, to 6,000 billion VND/month (more than 2.7 billion USD) in 2022.
This impressive result comes from VIB’s strategy of leading card trends and continuously enhancing outstanding incentives for card users, digitizing 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 term of customer-centric strategy.
On behalf of VIB, Ms Tuong Nguyen said: “A partnership with global brand American Express will help us to continue to lead card trend in Vietnam via launching ingenious, unique card products and satisfy most customers who want to improve the quality of their spending and level up their lives.”