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Bank credit card issuance process
Step 1 - Receive customer documents that need to open a card
Customers who want to make a credit card must first create a customer profile. The application must contain all necessary documents, including: - Contract according to the prescribed form on the use of bank cards - Application form for bank to issue credit card - Photocopy of ID card: 2 copies (applicable to Vietnamese people) or photocopy of visa/passport/residence certificate (applicable to foreigners living in Vietnam). In the second case, when applying for a credit card at a bank, citizens need to bring the original visa/passport or original residence permit for comparison and submit a photocopy. - Proof of residence and clearly showing residential address: it can be a temporary residence application, a copy of the household registration book. - Documents that can prove the income of the credit card holder. The reason it is necessary to prove income is because the bank is sure that the cardholder has enough financial resources to be able to pay essential fees according to the credit card policy. In case the customer wants to open a card but does not have a guaranteed source of assets, they will have to present documents such as Payroll for the 3 working months closest to the time of request to open the card, Original salary transfer statement, labor contract. If the customer has proven the source of secured assets, such as a savings book, real estate assets, etc. owned by the cardholder, they need to include documents proving ownership of the assets in the file as well as their actual value. If you have real estate assets, you need to provide a red book proving that the real estate is in your name.
Step 2 – The bank conducts appraisal of credit card issuance
When receiving a request from a customer to issue a credit card, the bank will not immediately open a card for the customer but must start with an appraisal to verify whether the information is authentic or not, and at the same time Find out their credit card repayment ability. After checking and authenticating, the bank will approve the application. Many factors are given as a basis for approval to ensure that the level of risk is within the safe zone or, if it occurs, it will be at the lowest level. Bank staff rely on the following grounds to check whether or not they can pass the appraisal process: 2.1. Assess the stability of the customer's current job If the customer is a person who has a habit of frequently changing jobs or is currently unemployed for a long time, the bank has every reason to confirm that the customer is in an unstable financial situation. This has the potential to create great risks for the credit card debt repayment process when they are issued a card. Therefore, banks usually will not approve applications for people who do not have job stability. 2.2. Appraisal of the card opening customer's ability to ensure minimum income Banks do not require you to have such a high income, but they certainly require their customers to ensure a stable source of income at a minimum monthly level. Each bank will set its own regulations on that minimum income level and each different type of credit card will have different minimum income regulations. 2.3. Evaluate customer credit history Because Vietnamese banks all have a connection to the credit system called CIC Center. Loan documents of all bank cardholders are recorded here. If you have ever had bad debt or still have a loan from a financial institution, you will definitely not be approved to open an account bank. The reason is because debt will increase a person's financial burden, thereby affecting credit repayment if a card is opened. Or that will also become a basis to say that your debt repayment behavior is in a stagnant state, causing the bank to have risks in the debt collection process.
Step 3 – Grant credit card limit
The credit limit will be applied in cases where the documents you submit do not meet the conditions set by the bank. The bank will classify your profile and can still issue a credit card but at a certain limit to ensure it meets your standards.
Step 4 – Issue credit cards to customers
The process of issuing a bank's credit card to customers after going through the stages of appraisal and granting a credit limit will include updating information related to the customer to whom the credit card is issued in the card management system. That information is customer information and issued card information. Then encrypt them in the card and ask the customer, who is now the subject, to register the sample signature.
Step 5: Send notice of completion of card issuance and return card to customer
Once all procedures have been completed up to the step of registering a sample signature at the bank, the bank will contact the customer to notify them that they have been successfully issued a card and can go to the bank to receive the card. For customers, when you come to receive your credit card, you need to complete procedures to secure your credit card information. Since the card is returned by the bank, any security issues or risks that occur will not fall under the bank's responsibility. Due to the customer's use process causing information leakage, you will have to take full responsibility.
