Over the past time, there have been comments and queries about fee schedule of domestic debit cards and interest rates of credit cards applicable to card holders.
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In order to avoid unnecessary queries about the above mentioned issues, the State Bank of Vietnam (SBV) issued Document No. 5401/NHNN-TT on July 16, 2015 to require card issuers to implement main substances as follows: (i) to urgently review fee schedule applicable to debit cards at their institutions, ensuring the fee collection in compliance with Circular No. 35/TT-NHNN dated December 28, 2012. Specifically, card issuers are allowed to collect fees as they have publicly stipulated in their card service fee schedule in line with Circular No. 35/2012/TT-NHNN; quoting fee schedule of domestic debit card services in line with regulations on payment services fee schedule; proactively explaining and publicizing fee schedules when signing contract of issuing cards with their customers, or in case of changes in fee schedule of service provision; promptly providing updated information on fee schedule of debit card services; (ii) to transparently publicizing real lending interest rates via credit cards; (iii) proactively collecting information and receiving feedbacks; explaining about complaints related to fee schedule of domestic debit cards, and credit cards fees, charges and interest rates.
LH