Prohibition on Using Credit Cards for Transfers to Debit Cards and Prepaid Cards

16:37, 10/07/2024

This is a notable new point stipulated in Circular 28/2019/TT-NHNN amending and supplementing several provisions of Circular 19/2016/TT-NHNN regulating the activities of bank cards.

To be specific:, Circular 28/2019/TT-NHNN amended and supplemented the scope of use for credit cards and anonymous prepaid cards as stipulated in Circular 19/2016/TT-NHNN. The new regulation has limited the scope of use for these two types of cards as follows:

- Credit cards are used for the payment of goods and services; depositing, and withdrawing cash according to the agreement between the cardholder and the card-issuing organization; credit cards are not to be used for transferring funds into payment accounts, debit cards, or prepaid cards;- Anonymous prepaid cards are only to be used for the payment of legal goods and services at card-accepting devices at points of sale within the territory of Vietnam; they are not to be used for card transactions in the Internet environment, application programs on mobile devices, and cannot be used for cash withdrawal.

More details can be found in Circular 28/2019/TT-NHNN, which takes effect from April 1, 2020.

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