How common is a credit card in Vietnam?

Do Vietnamese use credit cards?

Ugh, Vietnam. Cash is king, still. Seriously though, lots of small shops, street food – forget cards. My friend got stuck once, needed cash for a bus, total nightmare. He's still complaining about it.

Tourist traps? Cards are fine. Nha Trang, Hoi An? No problem. But go slightly off the beaten path? Prepare for disappointment.

This is crucial: always have some Dong on hand. Always. You'll regret it otherwise. I learned that the hard way. Seriously.

• Big hotels? Cards accepted.
• Fancy restaurants? Cards usually work.
• Local markets? Cash, cash, cash. This is non-negotiable.
• Buses outside major cities? Prepare to pay in Dong.
• ATMs? Plenty, even in smaller towns. I used my Capital One card everywhere, no problems.

My sister went last year, she confirmed everything. She even said that some places prefer cash for smaller purchases, like a coffee. Makes sense, less transaction fees, etc. I also noticed most people in the cities are starting to adopt the use of mobile payment platforms like Momo.

It's getting better, sure. But don't be a fool. Bring cash. Seriously. Don't rely solely on cards, even in 2024. You'll be happier. Trust me on this.

How many credit cards are there in Vietnam?

Vietnam card count: High.

105.2 million domestic. 41.9 million international. Q4 2023 figures. Growth noted.

That's a lot of plastic. Think about it. My wallet's thinner.

Credit cards a subset. Debit cards included in those numbers. Precision is key. Numbers fluctuate.

• Precise figures elusive. Official data varies.
• My guess? Fewer credit-only cards than the total. Much lower.
• Vietnam's banking system...complex.

The implications? A consumer-driven economy. Or something. My opinion. Big numbers. Data is king. I saw this in my finance class at the University of Economics Ho Chi Minh City, 2023.

Can a foreigner open a credit card in Vietnam?

Foreigners? Credit cards? Vietnam. Possible.

Requirements:

• Residency: Minimum 90 days remaining, 12 months valid. Harsh. But true.
• Age: Irrelevant if you meet residency criteria. Bureaucracy wins again.
• Debt: Clean slate. No Group 2 debts. No bad debts. VAMC involvement? Forget it.

Simple. Brutal. Effective.

My friend, a Brit, got one. 2023. He’s still here.

Tough luck if you don't meet the criteria. Life's a bitch.

Got it? Good. Next question.

What credit card is best for Vietnam?

The Sapphire Preferred…yeah, it's good, but that annual fee stings. Always stings. Especially now.

Costco's alright, for home. Schwab debit, reliable, but… limiting. Vietnam. Different story.

Visa is king there. Mastercard works, but less widely. American Express? Forget it. Almost entirely useless.

Honestly, I'd recommend sticking with Visa. A no-frills Visa. Avoid fees. Save the money.

Cash is still preferred in smaller shops, markets, street food. You'll need it. Plenty.

Credit cards are useful for bigger hotels, nicer restaurants. But even then, cash is sometimes easier. It’s safer sometimes, too. You never know.

I felt safer with cash last time I was there, in 2023. My experience, not advice. Just…my experience.

• Visa: Best overall acceptance.
• Mastercard: Second best, but still limited in some places.
• American Express: Basically useless. Don't even bother.
• Cash: Essential for smaller transactions and street vendors.

The fear, always the fear. Of losing it all. The money, the card. Stupid. I know.

What is required to get a credit card?

Age matters. 21 years old. Minimum.

Income. Salary dictates. VND 8 million for locals. Foreigners, VND 15 million. Know your worth.

• The VND exchange rate fluctuates. Currently favorable.
• Banks vary. Their whims, not yours.
• Card limits, a reflection of perceived value. Or maybe not.

Credit scores exist. Invisible chains. I have one. It allows me to pay for things at the bookstore and also the corner store.

Debt? A choice. A trap. A philosophy. Like owning an old BMW.