VIB's Max Card lets customers set credit tiers, mirroring European subscription banking
Translated from Vietnamese, summarized and contextualized by DistantNews.
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- VIB launched its Max Card credit card, allowing customers to set their own credit limit and benefits, a move inspired by European subscription banking models.
- Unlike traditional cards where banks set tiers based on income or credit history, Max Card offers four flexible membership packages that cardholders can adjust every three months without minimum spending or balance requirements.
- This initiative is part of VIB's broader strategy to simplify its product portfolio and focus on actual customer needs, aiming to lead the card market within three years.
VIB has introduced its Max Card, a credit card that breaks from tradition by allowing customers to determine their own credit limits and benefit tiers. This innovative approach, inspired by European subscription banking, aims to lead Vietnam's card market within three years.
We are not preparing for a title, but preparing a product that is different enough.
Traditionally, credit card tiers and associated privileges are set by banks based on a customer's income, assets, or credit history. Cardholders receive a fixed set of benefits with limited options for change. VIB's Max Card reverses this model, offering a credit card that adapts to individual needs. Instead of a fixed benefits package, cardholders can actively choose and upgrade their privileges through four flexible membership plans, adjustable every three months.
Crucially, the Max Card removes traditional financial barriers to upgrading. It requires no minimum spending, no average balance, and no maintenance criteria for maintaining a tier. Cardholders can register, change, or cancel their chosen plan anytime, 24/7, with near-instant effect. This fundamental difference contrasts sharply with the conventional tiered system that often uses financial hurdles as a default condition.
From now on, the card tier has always been set by the bank. So how does Max Card reverse that?
VIB's strategic move is informed by successful models like N26 and Revolut. The bank identified three converging signals in Vietnam: over 70% smartphone penetration, consistent double-digit growth in cashless payments, and Gen Z's familiarity with subscription-based spending on digital platforms. These factors make VIB confident that customers will readily embrace the concept of proactively selecting and paying for financial services based on their needs.
Max Card is built on a reversed mindset: a credit card that can be flexible according to each person's needs.
The Max Card is the visible outcome of a larger internal restructuring at VIB. The bank is comprehensively redesigning its card strategy, starting with simplifying its product range and focusing intently on real customer usage demands. This strategic shift aims to move beyond simply offering products to truly aligning with what customers require.
The operating mechanism of Max Card is very close to subscription banking in Europe. Why does VIB believe this is the right time to bring this model to Vietnam?
DistantNews Editorial
Originally published by Tuแปi Trแบป in Vietnamese. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.
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