KBank unveils KBank Cashback Plus its first credit card in Vietnam
KASIKORNBANK (KBank) has announced the launch of KBank Cashback Plus, its first credit card to be offered in the Vietnamese market. The standout feature “Auto Cashback” allows cardholders to receive up to 10 percent cashback across all spending categories. Customers can also enjoy up to 15 percent cashback for transactions made in Thailand. Additionally, the card offers an interest-free installment plan for three months. The Bank expects the card to be well-received by Vietnamese customers.
Mr. Chat Laungarpa, KBank Executive Vice President, said that Vietnam has emerged as one of the fastest-growing credit card markets in recent years. The market is characterized by intensifying competition and a significant increase in the number of credit cards in circulation. However, Vietnamese credit card providers usually offer products with benefits tailored to only specific spending categories, prompting consumers to manage multiple cards for their daily needs. Additionally, he noted that existing automatic cashback programs often come with restrictive terms limited to specific categories, or offer low cashback rates.
As a result, KBank has used its expertise in credit card service to offer a more flexible alternative that can ease Vietnamese customers’ burden of managing multiple credit cards, with the launch of the KBank Cashback Plus credit card on April 25, 2024. The card has seen an overwhelming response from local customers, thanks to its outstanding features including automatic cashback of up to 10 percent covering all spending categories including travel, restaurants, supermarkets, shopping or e-commerce, health, beauty and entertainment. Additional benefits are provided for targeted groups, particularly travel buffs, who can earn up to 15 percent cashback or VND 1 million in a single billing cycle for transactions conducted in Thailand. The card also offers an interest-free installment payment for three months to help customers manage their finances without debt burdens.
The Bank has strategically placed the KBank Cashback Plus credit card to target young Vietnamese users on social networking platforms, as they represent the new generation who are more comfortable in the digital world and interested in financial innovations. Moreover, they tend to spend as a way of meeting their life goals. The card is expected to attract interest from additional groups in the future.
Mr. Chat added that apart from the various benefits offered to customers, this campaign also reflects KBank’s vision for the future of Vietnam. Over the past few years, the global context has changed continuously and rapidly. Meanwhile, Vietnam has maintained steady development, driven by the younger generation of Vietnamese who are enthusiastic, agile, and goal-oriented. Therefore, the Bank sees supporting Vietnamese people in achieving their goals through simple and efficient financial solutions as a key strategy. The focus is to innovate and offer high-quality financial products that effectively meet users’ needs.
Use when necessary and pay back full amount on time to avoid 33% per annum or 2.75% per month interest rate.
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