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New Year’s Eve comes with all this preparation and shopping that needs to be done, increasing the financial burden for many of people. To make our customers’ lives easier, Timo offers 2 special products to help you get everything you need without worrying about breaking the bank: Timo Fast Cash & Timo MasterCard Installment.

If you are wondering which product would best suit you, keep reading to get all the information needed to make the right decision for yourself.

1/ Registration and approval

Timo MasterCard Installment

  • Timo MasterCard holders can immediately apply for the installment plan if your credit card is active and the validity period of the card is equal or greater than the installment repayment period.
  • The approval is carried out online via the Timo app. Any eligible transaction over 3.000.000 VND that are labeled “Create Installment” in the Timo app can be converted into installments. You can receive the confirmation of your installment status within 1 day* from application.  *Only applicable on working days

Fast Cash

Timo’s cardholders can easily register for Fast Cash in the Timo app within a few minutes. Your application would be approved within 30 minutes during working hours (Mon – Fri, 8:00 – 16:00)

2/ Criteria for application

Timo MasterCard Installment

To apply for Timo MasterCard Installment, the main criteria for application focus on the transactions needed to be converted into installments, such as:

  • Eligible transactions must be over 3.000.000 VND and are labeled “Create Installment” in the Timo app.
  • Eligible transactions applied to be converted into installments must be successfully recorded by VPBank
  • Eligible transactions must be paid by VNĐ inside Vietnam.

Find out more about other criteria for application here.

Fast Cash

With Timo Fast Cash, you will not need to provide proof of income or mortgage assets in order to apply. There are only 3 qualification criteria for Timo Fast Cash as shown below:

  • You have an active Timo Spend Account for at least 180 days.
  • Your Spend Account and Goal Save have a minimum average balance of at least 500.000 VND over 180 days.
  • Your Spend Account has an average number of deposit transactions of at least 5.000.000 VND over 180 days.

Similar to Timo MasterCard Installment, Fast Cash can also be applied for in the app. Read more about how to activate your Fast Cash here.

3/Limit, interest and payment terms

  • Timo MasterCard Installment offers flexible repayment periods of 3, 6 or 12 months. This installment plan does not have a limit, any eligible transaction over 3.000.000 VND can be converted into installments with a low 1% interest rate payable monthly.
  • The limit of Fast Cash ranges from 10.000.000 VND to 100.000.000 VND. The maximum repayment period for Fast Cash is within 01 year from the day your Fast Cash is activated. Interest rates may change based on the time of registration, hence, full details about interest will be sent to your registered email address upon applying for Fast Cash.

4/ Characteristics and benefits

  • Timo MasterCard Installment: although this feature will help you shop for New Year’s Eve with ease, it allows you to carefully consider if it would be the right decision before converting each transaction into installments. Additionally, since this installment plan is not tied to any specific merchant in Vietnam, you can freely buy whatever your heart desires at any merchant of your choosing. However, this feature can only be used by Timo MasterCard holders with transactions made online and through POS terminals in Vietnam and in VND.
  • Fast Cash: this feature offers you additional cash flow with a high limit. Fast Cash can be used to pay utility or shopping bills online, transfer money and can be used regularly by swiping the Timo Debit card at all POS terminals. However, the money in Fast Cash will only be activated when your Spend Account balance reaches zero. Also, since Fast Cash can be activated with a high limit, you should be careful with your spending to avoid ending up with an excessive amount of debt. You are advised to only use Fast Cash for your daily shopping activities.

Both of the above products have their own distinct advantages that can help you to shop without worrying about going broke this Year-end. Upon understanding clearly the characteristics of both products, you will be able to choose the right feature for yourself to help you prepare better for the upcoming festive celebrations.  

Credit cards are no longer an unfamiliar product to our generation in today’s modern world. In addition to regular debit cards, credit cards contribute to the effective management and use of people’s personal finance. As everyone has a different lifestyle and spending habits, every credit cardholder’s experience and evaluation of their own credit cards might be different to others.

If you also own a credit card, read the article below to get some tips on how to carry out a self-evaluation of your credit card.

How do you know if you are satisfied with your current credit card?

To evaluate your credit card experience, the first thing you need to do is analyze how your credit card plays a role in your daily life. In addition to being a replacement for cash, does your credit card provide other functions that can actively support your daily life? Below are a few suggestions for you to apply and evaluate your credit card experience.

1 – Is your credit card your “unlimited” financial support tool?

As a replacement for cash, is your current credit card good enough to be considered an “unlimited” financial support tool?

The lack of limitation we refer to here should be evaluated based on the types of transactions and the territories applied. An ideal credit card should help you be more proactive in different payment ways, whether online, via the POS or at an ATM machine. An ideal credit card should give you the peace of mind that, no matter where you are in the world, not having cash is not that big of a deal.

In addition to the above factors, does your current credit card allow you to withdraw cash in urgent situations? Additional charges associated with cash withdrawal from a credit card might be unavoidable as the nature of credit cards is not for cash withdrawal. However, an ideal credit card should still support you in situations when cash withdrawal is required.

2 – Does your current credit card offer a flexible installment scheme?

As the credit limit is fixed every month until you apply for a credit limit increase, shopping with a credit card can sometimes stress you out when you have to think twice about buying something that you really need/want and using most of your monthly credit limit. Hence, an ideal credit card should help you solve this problem with a flexible installment scheme. The flexibility here should be evaluated based on a variety of factors, including: the list of products/service providers where the scheme can be applied, repayment term, application process, approval length of time. The installment scheme should not be considered flexible if there is a limit to where the scheme can be applied, or if it takes a long time for the application to be approved.

3 – Does your current credit card provide a convenient card management feature?

Your credit card can normally be managed via Internet Banking or the mobile app of the bank you are using. This management feature can be used as one of the factors to evaluate your credit card experience.

An ideal credit card should allow you to easily track the transactions you have made in order to help you manage your personal finance more efficiently. An ideal credit card should also make the repayment process simple and flexible for you.

4 – Is your current credit card protected with several security layers?

One of the factors that cannot be left out of the evaluation is the security of your credit card. As most credit cards can be used for online payments, the credit card you currently own should be equipped with different security layers to ensure that your card and bank account are not compromised.

One of the essential security layers is the verification step – OTP/iOTP. OTP/iOTP should always be required for every transaction or activity that is related to your card and bank account’s safety and your credit limit. Additionally, an ideal credit card should allow you to be proactive in locking your credit card immediately in urgent situations instead of having to wait for support from the bank.

TIMO MASTERCARD – KEEP UP WITH THE SPEED OF YOUR LIFE

With hope to be a valuable assistant on every lone of your journeys, the Timo Mastercard is designed with several smart features and outstanding benefits, such as:  

– Can be used worldwide and support cardholders with cash withdrawal of up to 40% of the credit limit

– Provide a flexible installment scheme that can be applied at every merchant in Vietnam. Any eligible transaction via your Timo Mastercard from 3.000.000 VND and above can be converted into an installment with flexible terms of 3, 6 or 12 months. The review process is carried out in 01 working day.

– The Timo app is user-friendly and shows all the transactions carried out from the Timo Mastercard in the most transparent and clear way. Cardholders can easily be proactive in their repayment as they can settle a part of their repayment for their monthly credit limit right in the app before receiving their monthly statement.

– Provide several layers of security – lock/unlock card in the app, enable/disable online payments for their Timo mastercard, OTP/iOTP is required for every transaction/activity.

Find out more about Timo Mastercard here.

Hopefully the above article will help you to carry out an effective self-evaluation for your credit card. If you are a modern person looking for “like-minded companions”, don’t hesitate to learn more about Timo Mastercard!

 

When it comes to benefits of Timo Mastercard, the first benefit that would come to your mind is probably the convenience of being able to use Timo Mastercard as a replacement for cash anywhere, even when you are abroad. However, in addition to the usual benefits of a credit card, Timo Mastercard also offers a flexible installment scheme with several outstanding benefits. With the Timo Mastercard installment scheme, customers with high shopping needs can now split their payment into smaller amounts without worrying about having to use a large portion of their credit limit at one time. You can find a close-up view of the 3 outstanding benefits that come with Timo Mastercard installment scheme in the article below.

Open a Timo account to sign up for a Timo Mastercard here.

1. EASY & SIMPLE

Loan applications often bring a feeling of discouragement and confusion due to the complexity of applying and having to provide financial proof. With the flexible installment scheme of Timo Mastercard, you will not have to worry about the above problems anymore, as all the complicated procedures are eliminated.

To use the installment scheme of Timo Mastercard, you only need to own an active Timo Mastercard. Eligible transactions to be paid by this installment schemes only have to be done in Vietnam and are equivalent to 3.000.000 VND and above. The chosen installment repayment period only has to be shorter than or equal to the validity period of your Timo Mastercard.

Another outstanding point needed to be seen here is how every application step and usage can be carried out in the Timo app. This helps you to avoid the following 3 problems: having to visit a bank, having to depend on the bank for every application step and usage, having to wait a certain amount of time.

How is it possible that you can just use the Timo app to apply for and use this installment scheme? This is because all eligible transactions that can be converted into installments will be labelled as “Create Installment” in the Timo app. You only need to create an installment for this payment and choose your repayment period: 3, 6 or 12 months. You can also monitor the status of the monthly payments you need to make easily in the app.

Find out more about qualification criteria and how to apply here.

Open a Timo account to sign up for a Timo Mastercard here.

2. APPLICABLE AT EVERY LOCATION NATIONWIDE

Once you have completed your application for Timo Mastercard installment scheme, every following eligible transaction with a minimum value of 3.000.000 VND can then be easily converted into installments. Better yet, this feature can be used nationwide and is not restricted to any location.

The installment scheme of Timo Mastercard does not only apply for Timo’s partners. As long as your transaction is made within Vietnam (online or at the store) and considered to be eligible, such transactions can be converted into installments.

In addition to unlimited locations of where the scheme can be applied, you are also not limited to locations where you can track your payments as the Timo app will automatically update all necessary notifications to users.

Find out more about the terms and conditions of Timo Mastercard installment scheme here.

Open a Timo account to sign up for a Timo Mastercard here.

3. CONVENIENT AND FLEXIBLE IN PAYMENT

The flexibility of payment is demonstrated through several different utilities. The first flexibility lies in the fact that any of your eligible transactions with a minimum value of 3.000.000 VND and above can be converted into installments. You wouldn’t need to wait a long time before buying something you want, nor have to worry about spending a large portion of your credit limit on one thing.  

Additionally, to help you choose a repayment period that suits your financial capability, we also offer 3 different installment repayment periods, including: 3, 6 and 12 months. You are also in complete control of your repayment. At every active installment, you can clearly see all the important information you need to know, such as: remaining repayment time, due date, monthly payment, total payment, etc. You can also choose to pay early before the end of your repayment period.

With these 3 outstanding benefits of installment scheme, you can easily manage your spending and enjoy the pleasure of getting what you want at anytime you want. Find out more about Timo Mastercard here.

Open a Timo account to sign up for a Timo Mastercard here.

Timo

  • Did you know? 

    To help you save time and money so you can live your life instead of spending it at a bank, Timo digitalizes the majority of regular banking transactions so you can bank anywhere and anytime. Here are some of the highlights that you can look forward to: 

    Free ATM withdrawals/money transfer

    Free annual fee for Timo Debit cards 

    Smart online saving tools with competitive interest rates

    Convenient Timo Mastercard with attractive benefits

    Get an overdraft loan within 30 minutes via the Timo app

    Send a payment request, lock/unlock your cards, pay bills right within the app 

PIN is always known as a security code that any cardholder gets upon opening a new bank card. PIN is commonly used to verify transactions at ATMs, CDM or any transaction made through POS swipes. In addition to PIN, the Timo app also has Quick Code to make it safe, faster and easier for users to make access the app.

So what are the differences between PIN and Quick Code? When and where do you use each of them? The following article will help you to answer these questions.

Definition of PIN

Your PIN (Personal Identification Number) is a combination of numbers known only to you and is used to verify your card ownership. It can be simply understood as a security code used to verify any transaction made from your bank card, such as ATM withdrawals or POS swipes. PIN is used to protect your bank card details and avoid any unauthorized transactions made from your card.

After picking up your card and receiving your PIN, you should change your PIN immediately to protect your account security. Avoid setting up a predictable PIN such as your birthday, phone number, etc.

Definition of Quick Code

Quick Code is a fast security code for the Timo app. To prevent the Timo app from being accessed by an unauthorized person, Quick Code is required every time the Timo app is being accessed after it is not properly closed. Additionally, you can also use your Quick Code to lock/unlock card in the app and change your PIN in cases when you do not remember your current PIN.

How to differentiate between PIN code and Quick Code?

Both PIN Code and Quick Code are set as unique combinations of 4 numbers at Timo. However, the roles of PIN and Quick Code are completely different.

  • PIN is the first step that is required when you try to access your card at any ATM machine. It is also required when you settle a payment via POS swipes. This means that if you do not have your PIN, you will not be able to use the money in your card.
  • On the other hand, Quick Code is used to protect your account in the Timo app or via www.my.timo.vn. Quick Code will help you to avoid having someone else log into your Timo app in cases when your phone goes missing or gets stolen.

Hopefully this article helped you to solve any confusion between these 2 security codes and clearly understand the differences between PIN and Quick Code.

 

The preparation process is significantly important to organize a memorable holiday with your family, friends or loved one. A holiday with no financial problems and unexpected issues needed to be addressed will surely be more of a pleasant experience to anyone. If you are planning an overseas trip this upcoming summer, don’t forget that Timo can help you to prepare for your trip better.

Find out how Liberty Insurance and Timo Mastercard can help you have more of a safe and pleasant trip in the following article.

1/ Protect yourself with travel insurance from Liberty Insurance

In the process of planning and preparation, one of the things you need to think about is how to prevent and solve potential risks and issues. Luggage loss, illness, loss of money or personal documents are a few incidents that may occur during your overseas trip. With the support and protection of travel insurance, these incidents can easily cause dramatic financial losses.

Therefore, before packing your suitcase, get yourself and your love one a prestigious and trusted travel insurance package to prevent those potential incidents. With a goal to provide you with trustworthy products and a high degree of convenience, we partner with Liberty Insurance you the peace of mind you deserve on every overseas trip.

To make it easier for you to choose a travel insurance package suitable for your financial ability, Liberty TravelCare insurance is divided into 3 packages, including: Classic, Executive and Premier. Although they are 3 different packages, they all bring comprehensive protection against such risks as:

Overseas and local medical treatment expenses for illnesses and accidental bodily injuries
Overseas compassionate visit
Trip cancellation or postponement
Loss of or damage to baggage or personal effects
Loss of money or travel documents
Loss of or damage to the household contents in Vietnam residence due to fire

Qualification criterias to apply for Liberty Insurance are pretty simple as they are applied for all Timo cardholders. As long as you are a Vietnamese National or a foreigner with a valid residence card in Vietnam and are not over 75 years of age, you can buy whichever travel insurance package you want right in the Timo app.

Find out more about Liberty Insurance here.

2/ Apply for a Timo Mastercard to enjoy a cashless holiday

To enhance your peace of mind during the upcoming overseas holiday, besides getting travel insurance, get yourself a multifunctional credit card to enjoy a cashless holiday. Owning a credit card means you will not need to worry about bringing as much physical cash with you and having to be cautious about it all the time.

If you are already a Timo customer, don’t forget that you can apply for a Timo Mastercard for your upcoming trip right in the app. For those who are unsure that they can be qualified for a Timo Mastercard through another existing credit card or opening a Term Deposit of 20 millions VND, you can start maintain an average balance in your Timo Spend Account to be qualified for your Timo Mastercard. Specifically, to qualify, you need to maintain an average balance of 2 millions VND over the nearest 3 months. Hence, to get a credit card for your summer holiday on August, you need to start maintaining your Spend Account balance now or at the beginning of April at the latest.

Learn more about qualification criterias for Timo Mastercard here.

Owning a credit card also means that you will not need to gather a lot of money for your upcoming trip as the credit limit of Timo Mastercard can get up to 100 millions VND. Equally, you can also enjoy your holiday more without having to worry that the more transactions you make with your card, the higher the interest you will have to pay. This is because your first 44 days of spending with Timo Mastercard is completely interest fee. Additionally, the first annual fee associated with your Timo Mastercard will also be free after you have 3 transactions of 300.000 VND each made within 30 days of card issuance.

As you can see, Liberty Insurance and Timo Mastercard can easily be applied for right in the Timo app. We bring these convenience to you so you can easily have the right tools and support you need for your upcoming overseas trips. Give yourself a cashless holiday and don’t forget to protect yourself & your loved ones against potential risks to have more of an unforgettable trip.