Do credit cards have a PIN?

Credit card with PIN?

Like other bank cards, credit cards have a PIN (also known as a password). The PIN is a secret number that helps authenticate the card owner and protect financial information. The PIN is usually 4 or 6 digits, depending on the bank.

Customers receive a PIN code the first time they receive the card and the credit card PIN code is required to be set immediately when registering to open a card via Mobile Banking, or provided with the card in an envelope or provided via SMS depending on the regulations of each bank and each period.

When needing to change the PIN code, users can do it online via Mobile Banking or go directly to the ATM of the card issuing bank.

Credit card withdrawal requires PIN?

Withdrawing money by credit card requires the use of a PIN code. To withdraw money by credit card, customers insert the card into the card reader of the ATM, then enter the PIN code. Customers should cover the keys when entering the PIN code to avoid revealing the password. Then, enter the amount to withdraw and confirm. Finally, customers will receive the card and money back from the ATM.

Note: Credit card withdrawal fee is relatively high, about 4% of total transaction amount, interest rate is about 20 - 30%/year calculated at the time of withdrawal.

Does credit card payment require a PIN?

When making credit card payments via POS machines and online payments via websites and shopping applications, users do not need to enter a PIN. In this case, instead of a PIN, each form of payment will require a different password to authenticate the card owner.

With card swiping via POS machine: Customers do not need to enter a PIN code, just touch or swipe the card on the POS machine, the transaction will be paid immediately. Then, the customer signs to confirm the transaction.

With online payment: When paying online on websites and sales applications, customers do not need to enter a PIN code, but instead enter a CVV code. Users choose the credit card payment method and enter the information on the card (including full name, card number, expiration date) and the CVV code. (The CVV code consists of 3 numbers printed on the front or back of the credit card depending on the bank).

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