Cake Digital bank launches Cake Freedom credit card

Cake by VPBank digital bank has partnered with Visa to launch the new Cake Freedom credit card. Photo courtesy of Cake

To fully understand customer insights, Cake has conducted in-depth research on 3.8 million customers on its platform. The research reveals Cake's potential customers never want to limit themselves and aspire to seek free, easy, and unconstrained experiences in life as well as finance.

The digital bank aims to allow customers to freely use the card without any constraints, difficulties in spending, or personal financial management. The Cake Freedom credit card thus offers a range of modern utilities to help minimize barriers in the process of managing budgets and daily expenditures.

First is the instant approval, issuance, and use. The entire Cake Freedom credit card application process is performed online and only takes two minutes. The virtual card can be used instantly for online transactions on the Be platform and other e-commerce sites.

Second, no income proof is required. Customers can apply for the Cake Freedom credit card anywhere, anytime, with only identity cards or citizen identity cards, without any income proof.

Third, the 20% cashback, one of the leading rates in the market, will be applied across 5 categories – eCommerce; F&B; supermarkets; transportation and delivery; and convenience stores.

Fourth is the annual fee exemption. Customers only need to make three credit transactions within the first 30 days since the issuance date to receive a first-year annual fee waiver.

Automatic limit increases are the fifth advantage for consumers with a solid credit history.

And finally, customers can withdraw cash anywhere, anytime, up to 50% credit limit, at any ATM station that is marked with the Visa logo globally.

With access to a wide range of comprehensive digital financial solutions, including payments, savings, loans, investments, and credit cards, all Cake Freedom cardholders' daily life needs are met in just one application.

Nguyen Huu Quang, CEO of Cake by VPBank, said that Cake Digital currently has over 3.8 million customers.

By launching the Cake Freedom credit card, Cake hopes to eliminate all barriers so customers can enjoy comprehensive digital financial services in the most comfortable and secure way.

According to Dung Dang, Visa Country Manager of Vietnam and Laos, the Visa Consumer Payment Attitudes Study 2022 shows that with 90% of Vietnamese consumers showing a keen interest in digital bank, the partnership with Cake comes at a pivotal moment.

"Utilizing Visa Consulting and Analytics, Cake successfully developed a product that meets the evolving needs of our tech-savvy consumers. As Visa continues to pioneer secure and seamless payment experiences, we are dedicated to collaborating closely with partners to ensure that our solutions in Vietnam align with the changing demands and expectations of our consumers."