Credit card recommendation (low cost, max benefits)

[welovesundaysatspace]

I’m looking for a credit card offering  benefits such as collecting frequent flyer miles, hotel reward points, other bonus points, cash backs, etc. Ideally fees should be low. Any recommendations?

 

Additional question: How long do I need  or what are shortcuts to build a sufficient credit rating history? I assume banks don’t just hand out a credit card to me on a blank local bank account. Are there any ways to prove your creditworthiness with foreign accounts or just through your employment contract stating a certain salary? 

[fxe1200]

How about a simple solution, no miles, no nothing but the insurance when you fly out of your home country. But: no yearly fee, no fees at all, even for using the card in a foreign country, decent exchange rate, payable plus 15 days after reception of invoice. Advanzia.

[new2here]

I’m looking for a credit card offering  benefits such as collecting frequent flyer miles, hotel reward points, other bonus points, cash backs, etc. Ideally fees should be low. Any recommendations?
 
Additional question: How long do I need  or what are shortcuts to build a sufficient credit rating history? I assume banks don’t just hand out a credit card to me on a blank local bank account. Are there any ways to prove your creditworthiness with foreign accounts or just through your employment contract stating a certain salary? 

IMHO, most of the major banks here offer pretty decent promos on their basic/entry level cards and of course, improve as the card level increases as well... I have found that dining and related leisure things are common promos... if airline miles is your objective, the. I think you need to go for a card that is specifically tied to the program you're after-- here that would be either TG or AirAsia for the most part.

The notion of a formal credit file is, on balance, a newer concept here in Thailand with the formation of the National Credit Bureau, and most all banks participate.. I am not aware of any short-cut to either creating or enhancing a file other than the traditional way through proper account management.

One of the good things, IMHO, is that unlike the US (example only) the credit bureau data is rather limited - in that it's really only a report of your end of month balances and on-time payment history. It doesn't, for example, report how many times you've formally applied for credit (which in the US, hurts your acts or score minimally) nor does it calculate a score that uses your reported balances... so it's rather limited in scope and breadth.

Getting approved for a card is part science and part art IMHO.. naturally those foreigners who have a proven Thai-based income above X level (40,000 to 50,000 tends to be a common floor) via a work-permitted job- for a period of time (commonly 6 months to one year) preceding the date of application will usually have good results.... but... that will very much depend on the banks risk position at that time, appetite for further unsecured loans and what the banks underwriting criteria are.

It is not wholly uncommon to see foreigners who are on retirement status/visa/extensions (thus no Thai-based income or work permit) also be approved using assets (like bank accounts) in Kingdom, proven history of incoming transfer or the like.

Another option is (common with BBL) to deposit X baht into a time deposit account. The time accounts then is "pledged" or "secured" and a credit card (not debit but credit) is issued with the same credit limit as the pledged/secured account.. some may offer a little less than pledge or a little more, but the idea works the same...

The last way, and its (IMHO) not really YOU getting a card, but it is to have a Thai national (like a spouse) apply for and get approved for a card, then they add you as an Authorized User.. the primary card holder has the final liability and none of the payment history reports under your name either (so as I know it, this option won't help you build your own credit file in Thailand).

Lastly, I know that both Citibank and American Express both will base, in part, their approval for a Thai-issued card, on your US (or home country) financial history with that lender.

I have a Thai-issued Amex card and I got my card here baed, in part, on my multi-year history with US-based Amex (but I also work here with WP and multi-year employment history with a salary well above most banks floor/minimum) ... I have friends who've done the same leveraging their US-issues Citi cards to get a Thai-issued Citi card here.

There is both BofA and Wells Fargo offices here as well, but I am not aware that they can/do issue any Thai-based V/MC cards nor are they licensed to conduct retail banking activities here. I assume the same is true for other foreign banks here with commercial banking activities (HSBC, MUFG, etc)

When I initially started to look to apply, I went to the branch that held my primary accounts (like my salary account) and asked them to call CC underwriting and ask what would I need to get approved.. while that answer is/was proprietary, the branch folks were pretty good at pressing underwriting for some detailed guidelines...

My last tip.. use a branch that WANTS you to get approved.. most branches and employees get perks/points or can be graded on the number of applications that they originate.. so I'd suggest you leverage your application and take it to a branch that seems like they're willing to help you get approved and want you to get approved ... and don't act either ambivalent or only as an application acceptance channel.




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[Skeptic7]

Capital One Quicksilver. No annual fee...no foreign transaction fee...30 day grace period to pay balance...1.5% unlimited cash back on all purchases. 

[speedtripler]

On 08/01/2018 at 11:42 AM, new2here said:

 

IMHO, most of the major banks here offer pretty decent promos on their basic/entry level cards and of course, improve as the card level increases as well... I have found that dining and related leisure things are common promos... if airline miles is your objective, the. I think you need to go for a card that is specifically tied to the program you're after-- here that would be either TG or AirAsia for the most part.

The notion of a formal credit file is, on balance, a newer concept here in Thailand with the formation of the National Credit Bureau, and most all banks participate.. I am not aware of any short-cut to either creating or enhancing a file other than the traditional way through proper account management.

One of the good things, IMHO, is that unlike the US (example only) the credit bureau data is rather limited - in that it's really only a report of your end of month balances and on-time payment history. It doesn't, for example, report how many times you've formally applied for credit (which in the US, hurts your acts or score minimally) nor does it calculate a score that uses your reported balances... so it's rather limited in scope and breadth.

Getting approved for a card is part science and part art IMHO.. naturally those foreigners who have a proven Thai-based income above X level (40,000 to 50,000 tends to be a common floor) via a work-permitted job- for a period of time (commonly 6 months to one year) preceding the date of application will usually have good results.... but... that will very much depend on the banks risk position at that time, appetite for further unsecured loans and what the banks underwriting criteria are.

It is not wholly uncommon to see foreigners who are on retirement status/visa/extensions (thus no Thai-based income or work permit) also be approved using assets (like bank accounts) in Kingdom, proven history of incoming transfer or the like.

Another option is (common with BBL) to deposit X baht into a time deposit account. The time accounts then is "pledged" or "secured" and a credit card (not debit but credit) is issued with the same credit limit as the pledged/secured account.. some may offer a little less than pledge or a little more, but the idea works the same...

The last way, and its (IMHO) not really YOU getting a card, but it is to have a Thai national (like a spouse) apply for and get approved for a card, then they add you as an Authorized User.. the primary card holder has the final liability and none of the payment history reports under your name either (so as I know it, this option won't help you build your own credit file in Thailand).

Lastly, I know that both Citibank and American Express both will base, in part, their approval for a Thai-issued card, on your US (or home country) financial history with that lender.

I have a Thai-issued Amex card and I got my card here baed, in part, on my multi-year history with US-based Amex (but I also work here with WP and multi-year employment history with a salary well above most banks floor/minimum) ... I have friends who've done the same leveraging their US-issues Citi cards to get a Thai-issued Citi card here.

There is both BofA and Wells Fargo offices here as well, but I am not aware that they can/do issue any Thai-based V/MC cards nor are they licensed to conduct retail banking activities here. I assume the same is true for other foreign banks here with commercial banking activities (HSBC, MUFG, etc)

When I initially started to look to apply, I went to the branch that held my primary accounts (like my salary account) and asked them to call CC underwriting and ask what would I need to get approved.. while that answer is/was proprietary, the branch folks were pretty good at pressing underwriting for some detailed guidelines...

My last tip.. use a branch that WANTS you to get approved.. most branches and employees get perks/points or can be graded on the number of applications that they originate.. so I'd suggest you leverage your application and take it to a branch that seems like they're willing to help you get approved and want you to get approved ... and don't act either ambivalent or only as an application acceptance channel.




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Bangkok bank is good if they know you or you have accounts there they never

(the higher the balance you keep there the more willing they are to overlook the formalities and give  you whatever products you ask for) 

 

They can bend the rules if they like you so be nice, I have gotten unsecured credit cards and friends had to leave a deposit of the amount they wanted to spend on the card etc 

 

Some people I know are harassed  for work permits and visas etc to do anything, I never get any grief at my local branch

[new2here]

Bangkok bank is good if they know you or you have accounts there they never
(the higher the balance you keep there the more willing they are to overlook the formalities and give  you whatever products you ask for) 
 
They can bend the rules if they like you so be nice, I have gotten unsecured credit cards and friends had to leave a deposit of the amount they wanted to spend on the card etc 
 
Some people I know are harassed  for work permits and visas etc to do anything, I never get any grief at my local branch

I will agree.. that's been my experience with BBL as well. When I first arrived here, I had to open a BBL account as that was how my payroll was processed... then I applied for their unsecured cards and was approved in fairly short order.

My feeling is that the closer you are to: a) holding a work permit, earn more than 50,000 pm at that work permit job and c) have an account with BBL of decent size, then most of their entry-level and mid-range cards will be options for you.

However, for those that don't meet a and b, If you have a proven record of holding sizable assets (sizable is of course subjective) with BBL - but don't hold a WP or have a Thai-based job - then I think that those assets can really smooth things out and make getting approved for an unsecured CC possible.

I think it's those who don't meet a and b above AND have either no relationship with BBL or hold very minimal assets with them that are either denied outright, or are given the "pledge" account option.. and to a degree, given the risk profile of lending on an unsecured basis to a non-Thai, I can see a good business and loss-reduction rationale for such.




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