So I gave45,000baht for a secured credit card which I have used for years, and a few days ago as I didn't really need it anymore I cancelled it on the phone. When I went into the bank to clarify that I only wanted to use my regular debit card from now on they said you owe us 45,000 baht. I had recently used most of the money on the credit card figuring What the heck, its my money, I'll just use it up. NO!

They simply could not understand that I didn't owe them any money. Except of course a small late fee. As I am in BKK now and not living in the district where I opened the account they said I had to fly back to... to get it straightened out.

I guess they figure once I gave them the money they figured "its our money now".  I am writing for anyone to be very careful about these seemingly easy things that can turn into a bit of a nightmare. Please don't tell me to read the fine print.

A million ways to shaft the farang in Thailand. (Cue the chorus of "love it or leave it)

46 minutes ago, elephant45 said:

So I gave45,000baht for a secured credit card

I honestly have never heard of a "secured credit card" where you have to put up 45k to use it.  So each time you spend that 45k you have to replenish the account?  That sounds more like a debit card but...whatever. 

8 minutes ago, Berkshire said:

I honestly have never heard of a "secured credit card" where you have to put up 45k to use it.  So each time you spend that 45k you have to replenish the account?  That sounds more like a debit card but...whatever. 

Common in the US if you're a new immigrant so as to build up a credit score

2 minutes ago, ThaiBunny said:

Common in the US if you're a new immigrant so as to build up a credit score

Again, never heard of it...and I'm an American.  The idea of a "credit card" is you buy things on "credit."  If you have to have money in the account, then it's essentially a debit card.  I'm not saying it doesn't exist, just never heard of it.   

Where is the money you placed in a fixed deposit to secure the credit card, did you withdraw it?

 

Then that should be used to pay off the debt on the card?

 

When one uses this secured credit card one is using the banks money.

 

The amount in the fixed deposit to secure the card does not change except increasing with interest accrued, but it belongs to you.

Edited May 14, 20197 yr by userabcd

it was easy, signed up and got a secured credit card for how much ever money you wanted to put in there. I just wasn't ready for the day i didn't want it anymore. It goes into a fixed deposit account. Easy in hard out.

3 minutes ago, Berkshire said:

Again, never heard of it...and I'm an American.  The idea of a "credit card" is you buy things on "credit."  If you have to have money in the account, then it's essentially a debit card.  I'm not saying it doesn't exist, just never heard of it.   

I got one from Bank of America when I first went to work in the US. I think I deposited $100 and it then gave me $120 in credit ie. really just $20 credit. But it was definitely a credit card and once I had it I was soon able to apply for a "real" credit card ie. unsecured by any amount

2 minutes ago, ThaiBunny said:

I got one from Bank of America when I first went to work in the US. I think I deposited $100 and it then gave me $120 in credit ie. really just $20 credit. But it was definitely a credit card and once I had it I was soon able to apply for a "real" credit card ie. unsecured by any amount

Got it.  I just Googled it out of curiosity and you are correct.  I just never had one.  My first credit card was American Express when I was still in college.  No deposit required, but I had to pay an annual fee. 

Seems simple to figure out one receives the Fixed account funds and pays the bill with that money. 

OP,

  That 45K secured deposit was collateral.  Thinking your could just spend down that amount and then walk and close the credit card was a misunderstanding "on your part.'   To get that collateral back you must pay off the balance on the secured credit card, then initiate card cancellation/closure,  then usually wait another 30 to 45 days to ensure no late arriving charges appear.  Then the bank finalizes card cancellation/closure and will return your money.   This was a self-inflicted wound....and yes you should have read the terms of agreement closely.

 

 

I had a BB Visa and Mastercard secured with 100,000 baht. I asked them why a secured card when i make very good money working here for the last 10 years the answer I understood. If not secured then I could charge up to the limit then get on a Plane and return to my home country and the bank would be out 100,000 baht.

2 hours ago, elephant45 said:

They simply could not understand that I didn't owe them any money.

except that you do.

 

2 hours ago, elephant45 said:

I had recently used most of the money on the credit card figuring What the heck, its my money, I'll just use it up.

you clearly don't understand how this works. what you should have done is have a zero balance then cancel your card.

1 hour ago, Berkshire said:

Again, never heard of it...and I'm an American.  The idea of a "credit card" is you buy things on "credit."  If you have to have money in the account, then it's essentially a debit card.  I'm not saying it doesn't exist, just never heard of it.   

 

Obviously you are not very well informed as it is very common in Canada too.

 

Frankly, I find the OP unbelievable. If you deposited the money surely it's yours unless this is some king of technical issue where you need to replenish it with 45k and then they will refund you once you close the account.

2 minutes ago, Pravda said:

1 hour ago, Berkshire said:

Again, never heard of it...and I'm an American.  The idea of a "credit card" is you buy things on "credit."  If you have to have money in the account, then it's essentially a debit card.  I'm not saying it doesn't exist, just never heard of it.   

 

Obviously you are not very well informed as it is very common in Canada too.

 

See my post #9....I'd already conceded that.  You need to keep up. 

when i put in the 45k it was closely monitored, and I was never ever able to use over that amount as accidentally happened once. So if it ever hit zero that equaled no credit. I guess I over simplified it now didn't I? Screw it, doesn't matter anymore anyways.