Thai credit cards - minimum payment reduced - Covid measure?

[Crossy]

Just noticed today that the minimum payment on my Thai AmEx bill is now 5% of the outstanding balance as opposed to the previous 10%.

 

AmEx is the only card I get a paper bill for and I pay off each month by direct debit so I never really look at the payment details, just the balance and check the transactions

 

Checking CitiBank Thailand and I see the same reduction.

 

I'm assuming this is a covid stimulus measure, but I don't recall seeing any announcements, not even on the bank's websites.

 

Whilst it doesn't affect me directly (as noted I pay it off each month on direct debit), I'm sure it will be welcomed by many.

 

[bkk6060]

Ha.

Just add to their debt and make them think they can spend more.

This must be one of the lowest salary, highest debt countries in the world.

[kralledr]

Same here for my scb and kbank credit cards.

[Crossy]

1 minute ago, bkk6060 said:

Ha.

Just add to their debt and make them think they can spend more.

This must be one of the lowest salary, highest debt countries in the world.

 

Indeed, but don't forget that the UK minimum payment has been 1% of balance since 2011.

 

At 10% Thailand had one of the highest minimum payments in the world.

 

[BritManToo]

Natwest just wrote to me.

I can have a 3 month repayment holiday from my credit card/home loan/bank loan.

 ...... and they'll lend me 500 pounds.

[Olmate]

Still 20% on my oz Amex.  Saw yesterday one of the big four Aus banks has factored in a large amount to write off bad credit card debt due to Corona .

[Somtamnication]

Same here. Central and First Choice reduced the payment to 5%.

[CharlieH]

As per BMT above 3 month payment break also noted on mine, seems a UK wide thing on most if not all banks.

[Pib]

Below webpage gives a summary of COVID relief programs being offerred by various Thai banks. Looks like dropping the minimum credit card monthly payment for X-amount of time is being provided by most/all.   I expect the Bank of Thailand (BOT) strongly suggested such and/or the Thai Bankers (Bangsters) Assn came to agreement--see monopolistic groups do lower prices sometimes (i.e., when forced to by events/govt).

 

https://www.thailand-property.com/blog/thai-banks-offer-support-home-loans-and-credit-card-payments

[AgMech Cowboy]

14 hours ago, Crossy said:

Thai AmEx bill is now 5% of the outstanding balance as opposed to the previous 10%.

Yeaah!! Mine is is also 5%, but I think I'll pay my usual. ????

[Satcommlee]

I wasn't aware of the Kbank CC reduced minimum payment but UOB have offered a 3 month mortgage holiday or 12 months interest only

[Iron Tongue]

Somehow, I think the math is still in favor of the card issuers long-term. 

It'd be so easy for most to run up cards thinking they have a holiday or interest deduction, but it's just accruing even more debt for most people.