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Posted

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.

 

  • Like 1
Posted

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.

Posted
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.

 

Posted

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 .

Posted

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

  • Like 2
Posted
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. ????

Posted

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.

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