Credit Card from TMB - "farang cannot"

[ScotlandtheBrave]

I finally got up the courage to ask if I could get a credit card from the bank I have used for the past nine years and received the answer "farang cannot".

 

Does anyone now what this is about? Is this policy the same in all Thai banks?

 

 

[Fex Bluse]

My understanding is that generally you need to be employed in Thailand to secure a Thai bank credit card. Are you working? 

[ScotlandtheBrave]

No, I am retired.

[NCC1701A]

11 minutes ago, ScotlandtheBrave said:

Does anyone now what this is about? Is this policy the same in all Thai banks?

it depends on the definition of "credit".

I have Visa credit card with Bangkok Bank and they use my money in their bank to extend me the "credit".

They asked me how much of a credit limit i wanted and they set the credit limit in cash aside in a special account. 

if i were to close my accounts they would be able to withdraw the money to pay off any balance. and they automatically withdraw the total amount due every month.

i don't think you will be able to get a real unsecured card based on real credit like in the west.

too easy for a farang to run up a big balance and leave.

also have Master Card. same same.

 

Edited May 25, 2020 by NCC1701A

[Crossy]

Just now, ScotlandtheBrave said:

No, I am retired.

 

Sadly no unsecured card then. At one time AmEx were doing unsecured credit cards for non workers, it may be worth talking to them.

 

 

 

[CharlieH]

I just got the wife to get one and give it to me ! ????

[johnray]

I agree with the Thai banks.  Foreigners should not be able to get a credit card.

Edited May 25, 2020 by johnray

[Upnotover]

10 minutes ago, CharlieH said:

I just got the wife to get one and give it to me ! ????

They will readily issue a supplementary card in your own name on your wifes account.  Credit limit shared.

[doctormann]

TMB even refused to open a secured account for me so that I could get a (pdeudo) credit card based on that account.  This, after having a savings account with them for 15 years.  They even denied that a foreigner could open a secured account, despite what it said on their web site at the time!

 

I had more luck with Kasikorn but it turned out, in the end, that they would only issue a credit card on a secured account if I purchased some expensive insurance from them.  I didn't pursue the matter.

 

I think, to some extent, the response that you get depends on the particular branch that you are dealing with so it might be worthwhile trying a different one.  My experience was with the main branches of TMB and Kasikorn in Pattaya.

 

i think it very unlikely though that you will get an unsecured credit card here unless you have a work permit and a job.

[Pib]

Two types of credit cards you can get from Thai banks, unsecured and secured. 

 

Unsecured is generally for those who are Thai citizens or farangs with work permits "and" sufficient earnings (i.e., from a job)---must meet both requirements.  This means the typical farang retired to Thailand will not qualify even if you receive a monthly govt pension of a gazillion baht.  Thai citizens or farangs legally  working in Thailand are considered to be safe enough credit risks....can not or much less likely just to leave Thailand with paying their credit card bill.

 

Secured which any farang can get whether retired or working as you must place a locked deposit with the Thai bank issuing the credit card that acts as security/collateral for your credit card bills.  Typically, with a Bt100K locked deposit you will get you a Bt50K credit line.  There is no risk to the bank.  You can't get that Bt100K back until you pay off your credit card balance, the card is cancelled,  and then there is usually another 30-45 day waiting period to ensure no late arriving charges.   

[Andy from Kent]

3 minutes ago, doctormann said:

TMB even refused to open a secured account for me so that I could get a (pdeudo) credit card based on that account.  This, after having a savings account with them for 15 years.  They even denied that a foreigner could open a secured account, despite what it said on their web site at the time!

 

I had more luck with Kasikorn but it turned out, in the end, that they would only issue a credit card on a secured account if I purchased some expensive insurance from them.  I didn't pursue the matter.

 

I think, to some extent, the response that you get depends on the particular branch that you are dealing with so it might be worthwhile trying a different one.  My experience was with the main branches of TMB and Kasikorn in Pattaya.

 

i think it very unlikely though that you will get an unsecured credit card here unless you have a work permit and a job.

 

As one poster said, a CC will be issued for the amount a customer is willing to deposit in a fixed term account.     It does come with a slight caveat.

 

Banks in Thailand don't seem to recognize  or reward customer loyalty.    I once asked KBank if there was a threshold  deposit amount after which the bank would waive fees.    The answer was NO!! 

[Andy from Kent]

2 minutes ago, Pib said:

Secured which any farang can get whether retired or working as you must place a locked deposit with the Thai bank issuing the credit card that acts as security/collateral for your credit card bills.  Typically, with a Bt100K locked deposit you will get you a Bt50K credit line.  There is no risk to the bank.  You can't get that Bt100K back until you pay off your credit card balance, the card is cancelled,  and then there is usually another 30-45 day waiting period to ensure no late arriving charges.   

 

 

I agree but would add that in my case, I was required to return the two cards issued against the account even though the cards had expired over two years earlier.

I asked the manager if that meant the cards were still good for use and she replied --  MAYBE?

Incredible.

[Keyser Soze666]

7 minutes ago, Pib said:

 

 

Secured which any farang can get whether retired or working as you must place a locked deposit with the Thai bank issuing the credit card that acts as security/collateral for your credit card bills.  Typically, with a Bt100K locked deposit you will get you a Bt50K credit line.  There is no risk to the bank.  You can't get that Bt100K back until you pay off your credit card balance, the card is cancelled,  and then there is usually another 30-45 day waiting period to ensure no late arriving charges.   

Is this gospel, Pib? if so that sounds fair enough to me and I would be very interested?

[ChipButty]

I think some of these Bank branches make their own rules as they go along, personally I have never had a problem and found SCB down where I live to be a bit more flexible I've seen where one bank say you have to have a WP to open a savings account and another no problem

[BobbyL]

CitiBank are the one. Very easy and quick to setup (all through email and post), good benefits (reward points, unlimited airport lounge pass, reduced golf courses etc), high amount of credit and most importantly a very good English speaking call center.

 

I have never heard anything good about credit cards from Thai banks. Even my wife moans about SCB with her credit card. 

 

Edit: Just saw you said you're retired. I guess CitiBank would likely also say no.

Edited May 25, 2020 by BobbyL

[Keyser Soze666]

1 minute ago, ChipButty said:

I think some of these Bank branches make their own rules as they go along, personally I have never had a problem and found SCB down where I live to be a bit more flexible I've seen where one bank say you have to have a WP to open a savings account and another no problem

Yep agreed. Also with transfering monies overseas, in most branches you get a look like you have asked them for the world, but I've found a BKK bank branch that allow to me to send what I want to the UK without asking for anything except my passport and no questions asked.

[timendres]

I use KBank's Web-Shopping Visa card, which is a "virtual" Visa card. It has worked with every online purchase I have ever attempted, including subscriptions that bill be every month. The card is "debit" in the sense that it withdraws from my account immediately, and I cannot charge more than I have in the account. In my mind, this is the same as a "secured" credit card, but much more flexible. It does not require some large fixed amount locked up in the bank. If I want to draw down the account, I can, then build it up again later for the purposes of using the virtual card. 

[Andy from Kent]

3 minutes ago, BobbyL said:

CitiBank are the one. Very easy and quick to setup (all through email and post), good benefits (reward points, unlimited airport lounge pass, reduced golf courses etc), high amount of credit and most importantly a very good English speaking call center.

 

I have never heard anything good about credit cards from Thai banks. Even my wife moans about SCB with her credit card. 

 

Edit: Just saw you said you're retired. I guess CitiBank would likely also say no.

I assumed the OP was asking about getting a CC in Thailand from a Thai bank.

I can't imagine where else he would be told    "farang cannot".

[BobbyL]

1 minute ago, Andy from Kent said:

I assumed the OP was asking about getting a CC in Thailand from a Thai bank.

I can't imagine where else he would be told    "farang cannot".

Yes, obviously. I do live and work in Thailand. 

 

I obtained my credit card from the CitiBank office in Bangkok opposite Terminal 21. Therefore, that is why I replied to the OP. 

 

 

 

 

[scubascuba3]

Why would you want a credit card here anyway, most probably fees and interest is high and if it's secured on another account it's pointless

[samsensam]

18 minutes ago, ChipButty said:

I think some of these Bank branches make their own rules as they go along, personally I have never had a problem and found SCB down where I live to be a bit more flexible I've seen where one bank say you have to have a WP to open a savings account and another no problem

 

that appears to be fairly common experience/knowledge regarding banks, the oft repeated advice is if you dont get what you want with one bank employee/branch or bank simply try another bank employee/branch or bank until you do. works for me.

[Jlop]

Is a secured credit card any better than a debit card? Bangkok Bank tells me I can get a debit card but I haven't tried yet. I haven't asked them about a credit card because I have credit cards in United States still.

Edited May 25, 2020 by Jlop
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[Lacessit]

14 minutes ago, timendres said:

I use KBank's Web-Shopping Visa card, which is a "virtual" Visa card. It has worked with every online purchase I have ever attempted, including subscriptions that bill be every month. The card is "debit" in the sense that it withdraws from my account immediately, and I cannot charge more than I have in the account. In my mind, this is the same as a "secured" credit card, but much more flexible. It does not require some large fixed amount locked up in the bank. If I want to draw down the account, I can, then build it up again later for the purposes of using the virtual card. 

I have the same Kasikorn card. I just keep a 50,000 baht balance for things like airline tickets, hotels and online purchases.

Only time I had a credit card in that sense was about 40 years ago. American Express. Got rid of it after about a year, couldn't see any sense in paying fees just so I could owe money on it.

[BobbyL]

4 minutes ago, scubascuba3 said:

Why would you want a credit card here anyway, most probably fees and interest is high and if it's secured on another account it's pointless

The interest rate is higher than in the UK but nothing massively different.

 

I don't use mine all the time, but for example we have just bought a new kitchen from IKEA. They offer a 6 month 0% interest payment plan with a credit card so rather than paying 170,000THB up front we can pay it off in 6 monthly installments.

 

That to me is a great benefit of having a credit card even if I do obviously have to pay the annual fees and interest on the balance. 

[sungod]

Takes quite a time to be able to work your credit up so the card can actually be of use to you.

[Upnotover]

8 minutes ago, scubascuba3 said:

Why would you want a credit card here anyway, most probably fees and interest is high and if it's secured on another account it's pointless

I used mine when I was working from Thailand for flights and hotels.  It will have your name on it which the normal ATM debit card will not and that is needed for flights.  Paid off monthly so no interest to worry about.

[scorecard]

1 hour ago, ScotlandtheBrave said:

No, I am retired.

Not what a bank wants to hear when considering to issue credit cards:

- Retired

- Not a citizen of the country where living

[BigStar]

30 minutes ago, BobbyL said:

I have never heard anything good about credit cards from Thai banks.

The credit card I have from a Thai bank has been just fine. Service from the bank, just fine. So, there you are.

[BigStar]

10 minutes ago, Jlop said:

Is a secured credit card any better than a debit card?

Both have their uses. W/ a credit card you have another avenue of recourse in case of dispute with a vendor. 

 

As mentioned above, sometimes a credit card can get you a special deal.

[Pib]

42 minutes ago, Keyser Soze666 said:

Is this gospel, Pib? if so that sounds fair enough to me and I would be very interested?

It's not written in stone (like a law) to where every Thai bank will follow to the letter as there will be exceptions. You will see posts from retired/non-working farangs who did get an "unsecured" credit card "based solely on their credit application" vs just getting a supplemental card based on their Thai spouse credit application....maybe because they knew the right person....but such folks are the exception. 

 

But getting a "secured" card is generally easy....put up the locked deposit as collateral and you should be good to go....but if the bank you are applying to is generally not farang friendly...just prefers to not have farang customers (but they will never admit that), you may not even be able to get a secured credit card. 

Edited May 25, 2020 by Pib