While working in Thailand: Opening another bank account, getting another credit card

[Max69xl]

On 8/2/2020 at 12:47 PM, OneMoreFarang said:

Thanks for the comment.

In my case there is no restriction to one bank. But it's good to know that this might be the case for some companies.

Why do you need a credit card from each bank? What are you using the cards for? A Visa Debit card (not connected to TPN) works almost exactly as a credit card, except you can't pay in installments. 

[blackcab]

15 minutes ago, Max69xl said:

Why do you need a credit card from each bank? What are you using the cards for?

 

Personally I use them for the promotions, discounts and free gifts they offer. I pay no annual fee and no interest payments for my cards, but I normally earn enough air miles for a return business class flight with Thai each year.

 

Obviously the air miles are a bit worthless at the minute though!

 

For something that costs me nothing that's quite a benefit.

[brianp0803]

I frequently get 10% discount for using my credit cards and collect points that can be used for movies and food - as stated above - petty nice since it cost me nothing.  I bought a new IPAD and got 10 months payment with no interest.  My biggest reason was to gain access to the lounge on international flights.  

 

I think you can not use debit cards for online purchases because they do not have your name on it.  But best to have the full amount of the bill deducted from your saving account each month - no chance of late payments.

 

What are the best cards for promotions?  I think KrungSri and Kasikorn.  I think SCB required 100,000 a month income and I am about 5% short of meeting that requirement - but not sure if they have many promotions.

 

I also think it is good to build credit.  If you pay each month - almost the same as a debit card - but I have a record of repaying money (if I ever needed to borrow money)

[teacherclaire]

On 8/2/2020 at 1:13 PM, OneMoreFarang said:

That crossed my mind.

 

And about the runner: Where should I run to? And what would be the point of such a run? And for a couple of hundred thousand THB? Sure not!

I've heard that Wuhan is a nice and cheap place now. 

 

   You could teach them not to poop in front of Thai shopping malls and eat some delicious food. -????

[OneMoreFarang]

Today I had to visit my bank so I asked about a 2nd credit card.

They told me I can get one but the credit limit will be shared with my first card.

 

I also saw some sales people from the Citibank. Minimum monthly income for farangs who want a Citibank credit card is 80,000THB.

Edited August 6, 2020 by OneMoreFarang
typo

[Max69xl]

9 minutes ago, OneMoreFarang said:

Today I had to visit my bank so I asked about a 2nd credit card.

They told me I can get one but the credit limit will be shared with my first card.

 

I also saw some sales people from the City Bank. Minimum monthly income for farangs who want a City Bank credit card is 80,000THB.

Don't you mean Citibank? 

[OneMoreFarang]

3 minutes ago, Max69xl said:

Don't you mean Citibank? 

Yeah, probably. ???? 

Sorry I never looked how the name is written.

I will edit my post to correct it.

[Max69xl]

On 8/3/2020 at 9:41 PM, brianp0803 said:

I frequently get 10% discount for using my credit cards and collect points that can be used for movies and food - as stated above - petty nice since it cost me nothing.  I bought a new IPAD and got 10 months payment with no interest.  My biggest reason was to gain access to the lounge on international flights.  

 

I think you can not use debit cards for online purchases because they do not have your name on it.  But best to have the full amount of the bill deducted from your saving account each month - no chance of late payments.

 

What are the best cards for promotions?  I think KrungSri and Kasikorn.  I think SCB required 100,000 a month income and I am about 5% short of meeting that requirement - but not sure if they have many promotions.

 

I also think it is good to build credit.  If you pay each month - almost the same as a debit card - but I have a record of repaying money (if I ever needed to borrow money)

"I think you can not use debit cards for online purchases because they do not have your name on it."

Of course you can, the name is not necessary. When buying something online the security check is only interested in a matching CVV number and card number. But, never go for a TPN-connected debit card,they most likely won't work online when buying something outside Thailand. I can use my Kasikorn Bank Visa card everywhere. It's not connected to TPN = Thai Payment Network. 

[Leaver]

On 8/3/2020 at 7:57 AM, OneMoreFarang said:

Thanks. I think 3 times the monthly salary is on the lower end of what credit card companies give to their customers. That was what I got without asking.

I am pretty sure the credit card business works different in different countries and probably different again i.e. for foreigners in Thailand. I don't think it makes sense that I try to think about what makes sense or how this works in other countries.

Real life experience from foreigners in Thailand is what I am looking for.

I have admitted I have no experience in applying for credit in Thailand.  

 

I am merely suggesting that you may have to hand one credit card back, in order to be granted another one, from a different bank.  

 

They may allow you to have two credit cards, and double the credit, who knows?  Or, the second bank may offer you a reduced amount of credit.

 

I gather a refused application doesn't look good on some record, held somewhere, that all banks have access to here, so maybe ask the bank/s first.

 

Please report back how you get on.   

[Max69xl]

26 minutes ago, Leaver said:

I have admitted I have no experience in applying for credit in Thailand.  

 

I am merely suggesting that you may have to hand one credit card back, in order to be granted another one, from a different bank.  

 

They may allow you to have two credit cards, and double the credit, who knows?  Or, the second bank may offer you a reduced amount of credit.

 

I gather a refused application doesn't look good on some record, held somewhere, that all banks have access to here, so maybe ask the bank/s first.

 

Please report back how you get on.   

"I am merely suggesting that you may have to hand one credit card back, in order to be granted another one, from a different bank."

What has one bank got to do anything with another bank? If you meet the financial requirements for a credit card, then you can apply for it. You can have a credit card at more than one bank. If you have a Fixed Deposit Account used for example immigration, you can use the money as a guarantee for the limit. 

[Leaver]

3 minutes ago, Max69xl said:

"I am merely suggesting that you may have to hand one credit card back, in order to be granted another one, from a different bank."

What has one bank got to do anything with another bank? If you meet the financial requirements for a credit card, then you can apply for it. You can have a credit card at more than one bank. If you have a Fixed Deposit Account used for example immigration, you can use the money as a guarantee for the limit. 

What has one bank got to do with another bank?  Geez, let me guess.

 

Let's say someone takes their pay slips around to EVERY bank and opens an account and applies for a credit card.  Now they have way more credit than they can possibly service.  They have six credit cards, bout one one salary.  ????

 

I am sure there is a central data base that keeps a track of all credit applications, and the banks have access to it.  Commonly known as a credit check, it shows defaults, but also who else has given you credit, and how much.  

 

The OP says he is working, so I gather he want credit against his salary, not a term deposit.    

[brianp0803]

In America, each application for credit appears on your credit report.  I do not know if it is the same in Thailand.  In America, a good credit rating can result in lower financing on a car or other things.  But - I heard this is not true in Thailand - but I do not know.  Applying for a credit card where you get your paycheck deposited makes it easy for a bank to check your income, but taking at least 4 months payroll statements to another bank also works.  Banks care about ability to pay and integrity to always pay your bills.

 

I think credit cards are convenient and useful for buying airline tickets and many international online purchases.  But - a great added benefit are the discounts you get from using them.  

I have 2 credit cards already, I would only consider a 3rd if there were many promotions on the card and no annual fee.  As little as 100,000 Baht in credit is a Platinimum card in Thailand and many benefits.  

[YT3k72Em]

 

15 hours ago, Leaver said:

What has one bank got to do with another bank?  Geez, let me guess.

 

Let's say someone takes their pay slips around to EVERY bank and opens an account and applies for a credit card.  Now they have way more credit than they can possibly service.  They have six credit cards, bout one one salary.  ????

 

I am sure there is a central data base that keeps a track of all credit applications, and the banks have access to it.  Commonly known as a credit check, it shows defaults, but also who else has given you credit, and how much.  

 

The OP says he is working, so I gather he want credit against his salary, not a term deposit.    

You don't have to hand anything in. They will ask on the application what other credit cards you hold and the credit limit of each card. Then they will make a decision based on your income and risk.

In my case a 2nd bank gave me the exact same credit limit as the first. Effectively doubling my available credit.  Why do they do that? they want your custom.

 

It's correct that if you get a second card from the same bank, they will share the credit limit across both cards. They often give you a visa and a mastercard just for the hell of it.

 

Applying to many banks at the same time is a known tactic of Thais who have trouble getting a card. Don't know if it works.

 

Thai credit reports are not at all like american ones (privacy rules are better?) 

[Leaver]

6 hours ago, YT3k72Em said:

 

You don't have to hand anything in. They will ask on the application what other credit cards you hold and the credit limit of each card. Then they will make a decision based on your income and risk.

In my case a 2nd bank gave me the exact same credit limit as the first. Effectively doubling my available credit.  Why do they do that? they want your custom.

 

It's correct that if you get a second card from the same bank, they will share the credit limit across both cards. They often give you a visa and a mastercard just for the hell of it.

 

Applying to many banks at the same time is a known tactic of Thais who have trouble getting a card. Don't know if it works.

 

Thai credit reports are not at all like american ones (privacy rules are better?) 

There would have to be a central data base for credit checks, otherwise, how would the bank know the applicant isn't a defaulter?  

 

I doubt it's as simple as believing what the applicant has put on an application.  There would have to be some form of verification.

[kralledr]

I have my salary in SCB and have a master card credit card there, 2 days ago, i requested on from kasikorn (i have no account there) and it got approved today, that is really fast, so try kbank