Credit card

[Aussieroaming]

I'm at Kazikorn and I've got a Wisdom CC, no WP required. I've had the card for about 5 years. 

[HampiK]

1 hour ago, Aussieroaming said:

I'm at Kazikorn and I've got a Wisdom CC, no WP required. I've had the card for about 5 years. 

But the Wisdom card is a special credit card, as you only become it, when you have a bank balance of 10 million baht or some sort of life-/saving- Insurance plans. When you have 10 million or more baht in your account, I think they are more generous to give you some benefit. Even the locked account then is not needed.

 

But as most of the readers here probably not have 10 million in their bank account I think it's not a good option to compare with the Wisdom (Kasikorn), Presious (KTB), and the other VIP cards which are available.

Actually almost every bank have some VIP system. Kasikorn (Premier/Wisdom), Bangkok Bank (Bualuang), KrungThai (Precious/Precious Plus) and others like SCB, CitiBank, GSB have them too.

 

But as told before by many writers most people not want put that much money in a Thai bank account.

[mvdf]

On 12/4/2020 at 3:26 PM, NilSS said:

 

Unfortunately this is not true. There are times when only a real credit card is acceptable. For example, securing a reservation at a hotel. A debit card will never be accepted. Also, the digits on a credit card are raised, so an old fashioned knuckle chop machine can be used to take an imprint in the absence of electronic communications (such as on flights with no internet when you pay for duty free). Debit card digits are flat i.e. 'electronic use only'.

 

Credit cards are a must have in a number of situations.

 

 

 

 

 

This is typical American mentality fraught with nonsense.

 

I have debit cards with raised (embossed) numbers. Clearly states "debit" below the mastercard and visa logos. Perfectly accepted at Hilton, Marriott, Ibis, Novotel, Sofitel, Intercontinental and other hotels. None of my debit cards were rejected whilst I was in Europe, Australia. Deposits were charged to the card and later reimbursed without drama. I met someone from Denver two days ago. His card didn't have a chip. 2020 and the cashier at Aeon was wondering what to do with it. Swiping it with uncertainty in her face, not knowing what to do with the ancient relic.

 

 

[ukrules]

On 12/4/2020 at 9:40 PM, NilSS said:

Customers often don't understand why we can't use their debit card and it can cause friction. It's just a misunderstanding about the fundamental differences in the way the two payment methods work. Hotels, car rental agencies etc etc need to put a hold on funds, which they are unable to do with debit cards.

 

That's a little weird because the it's a routine thing to do a 'pre auth' on a debit card around the world.

 

Why can't you do a pre auth hold on a debit card? Is this something specific to Thai banks and their non standard (Visa/MC) debit cards?

 

[AlfHuy]

On 12/5/2020 at 2:05 PM, Satcommlee said:

With 2M deposit you can get Premier Card, With 10M deposit you can get Wisdom Card..  Managers at Kasikorn have some discretion.

With 50M, you can get a HiSo Girlfriend.

[teacherclaire]

23 hours ago, Hotrats said:

I have a Visa Credit Card from Bangkok Bank. Had to open a deposit account with the same amount held in it as the credit limit on the card. No problem at all to do it as long as you are able and willing to have that amount locked away for the period of validity of the card.

Once the Visa expires, you might find out that they do not issue them anymore. Their cheap Be First Cra+card is not what people are looking for.

 

There are hidden fees and other issues. 

Edited December 6, 2020 by teacherclaire

[Led Lolly Yellow Lolly]

3 hours ago, mvdf said:

 

This is typical American mentality fraught with nonsense.

 

I have debit cards with raised (embossed) numbers. Clearly states "debit" below the mastercard and visa logos. Perfectly accepted at Hilton, Marriott, Ibis, Novotel, Sofitel, Intercontinental and other hotels. None of my debit cards were rejected whilst I was in Europe, Australia. Deposits were charged to the card and later reimbursed without drama. I met someone from Denver two days ago. His card didn't have a chip. 2020 and the cashier at Aeon was wondering what to do with it. Swiping it with uncertainty in her face, not knowing what to do with the ancient relic.

 

 

 

 

Hmm, well I'm British, and the British also have a system called Visa Delta, in which the debit cards are also cheque guarantee cards, so they have raised numbers so the card can be carbon swiped to guarantee the cheque. Each country has it's own banking system, banking rules, and idiosyncrasies. The OP asked about credit card for farangs in Thailand, this is what I am responding to, and I can tell you, you won't be able to reserve a hotel room without a credit card in Thailand. You can take that or leave it.

 

If you put your debit card details into an Agoda booking, the hotel will later call you and asked for a credit card, or cash payment via bank transfer.

 

2 hours ago, ukrules said:

 

That's a little weird because the it's a routine thing to do a 'pre auth' on a debit card around the world.

 

Why can't you do a pre auth hold on a debit card? Is this something specific to Thai banks and their non standard (Visa/MC) debit cards?

 

 

Thailand does a lot of things 'non standard'. I'm not a banker, I can only comment on my experiences running hotels in Thailand. I think with a debit cards, it's a kind of pseudo hold, where the money is gone from your account already, whereas with a credit card, you're earmarking a credit line. If you check into a hotel with a debit card, you're effectively paying in advance, not having funds 'held'. Certainly here, you won't be able to reserve a room, or secure your stay, without a credit card. Pay the balance on check in, yes, pay the security deposit in person, yes, reserve with a bank transfer, yes.

Edited December 6, 2020 by NilSS

[Aussieroaming]

7 hours ago, HampiK said:

But the Wisdom card is a special credit card, as you only become it, when you have a bank balance of 10 million baht or some sort of life-/saving- Insurance plans. When you have 10 million or more baht in your account, I think they are more generous to give you some benefit. Even the locked account then is not needed.

 

But as most of the readers here probably not have 10 million in their bank account I think it's not a good option to compare with the Wisdom (Kasikorn), Presious (KTB), and the other VIP cards which are available.

Actually almost every bank have some VIP system. Kasikorn (Premier/Wisdom), Bangkok Bank (Bualuang), KrungThai (Precious/Precious Plus) and others like SCB, CitiBank, GSB have them too.

 

But as told before by many writers most people not want put that much money in a Thai bank account.

I wasn't comparing cards just stating the fact, CC was easy to get with the Wisdom account. I dont use most of the other benefits, I got the account to get a usable CC and savings interest rates were pretty average everywhere both then and now. I'd move the cash if I found a decent fixed term somewhere.

[KhaoYai]

On 12/4/2020 at 1:58 PM, NilSS said:

The way it works is if, for example, you want a 90,000 Baht credit line, the bank lock 100,000 Baht of your money on deposit.

How would that differ from using a debit card then?

 

I don't really understand the OP's question - given that he says he wants a credit card for convenience and has a 'not insignificant' deposit in his account.  Retailers in Thailand will often charge you for using a credit card, if you have funds in your account, why use a credit card? It doesn't make sense, just use your debit card.

[Led Lolly Yellow Lolly]

I have to be honest, it's pretty frustrating that people don't get the difference between the two. A debit card only lets you spend what you have on deposit, why electronic contact with the issuing bank is so important for that to work. A credit card is a guarantee to the entitiy placing a holding the credit line that payment will be made. In other words, it is possible to go over your credit limit. Once the hold is authorised, the credit card issuer have promised to pay. . .

 

About your question, the difference is that even though you have not passed the credit check for a credit card, you can still get the benefits and convenience of having a credit card by guaranteeing it yourself, with your own money. That's why it's called a secured credit card. There are still times when you cannot use a debit card, for example where the retailer has lost or has no electronic connectivity.

 

About surcharges in Thailand, they're becoming rare now and have no real basis on reality. More often than not, the retailer is just using it as an excuse to pad your bill. This is 2020 for FS. Personally, I've never been charged a surcharge at hotels for using a credit card. Never paid a surcharge at Watsadu, Global House, Mega Home, HomePro, Robinsons.. . etcetera, etcetera, etcetera. . . .

 

 

 

 

Edited December 6, 2020 by NilSS

[Baerboxer]

On 12/4/2020 at 6:55 PM, Upnotover said:

No it is not correct.  With a work permit you can get a real credit card.  Without, you can get a card but need to deposit an amount in a locked account which covers the limit on the card (you may need to deposit more than the limit, depending on the bank).

 

Not true. I have a credit card issued from a Thai bank. I have had it for over 10 years and never ever had a work permit.

It is not linked to any deposit in any kind of locked account.

 

 

[Led Lolly Yellow Lolly]

Realistically though, in spite of the odd exceptions reported, the chances of anyone here getting an unsecured credit card without a work permit are close to nil.

Note also, a secured credit card IS a real credit card, with reporting made to the national credit reference agency. A pre-paid credit card is NOT a real credit card, which is what I think some are referring to, which is a different thing. For the purposes of this discussion, a credit card based on WP and income, or a credit card based on money on deposit, are essentially the same thing in the backend.

Edited December 7, 2020 by NilSS

[Baerboxer]

1 minute ago, NilSS said:

Realistically though, in spite of the odd exceptions reported, the chances of anyone here getting an unsecured credit card without a work permit are close to nil.

Note also, a secured credit card IS a real credit card. A pre-paid credit card is NOT a real credit card. For the purposes of this discussion, a credit card based on WP and income, or a credit card based on money on deposit, are essentially the same thing in the backend.

 

Disagree with you first sentence. Anyone whose a privilege or whatever name their bank gives it customer will almost certainly get an unsecured credit card on application, IME.

 

The OP says he got a not unsubstantial amount with his bank too. 

[Led Lolly Yellow Lolly]

Sure you're right. I have a couple of friends though that are wealthy enough to keep non-resident accounts in Singapore, their 'privileges' being meted out from there. Not many people I know hold their wealth in Thailand without good reason.

 

 

 

 

Edited December 7, 2020 by NilSS

[blackcab]

33 minutes ago, NilSS said:

Realistically though, in spite of the odd exceptions reported, the chances of anyone here getting an unsecured credit card without a work permit are close to nil.

 

I agree with that. I have an unsecured credit card with SCB, on the basis that I have a work permit and my salary is paid into an SCB account.

 

There have been a couple of comments about choosing to use cash, crypto or debit cards in preference to a credit card. I get that, and each to their own.

 

The credit card I have is geared towards accruing airline miles. Roughly speaking, I earn one free round trip business class ticket to the UK each year, which costs an extortionate amount if you have to pay for it yourself. I pay my credit card account off in full each month, and I do not pay an annual card fee.

 

For me, at this stage in my life, that's a better reason to use my credit card instead of any other form of payment.