As an expat, do you live here without any form of credit ?

[patman30]

Seeing as this subject just took over another thread
i thought it may be better to create a new thread to discuss this
as it seems many people think its impossible to live without credit cards or some form of credit
Yet myself am completely debt free, i do not use credit cards and have not even had the option of credit for a long time
i own multiple vehicles and properties, yet no loans or mortages etc.
no debt, none

So i was quite surprised (well not really as this is TVF)
to see people adamant that you cannot live without credit in some form
refusing to even see it as possible

so
As an Expat, Do you live here WITHOUT any form of credit ?

is personal credit good or bad ?

Edited January 28, 2021 by patman30

[CharlieH]

MOVED to Finance forum.

[worgeordie]

My nickname is johnny Cash ...... says it all.

regards worgeordie

 

 

 

 

 

[WineOh]

You are, like me, winning at life ???? 

 

Keep it up, sir! 

[ThomasThBKK]

Zero debt, no credit card (all debit - on purpose). Pay mostly cash.

 

 

Being a debtslave is the last thing i want in my life.

 

 

[DFPhuket]

While I am also debt free, I can't imagine the complexity of booking hotels, flights, and paying for online products and services without credit cards.

 

I would not use a debit card to pay for online transactions; a credit card is always safer. You're not as protected against fraud when you use a debit card, disputes with those cards can be difficult to resolve, and with a debit transaction, money is immediately gone from your account. 

[Pro1Expat]

17 minutes ago, patman30 said:

Seeing as this subject just took over another thread
i thought it may be better to create a new thread to discuss this
as it seems many people think its impossible to live without credit cards or some form of credit
Yet myself am completely debt free, i do not use credit cards and have not even had the option of credit for a long time
i own multiple vehicles and properties, yet no loans or mortages etc.
no debt, none

So i was quite surprised (well not really as this is TVF)
to see people adamant that you cannot live without credit in some form
refusing to even see it as possible

so
As an Expat, Do you live here WITHOUT any form of credit ?

is personal credit good or bad ?

I do have plastic but never use them. Everything is cash. Owe no one anything

[RichardColeman]

I am debt free, I have enough income and money in the bank for visa purposes and have a (UK) C/C with no balance but have a really, really decent limit on it should I ever need it.

 

I believe you need some form of credit facility for emergencies only - and the odd plane ticket and odd item (for insurance purposes) which you can pay off fully the next moth.

 

Having access to credit I believe is a must , having constant debt on that credit is a burden. 

[NCC1701A]

I use Bangkok bank visa credit card secured with a cash deposit. 

makes booking hotels, flights and buying stuff much easier.

balance is paid in full automatically every month so there is no debt.

   

Edited January 28, 2021 by NCC1701A

[Eindhoven]

2 minutes ago, DFPhuket said:

While I am also debt free, I can't imagine the complexity of booking hotels, flights, and paying for online products and services without credit cards.

 

I would not use a debit card to pay for online transactions; a credit card is always safer. You're not as protected against fraud when you use a debit card, disputes with those cards can be difficult to resolve, and with a debit transaction, money is immediately gone from your account. 

 

Indeed, many do not understand the benefit of a U.K credit card. It's not about borrowing; but the convenience and protection it provides.

[Kwasaki]

That which you quote is your situation surely you realize that many situation of a person living here is not the same. 

My situation is somewhat  similar to yours except my UK credit card and debit card are useful to me for using private pensions money in UK because the Provider will only pay money into a UK bank account. 

Credit card handy in Big'C' , Global Hse, PPT garages whenever I choose. 

[patman30]

5 minutes ago, NCC1701A said:

I use Bangkok bank visa credit card secured with a cash deposit. 

makes booking hotels, flights and buying stuff much easier.

balance is paid in full automatically every month so there is no debt.

   

yes this is what the wife has
its not really credit as the funds are locked beforehand
so money is 100% there to pay
just helps with credit rating

[jvs]

I know in Canada and the US having a credit rating is an absolute must!Why?It is part of the system.

Having lived in Canada for a long time i decided to live somewhere else where you are not judged on your credit rating alone.

Came here 17 years ago full time,sold everything and have lived debt free ever since.

Great feeling,stil have an income out of real estate investments and have everything i need.

It would be really nice if the people who owed me money would pay up but that will never happen i think.

[patman30]

9 minutes ago, Kwasaki said:

That which you quote is your situation surely you realize that many situation of a person living here is not the same. 

My situation is somewhat  similar to yours except my UK credit card and debit card are useful to me for using private pensions money in UK because the Provider will only pay money into a UK bank account. 

Credit card handy in Big'C' , Global Hse, PPT garages whenever I choose. 

some people read til the end, some dont????‍♂️

while i did describe my situation
if you read
i started the topic as others in another thread

could not get past the fact, that some people live without credit completely and have no need or desire for it

i am also not talking about "cards" but credit only
i use debit cards.

Also if you are using a UK card whether DC or CC to spend your pension paid into UK bank account
you might be losing a bit in fees

Edited January 28, 2021 by patman30

[OneMoreFarang]

It's a question like: Do you walk or do you own a car or use taxis from time to time?

It is possible to walk to many places. But it's convenient to have also other options.

Credit cards don't have to cost any money - if people use them wisely. It's nice to have them.

 

And just in case anybody needs to pay a big bill (i.e. hospital) then it's definitely good to be able to say: Don't worry, here is my credit card.

 

I just got a 2nd credit card. The first time I used it I received right away 5% discount from the shop. I like that and it cost me nothing.

[TSF]

I'm old fashioned, my dad taught me when I was a boy...if I want something save up my money and buy it. That's pretty much how it's been my whole life (I'm in my early 70s now) When I bought my Australian apartment 20 years ago I had most of the price in cash, but was short $15,000 so took out a mortgage and knocked that off within 2 years. When I bought my Mitsu pickup new 6 years ago I walked in with a bag of 1000 bt notes and dropped it on the dealer's desk, I think I was the first person in that dealer's history to do that. Yep, cash is king. Keep out of debt. 

[OneMoreFarang]

I think it's amazing how many people here insist that they have money and use cash all the time. And at the same time they warn about the dangers of credit cards.

My question to these people is: What do you think is the problem of owning one or multiple credit cards? Many card companies don't charge anything for the card and they don't charge if you pay your bill within 10 days or so. That way the card costs no money at all.

And you have the convenience and limited risk for online shopping, hotels, etc.

And many places have discounts if you pay with certain cards.

So what's the problem if you use these cards wisely?

[patman30]

4 minutes ago, OneMoreFarang said:

It's a question like: Do you walk or do you own a car or use taxis from time to time?

It is possible to walk to many places. But it's convenient to have also other options.

Credit cards don't have to cost any money - if people use them wisely. It's nice to have them.

And just in case anybody needs to pay a big bill (i.e. hospital) then it's definitely good to be able to say: Don't worry, here is my credit card.

I just got a 2nd credit card. The first time I used it I received right away 5% discount from the shop. I like that and it cost me nothing.

while i agree, it is always good to have options
i have been here long enough to know to always expect the unexpected
when out, i do usually have at least 1 ATM card with me that has 100k daily limit
(my 3 ATM cards give me total of 230k daily)
plus i always carry a decent amount of cash on me, and a chunk stashed in the car
plus mobile banking for my Thai accounts should the above not be enough
even if i had a CC, i doubt it would add much,

unless i locked up funds for 1 which seems pointless to myself

[patman30]

7 minutes ago, OneMoreFarang said:

I think it's amazing how many people here insist that they have money and use cash all the time. And at the same time they warn about the dangers of credit cards.

i have not read anyone speaking of "dangers of credit cards"................
was just curious how many here actually live without credit
as many others in another thread seemed to think its not possible

The only danger a credit card presents is the person that owns it.

 

 

  

7 minutes ago, OneMoreFarang said:

And you have the convenience and limited risk for online shopping, hotels, etc.

i do not see any more convenience using CC instead of DC or any other forms of payment????‍♂️

Edited January 28, 2021 by patman30

[AlfHuy]

3 minutes ago, patman30 said:

while i agree, it is always good to have options
i have been here long enough to know to always expect the unexpected
when out, i do usually have at least 1 ATM card with me that has 100k daily limit
(my 3 ATM cards give me total of 230k daily)
plus i always carry a decent amount of cash on me, and a chunk stashed in the car
plus mobile banking for my Thai accounts should the above not be enough
even if i had a CC, i doubt it would add much,

unless i locked up funds for 1 which seems pointless to myself

What was again the registration number of you car and, totally forgot where it is parked.

 

Asking for a friend.

[Pilotman]

I don't owe anybody anything, either here, or in my home country, but I still use a credit card to book flights and hotels, but then pay it off at the end of the month. This is a new discipline for me,  which I am enjoying immensely.

[patman30]

2 minutes ago, AlfHuy said:

What was again the registration number of you car and, totally forgot where it is parked.

Asking for a friend.

its parked on my drive
your friend is free to try anytime
i hope they understand the laws here????

[Oldie]

If you ever find a personal entertainer that accepts credit cards please post it here. 

[treetops]

Having credit available and using it wisely works to your advantage and still allows you to be debt free.  In many cases it provides legal protection if purchases go awry and you can even be paid for using the credit.

 

Why anyone would not want these avantages is a mystery to me?

[patman30]

3 minutes ago, treetops said:

Having credit available and using it wisely works to your advantage and still allows you to be debt free.  In many cases it provides legal protection if purchases go awry and you can even be paid for using the credit.

 

Why anyone would not want these avantages is a mystery to me?

i am "legally protected" against fraud, regardless of payment method
( i think your wording is off, though i do get what you mean)
i have had DC payments reversed in past so i do not see this as a unique feature myself
and its an extremely rare event,
yes you may be offered discounts and savings etc.
these are not advantages IMO, but temptations
i buy what i want, i dont care for discounts or savings or cashback to sway my descisions

[OneMoreFarang]

31 minutes ago, patman30 said:

plus i always carry a decent amount of cash on me, and a chunk stashed in the car

That sounds like you want to have it available in an emergency.

A credit card would do the same - except it is more secure than cash.

 

Sure, it's nice to have cash. But I don't see the point of having a stash, lets say 100k, in your car if you don't need to do that.

ATMs are available around every corner - at least where I live.

[ThomasThBKK]

45 minutes ago, OneMoreFarang said:

It's a question like: Do you walk or do you own a car or use taxis from time to time?

It is possible to walk to many places. But it's convenient to have also other options.

Credit cards don't have to cost any money - if people use them wisely. It's nice to have them.

 

And just in case anybody needs to pay a big bill (i.e. hospital) then it's definitely good to be able to say: Don't worry, here is my credit card.

 

I just got a 2nd credit card. The first time I used it I received right away 5% discount from the shop. I like that and it cost me nothing.

 

This has absolutely nothing to do with credit cards or debit cards, you can do the absolute same with a debit card.

 

The only difference this day is that one substracts money from your linked bank account and the other gives you a line of credit instead.

 

Why would i not be able to pay my hospital bill with my debit card? 

 

[OneMoreFarang]

7 minutes ago, patman30 said:

these are not advantages IMO, but temptations
i buy what i want, i dont care for discounts or savings or cashback to sway my descisions

I pay regularly 10k in a hospital. And regularly I get 5% discount. That adds up.

And believe me I won't visit the hospital more often only because they give me 5% discount.

 

There are many things we buy anyhow. Why not accept a discount?

[CharlieH]

Just a thought, if you dont have, or have limited health Insurance (and many older people have a problem in this regard) then having a credit card can become your Insurance policy.

 

If you had a serious accident or became very ill, the Hospital may not help you without one.

 

As I said, just a thought and possible situation where a card may come in very useful.

 

[OneMoreFarang]

Just now, ThomasThBKK said:

Why would i not be able to pay my hospital bill with my debit card? 

Just imagine that right in that moment, for whatever reason, you don't have enough money in your debit card bank account.

With a credit card you have your credit line. You don't have to use it. But it's there just in case you want to use it.