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

[Pro1Expat]

3 minutes ago, kingdong said:

The banks hate people like me and you ,had an a/c with £10,000 in it which the bank closed, i pay what bills i can using payzone paying cash and only have a current a/c for direct debits, one of my kids book my flights etc using their credit cards i pay them cash,never leave a paper trail.

Of course they hate us. I used to have the AMEX Gold card but rarely used it. Iif I did I paid it off before it came on my statement. Banks hate that. They want you to be paying every month so they can get their extortionate interest that they charge.

[kingdong]

4 hours ago, Lacessit said:

Get them stolen or skimmed here, and you are in for a world of hurt trying to get the mess sorted out. My debit cards are only for emergency use, I pay cash.

Next question.

Happened to me once 35 years ago withdrawals were being made on my a/c from someone inside the bank,the attitude of their security staff was disgusting went on for over a year,luckily i was working for a national newspaper at the time,went up and saw a company solicitot and one letter sorted it.

[George36]

1 minute ago, Pro1Expat said:

Of course they hate us. I used to have the AMEX Gold card but rarely used it. Iif I did I paid it off before it came on my statement. Banks hate that. They want you to be paying every month so they can get their extortionate interest that they charge.

Imho, banks do not hate us if we do not carry a balance.. I have not paid credit card interest in the 50 years or so that I have had credit cards.

 

Banks get paid by the retailers:  https://www.valuepenguin.com/what-credit-card-processing-fees-costs

[new2here]

I myself decided when i first arrived that as a part of trying to truly build a life here, that one part (of many parts) was to develop my financial footprint.

 

I don’t subscribe that debt is good, but I did seek, and currently have true credit cards* issued to me alone (Im employed, and single) and backed by my own personal thai credit file.

 

Given money can be moved fairly quickly and credit cards are largely universal in terms of acceptance.. I don’t think it’s really a NEED-TO-HAVE relative to credit cards... but ... i DO think there can be some upside...

 

My BBL and KBank cards all offer some decent dining promos that i regularly use.. and the cards I do carry are either fee-free or fee-waived due to my annual spend or overall relationship with the bank in question. 

[mstevens]

I find having a credit card very useful. The annual fee is low but the benefits far exceed the fee. I get 1.1% cashback on all purchases. It comes with comprehensive free travel insurance (fat use it is at the moment!). It is useful in the case of a dispute with a vendor etc. And as many others have said, credit cards are very useful when purchasing stuff online, booking travel, checking in to a hotel etc. So long as you clear the balance every month and don't pay any interest, I find having a credit card very useful.

[Srikcir]

17 hours ago, RichardColeman said:

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. 

If you need immediate or expensive medical treatment and/or recovery, having access to credit is essential to cover upfront charges and any delay from reimbursement from health insurance claims (if you're not relying solely on Thai health insurance coverage). Albeit with some private hospitals my health insurance provider has guarantee payment agreements that avoids required any upfront payments. 

[TKDfella]

Ha, I was refused a credit card when married in Thailand but could get a 'second' card on her account. After divorce I have been refused a credit card. So, I have to live without debt, just me and my ATM card.????

[Laza 45]

One of the best days of my life was the day I got rid of my credit card.. 40 years ago.  Debit card ever since.. No debt no sweat.. ???? 

[4MyEgo]

17 hours 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.

   

 

I haven't had a credit card in decades, i.e. when the banks started to charge an annual fee for them, I cancelled mine.

 

Many make a good argument that they provide you with some form of protection when buying goods and service, plus frequent flyer point, and having funds in there so using your own cash is a good thing as well so no interest is charged.

 

I would imagine that they are a good thing if you have the brains and resources not to fall into the trap as many many many around the world have, last I checked Ozzies have over $5,000 (115,000 BAHT) in credit card debt, $20 billion, go figure.

 

If there was annual fee I would probably have or two to make hotel bookings and pay for flights and or buy products, all for protection of course, but as I have enough to survive on till I reach 101, I consider myself good, no, not lucky, hard work and good investments paid off.

[Peter Denis]

10 minutes ago, 4MyEgo said:

I haven't had a credit card in decades, i.e. when the banks started to charge an annual fee for them, I cancelled mine.

...

My Belgian bank (no annual fees for bank-services) provides me with a debit-card and with a free credit-card.  The credit-card is handy as it allows you to buy goods/services on-line, and there is no debt as the credit you used is automatically charged to your account on a fixed monthly date.

I also applied at my bank for a Golden credit-card for a modest annual fee (40,- Euro annually).  It has many 'perks' which makes it a very good deal.  E.g. when buying your airline-ticket with that Golden credit-card you do not need to buy the 'annulation' service, as that Golden credit-card payment automatically provides that at no cost.  So when booking one flight annually, that annual Golden credit-card fee is already more than compensated for.

[Hamus Yaigh]

18 hours 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.

This sounds like what I might want. Anyone know if KBank has similar and what to ask for when I walk into my branch? I'm retired if that matters.

[Jaxxper]

I’ve got CCs from my home country, and I have a CC from my Thai bank. Use the home country cards seldom, and the Thai card as a matter of convenience for larger expenses, but always clear all at the end of the month.

[Stocky]

I'm debt free, have never been in debt, but I do have credit cards. There's no fee for the cards, and balances are paid direct debit, so they cost me nothing. Most stuff I pay cash, but they are useful for flights, hotels and emergencies. I don't see a problem, provided you know how to properly manage your finances, credit cards are just a handy tool.

[theoldgit]

15 hours ago, Lacessit said:

I have yet to encounter a hotel, airline or vehicle rental company that refused my debit cards, Australian or Thai.

 

I've been unable to rent cars in both the US and UK just using Debit Cards for the deposit, they've always insisted on a credit card, I understand that a debit card can't be used to block funds, though they can be used to pay any charges at the end of a rental.
One car rental operative made the throw away remark "if your bank doesn't trust you with a credit card, why should we trust you to drive one of our cars away without any guarantee"?

[theoldgit]

5 hours ago, Stocky said:

I'm debt free, have never been in debt, but I do have credit cards. There's no fee for the cards, and balances are paid direct debit, so they cost me nothing. Most stuff I pay cash, but they are useful for flights, hotels and emergencies. I don't see a problem, provided you know how to properly manage your finances, credit cards are just a handy tool.

 

Indeed credit cards are ideal for an emegency, we were on a weekend away in Singapore a few years ago, on our second night there I had a heart attack and was blue lighted to hospital where I was resuscitated, and spent three weeks in hospital, and another couple of weeks staying locally before I was allowed to fly home.

 

On my discharge from hospital I was present with a large bill, the consultants advice about avoiding stress had clearly gone out of the window, whilst the account linked to my debit card was healthy, it wasn't healthy enought to settle the account.

 

I have a unseccured Amex Credit Card and whilst, even that, wasn't healthy enough to settle the bill, a quick call to Amex in Bangkok ensured that I has a sufficient line of credit not only to settle the bill, but for accomoadation in Singapore and revised flights home, the bonus was that I also earned a shed load of points.

 

I would certainly never ever travel without a sufficient line of credit.

 

By the way, I'm also fortunate enough to be debt free. 

[shackleton]

Yes use the bank debit card for major shopping items 

Hospital appointments ect

Carry small amounts of cash just incase need something Not to expensive 

Never been in debt can't afford it don't buy. Learned this from my parents years back 

[rwill]

The best form of freedom is not to have any debt.

I don't have any credit cards.  I pay cash for everything.  If I can't afford it I don't buy it.

When my family came to visit me I wanted to rent a van to travel around in.  They all wanted a credit card, .  I finally found one that accepted a $100,000 baht cash deposit.

Those saying you need a credit card for hotels/flights I never had a problem doing that with a debit card.  Credit cards are ok if you are very strict about paying them off every month.  Most people can't do that.

The only bills I have are utilities.

I'm fortunate to be in a position where I can afford to do that.

Edited January 29, 2021 by rwill

[Ron jeremy]

1 minute ago, rwill said:

The best form of freedom is not to have any debt.

I don't have any credit cards.  I pay cash for everything.  If I can't afford it I don't buy it.

When my family came to visit me I wanted to rent a van to travel around in.  They all wanted a credit card, .  I finally found one that accepted a $100,000 baht cash deposit.

The only bills I have are utilities.

I'm fortunate to be in a position where I can afford to do that.

100,000 deposit??? But don’t need a CC?

enough said

as dozens have stated

you don’t have to be in debt with a CC

that would be a cold day in hell I left a $100 k deposit 

[Sujo]

3 minutes ago, Ron jeremy said:

100,000 deposit??? But don’t need a CC?

enough said

as dozens have stated

you don’t have to be in debt with a CC

that would be a cold day in hell I left a $100 k deposit 

Agree i would be too stressed to leave that amount of cash as a deposit.

 

I only use debit card for everything,I have never had a cc, never needed one. Also never had a loan or insurance on anything.

[Nemises]

1 hour ago, 4MyEgo said:

1 hour ago, 4MyEgo said:

I haven't had a credit card in decades, i.e. when the banks started to charge an annual fee for them, I cancelled mine

 

 

Mate, as an Aussie you should have grabbed the Westpac "No annual fee" credit card when you were living there!  Lasts forever ????

 

 

No Annual Fee Mastercard (no longer for sale) | Westpac

 

 

 

They're no longer for sale and I'm pretty sure their T&C's are not that flash... don't know as I never use it. But good to have if ever purchasing something if there's a doubt about the product or service not being delivered - such as the postponing of future flights in this new crazy world in which we now live. 

 

No flight? No problem!.. all of your our money is put back on your card if the airline bump you or cancel the flight. Good luck getting that sort of outcome for those without a credit card, paying cash or bank transfer or with debit cards.

 

 

 

 

 

[Ron jeremy]

4 minutes ago, Sujo said:

Agree i would be too stressed to leave that amount of cash as a deposit.

 

I only use debit card for everything,I have never had a cc, never needed one. Also never had a loan or insurance on anything.

Does your debt card give you rewards?

that’s why you use a Cc

free is good

[Alex2554]

https://www.cnbc.com/2019/08/27/debit-cards-are-dangerous-warns-fraud-expert-and-ex-con-artist-frank-abagnale.html

[1FinickyOne]

15 minutes ago, rwill said:

I don't have any credit cards.

you can have a CC for convenience and not use it for long term debt... just pay your bills monthly.. when I had a 10 day hospital stay it came in quite handy.

 

I would not trust a car rental place to hold 100k baht... it is too tempting. 

[4MyEgo]

8 minutes ago, Nemises said:

 

Mate, as an Aussie you should have grabbed the Westpac "No annual fee" credit card when you were living there!  Lasts forever ????

 

 

No Annual Fee Mastercard (no longer for sale) | Westpac

 

 

 

They're no longer for sale and I'm pretty sure their T&C's are not that flash... don't know as I never use it. But good to have if ever purchasing something if there's a doubt about the product or service not being delivered - such as the postponing of future flights in this new crazy world in which we now live. 

 

No flight? No problem!.. all of your our money is put back on your card if the airline bump you or cancel the flight. Good luck getting that sort of outcome for those without a credit card, paying cash or bank transfer or with debit cards.

 

 

 

 

 

 

The only thing to understand is that banks have the right to vary their terms and conditions and that means if they said one thing today, it can change tomorrow.

[cdemundo]

I have travelled in the past with a debit card for all payments.  At hotels I was required to pay daily.  With a credit card that never happened, settled up at check out.  I think merchants are very aware of the difference between a debit card and a credit card.  I don't know how much difference there is practically but a fraudster can empty your bank account with a debit card which they cannot do with a credit card.

[Ron jeremy]

3 minutes ago, 4MyEgo said:

 

The only thing to understand is that banks have the right to vary their terms and conditions and that means if they said one thing today, it can change tomorrow.

Then you cancel it Einstein ????????????

[4MyEgo]

4 minutes ago, Ron jeremy said:

Then you cancel it Einstein ????????????

 

As I did if you read my earlier post, I take it calling me Einstein is a compliment, thanks in advance ???? 

[cdemundo]

16 hours ago, Lacessit said:

Get them stolen or skimmed here, and you are in for a world of hurt trying to get the mess sorted out. My debit cards are only for emergency use, I pay cash.

Next question.

YMMV, several times in Thailand I have had a debit card skimmed (I guess), card was never out of my possession but fraudulent withdrawals were made.  A US bank replaced the funds with no drama.  I use CCs for hotels and flights and some purchases, for cash I use a debit card at the ATM.  

[wwest5829]

Been retired in Thailand for a decade. Also debt free but I do maintain my Amex and CapOne US credit cards. Pay off monthly but like the convenience for travel, sometimes restaurant charges when I might rather pay off over some months. Not interested in “secured debit card”.

[NoshowJones]

I am debt free, house, car, motorbike etc, etc, all paid for.

Do not have a credit card, only a debit card in Thailand and one in the UK.