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

[theoldgit]

41 minutes ago, rwill said:

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.

 

So was that $100,000 in Baht or 100,000 Baht, a lot either way.

[ThaiFelix]

I have no debts.  Cars, houses, etc all paid for.  I use debit cards and have never ever had a problem anywhere.  All the people I know who have debt problems have the problem through using credit cards.  Banks will try to tell you credit cards are safer because by comparison they make no money on debit cards. 

 

It is usually the younger generation who are duped into taking out credit cards whereas our older generation learned to get by without credit.....you save and buy when you had enough cash.    I have never used credit of any kind except for a couple of mortgages a while back.

 

Capitalism/consumerism survives today through inducing people to spend tomorrows money.  A few years back there was a period where almost every day there was a new credit card and application in the mail box from one financial institution or another.  Chop, chop, and in the bin!  It was a form of brainwashing through trying to make credit cards the 'norm.'   The banks also knew that people think twice before handing over cash or a debit card whereas handing over a credit card is tomorrow's problem.  

 

Credit cards to me are like the yellow book and gay ID card.  While some boast about the awesome benefits of having one, in my daily life they are not worth the hassle especially considering you can more easily get by without!

[newnative]

    We use my Thai spouse's credit card or cash for purchases.  I have a debit card from my American bank and I use it to pay for things like my health care quarterly  premiums.  The credit card is paid off each month and we have no mortgages, car payments, etc.  

[NoshowJones]

17 hours ago, Lacessit said:

I'm 90 kg, 6 ft tall, and very little of it is fat. Do you feel lucky?

I'm also 6ft tall, but 76 Kg, and very little of it is fat, I sure would not like to meet you on a dark night.

[sanuk711]

21 hours ago, patman30 said:

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 have many credit & debit cards in 2 different countries & I am also completely debt free---you do not have to go into debt to use a credit card. My cards are always in Credit, & I move the amount needed into them before or within a day or so of using them---- because of this I do not pay any fees, but it allows me to book hire cars, Hotels (especially in foreign countries) air fairs, or take advantage of  buying something that I would have to run around and get the cash for.

 

If used properly (responsibly) they are an asset.

 

I had a motor bike crash some years ago--it was on a Kings Birthday, and the hospital "said" they could not contact my insurer, however they admitted me because I was carrying a credit card, the insurer paid the next day.

[Hanuman2547]

I have a couple of credit cards but I rarely use them in Thailand.  In my home country it's almost the opposite where I pay for everything on a credit card.  In Thailand, I tend to pay cash for everything.  When I do use a credit card I pay it off in full and never, ever, carry a balance.  I've just done that all my life and see no reason to change.  

[khunPer]

21 hours ago, patman30 said:

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

is personal credit good or bad ?

Plastic cards, yes – i.e. debit cards for cashing money in an ATM – credits. no.

 

I wasn't eligible for credits for several years in my home country, so I learned to manage without it, and when I suddenly could get all kind of credits, I didn't needed them. I simply kept on living that way, i.e. living literally from my pocket money, i.e. the cash I have in my pocket, topped up with some cash-outs from my bank accounts.

 

So yes, I'm luckily debt free, like OP, and enjoys it, and I have fully paid for transportation and mortgage free home, and little extra savings in a "rainy day account", so I sleep well at night...????

 

Personal credits can however be very good, especially if you have a regular income. It can speed up the process where you can afford to invest in a home, which makes you move-up faster...????

 

However personal credit can also be like a gambling addiction with too much shopping, and start an evil debt circle, where new credits are used payoff the old ones...????

 

 

[Dagfinnur Traustason]

21 hours ago, patman30 said:

So i was quite surprised (well not really as this is TVF)

Yes, you are soo right! It´s not much that surprise you in the world after you register a membership on TVF.
 

21 hours ago, patman30 said:

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

is personal credit good or bad ?

To make a quick answer. As an expat I live here as you, totally debt free. It´s an amazing feeling, that unfortunately ain´t possible for many.

My personal credit is very good, and will remain so for the rest of my time on this planet. ????

After this, I must say that there are different kinds of credit. Her you can have a card connected to a credit. You can use it, and if you fill it up again within a certain time, there will be no charges connected to your credit. That´s a good credit. However, if you can afford to fill it upp, then you really do not need it.

If we after that get in to the part of moving to another country and live on credit, or see credit as necessary, in a foreign country. Yeah, in my opinion, a person who do that is not ready to leave the safety and security he has in his home country. If you move abroad and start talk about credit as a necessity, there is something wrong. Basically such a person is telling others the person do not have the possibility to afford to live abroad.

[Pedrogaz]

I do not use credit here. The wife is a bankrupt and so cannot get credit and I am in the fortunate position to be able to pay cash for everything including house, car, and groceries.

[Colabamumbai]

22 hours 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 ?

So you cannot get credit. 

[TigerandDog]

Been here almost 7 years now and NO credit card or credit of any kind. If I don't have the cash then I either save up or go without. Cash only also reduces dramatically the amount of  impulse spending.

[patman30]

6 minutes ago, Colabamumbai said:

So you cannot get credit. 

Sort of what i mean when i said "have not even had the option of credit for a long time"
would be hassle to get back home and i could not get here
even most Thais did not have CC's when i got here
although i never applied for any and never really cared to pursue to see if possible
as i have never needed any credit

[fakser]

22 hours 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 ?

It is possible of course but less convenient. No online purchasing. No online payments. No online top ups.

I have 4 credit cards with 0 debts or credit purchase. My life is good.

[JRG23]

Yes. Bangkok Bank CC. 100k

[patman30]

19 hours ago, Sheryl said:

I travel a great deal (or did, pre-COVID) and CC is pretty necessary for that in oirder to buy air tickets online, book hotels etc. Also need them for online shopping  from non-Thai sources (Amazon, Herb etc).

this is a bit false, as you do not "Need"
can do just the same with a debit card or other payment methods
using credit provides no benefit
i buy from amazon, book hotels, usually travel a boatload, all without a CC,

they are not necessary or needed for those usecases, just a preference for some thats all

[patman30]

21 hours ago, OneMoreFarang said:

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.

why cherry pick the one sentance
when my comment also clearly stated
i carry at least 1 ATM card on me, which has a 100k withdrawal limit
230k if i carry 3 ATM cards
using credit for this has no benefit for myself

its funny seeing the reasoning in this thread, justifying the use of credit
when i started the thread, i did not state anything negative about using credit
but was curious to see how many people live without credit here
 

[patman30]

17 hours ago, Hamus Yaigh said:

I have often been told at hotels especially outside Thailand to use a credit card as a deposit, debit cards would not be accepted.

room deposits can ALWAYS also be paid in cash.

[sanuk711]

35 minutes ago, patman30 said:

room deposits can ALWAYS also be paid in cash.

Can they ? I often (before the big C) go to Bali and also see friends in Brunei, I could manage the hotel for Brunei...(with lots of running around ) car hire no.... the upside is I have been ripped off & got money back with C.Card......try doing that when you paid cash up front.

My Thailand C.Card is really what I would call a debit, I have to deposit money in the bank to cover.  But its classed as a C.Card everywhere for bookings.

 

I don't know what the draw back is with having a C.Card is...unless you are a type of person who can not control his spending.

[Nemises]

58 minutes ago, patman30 said:

room deposits can ALWAYS also be paid in cash.

Wrong.  Many hotels do not accept cash for room deposits.

 

[Airalee]

15 hours ago, George36 said:

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

They may make their 3% from the retailers but still call people who don’t carry a balance a “deadbeat”.  Not a very endearing term.

 

https://www.investopedia.com/terms/d/deadbeat.asp

[JimmyJ]

I use credit cards for everything if possible unless under $1 USD.

 

It saves me from trips to the (reimbursed) ATM.

 

I've been getting 2% to 7.5% back on purchases (sometimes 10% back on special items/deals is offered).

(It's possible to get more back with an extra step but I haven't bothered).

 

Other perks - Bonuses for signing up; Price protection; Theft protection; Extended Warranty up to 1 year ( 1 card formerly gave 2 years); Return protection; Free Cell Phone Insurance; Free Priority Pass (Airport Lounges) admission; Car rental CDW covered;etc.

 

Protected if a merchant dispute - I've always had the cc rule in my favor.

 

Recently got discounts from Amazon 3 times for using at least 1 rewards point from a specified cc (plus 2 to 5% back from the cc for the purchase).

 

Best deal ever - signing and charging x % total the 1st 3 months got me effectively $1500 cash, Priority Pass with unlimited guests, etc.

 

I posted here alerting others to the deal and got mostly people as here proudly declaring they never use credit cards as a sign of their fiscal genius.

 

OK.

 

 

Edited January 29, 2021 by JimmyJ

[seancbk]

On 1/28/2021 at 2:43 PM, 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 paid off all my credit cards in early 2000.  Since then I've been debt free. 

I have a couple of virtual debit cards linked to various online accounts around the world, but no credit at all. 

I find that using just cash or crypto works great for me.    

Most bars and restaurants will let you do a bank transfer from your phone, so even running out of physical cash isn't an issue these days.

 

[Hamus Yaigh]

3 hours ago, Hanuman2547 said:

I have a couple of credit cards but I rarely use them in Thailand.  In my home country it's almost the opposite where I pay for everything on a credit card.  In Thailand, I tend to pay cash for everything.  When I do use a credit card I pay it off in full and never, ever, carry a balance.  I've just done that all my life and see no reason to change.  

 I was same for almost 40 years. Last month I logged onto my US Citi account and saw the credit card was shut down, no notice given. During COVID there has been no option for me to travel and use my card as normal so they shut me down for lack of activity. Cannot reactivate again without a US address which I no longer have since moving to Thailand.

[Hamus Yaigh]

5 minutes ago, seancbk said:

Most bars and restaurants will let you do a bank transfer from your phone, so even running out of physical cash isn't an issue these days.

How would you manage checking in a hotel overseas when they ask for a guarantee? Always found a ccard simpler than handing over a wad of extra funds?

[theoldgit]

2 hours ago, patman30 said:

room deposits can ALWAYS also be paid in cash.

 

In some cases maybe yes, but certainly not always, however if using a credit card you're not actually leaving a cash deposit, the hotel blocks an amount from your line of credit that would cover the final charges.
When you check out you can either pay by cash, debit or credit card, there's certainly no need to carry large wedges of cash around with you, but of course if that's what you prefer to do then of course that's one option.

[Jack Batty]

I have a Navy Federal CC travel rewards card. I use it as often as possible to rack up airline miles. I pay the balance off every month. I have zero debt.

[seancbk]

11 minutes ago, Hamus Yaigh said:

How would you manage checking in a hotel overseas when they ask for a guarantee? Always found a ccard simpler than handing over a wad of extra funds?

 

I've never had any issue booking online with virtual debit cards. 

Although most of my overseas trips I am staying with family or friends and don't need to use hotels. 

 

[Hamus Yaigh]

3 hours ago, seancbk said:

I've never had any issue booking online with virtual debit cards. 

Neither have I but when you get to the check in counter the hotel that is already paid for they will normally need a deposit guarantee of several hundred dollars perhaps and that can only easily be achieved with a credit card. Virtual or real debit cards won't work in that respect as already discussed on this thread.

Edited January 29, 2021 by Hamus Yaigh

[1FinickyOne]

8 hours 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.

Funny, I have a wife like that too.. she was working in a bank when I met her... that must explain it...

 

Though it doesn't explain my first farang wife and she did that too... 

[HampiK]

8 hours ago, patman30 said:

why cherry pick the one sentance
when my comment also clearly stated
i carry at least 1 ATM card on me, which has a 100k withdrawal limit
230k if i carry 3 ATM cards
using credit for this has no benefit for myself

its funny seeing the reasoning in this thread, justifying the use of credit
when i started the thread, i did not state anything negative about using credit
but was curious to see how many people live without credit here
 

You have card with a limit of 230K, IF you have that amount on the according bank accounts. if on the bank account is for some reason only 10'000 baht, then you have exactly 10'000 baht to spend with your 3 ATM cards!

 

A credit card has many advantages, but only if you are able to control yourself with the spendings. I hear that nonsense about dangerous cards mostly from old people or people who can't control themself.

For some reservation fees a card is required.. they not accept a debit card... OK till now i always heard they will accept some cash instead. But who want always carry around that much cash! But yes you can have a very good life without a credit card it's no must. But it's convenient!

 

Then there are a lot of extras which you become with credit cards. I have with my Thai cards many extras, which give me extra money which I would not have without a card. Sometimes I can go into a restaurant, pay with the card only half the price (because I use points for the second meal). Yes you need to accumulate points, but when I have to pay for something which I would buy anyway, why not use a card, when the price is same! If the seller told me, cash is cheaper, then I use cash or when possible transfer the money. Then there are extras like free Lounge access at airports with the card, which cost nothing, if you use the card in the correct way.

But yes there are many folks, they buy things which they would not buy if they had to pay by cash, and for this people a credit card is definitive not a good choice. But this people are needed, because if all people would use the credit card in the correct way (for the user), then the bank would not offer that advantages anymore.