Any member ever had renewal of VISA/MASTERCARD denied because of age?

[SCOTT FITZGERSLD]

33 minutes ago, Red Forever said:

the cost i.e. 220 bt per withdrawal.

woooow it is 220 bt now....WHAT A RIP OFF !!!

[Liverpool Lou]

On 10/9/2021 at 2:33 PM, ChaiyaTH said:

I could imagine them staying away from it at a certain age, certainly if you are also a foreigner in Thailand. Quite a high risk if they can't go after property or family easily.

Their exposure to risk is up to them, the card issuers decide on the credit limit!    Credit card companies do not "go after the families" of deceased card holders.

[1FinickyOne]

On 10/9/2021 at 2:24 PM, scorecard said:

Credit card issued 28 years ago, late payment in 28 years once or twice but only 2 or 3 days and fixed. 

They like people who pay late because they make their big money on interest payments.

 

I always pay on time - I am considered a deadbeat...

[Liverpool Lou]

3 hours ago, Russell17au said:

You want to renew your credit card at the age of 77. I would not renew your credit card at that age. You want the use of someone else's money instead of using your own. If you renewed your credit card at your age you could run up that much debt and then die and the bank would never be able to recover their money. No one would give you a CREDIT card at your age, a DEBIT card, yes, because with the debit card you are using your own money and not someone else's money. Why should a bank take the risk of you dying before you pay back the money. Face the facts that you are just like me, you are too old to be trusted with a credit card.

The bank's risk is only as much as they're prepared for it to be, they decide the credit limit!

 

 If a deceased card holder has an estate, not unlikely for a credit card holder, the card issuing company can apply for repayment through the executor following probate.

[Liverpool Lou]

3 hours ago, mikebike said:

55555... yes this!! Because no one that age has "assets" that the cc company could check. What planet r u on?

What does that mean?   Was that sarcasm or are you really saying that no elderly people have assets or an estate that could repay credit card debts?

Edited October 10, 2021 by Liverpool Lou

[Liverpool Lou]

3 hours ago, Hamus Yaigh said:

My Thai bank credit card is based on the balance in a fixed deposit account at the bank. You need a minimum 50kTHB in the fixed deposit account to get a credit card with a limit to the value of the fixed deposit account. Age doesn't come into it.

Age doesn't necessarily come into it where secured credit cards are concerned.   Most credit cards are unsecured.

[Liverpool Lou]

3 hours ago, SCOTT FITZGERSLD said:

22 hours ago, Mavideol said:

CC with a fixed deposit amount as guarantee

this is called debit card, not credit card.

No, they are called secured credit cards.   Debit cards take funds for purchases directly from your account, secured credit cards do not.

[scorecard]

3 hours ago, Russell17au said:

You want to renew your credit card at the age of 77. I would not renew your credit card at that age. You want the use of someone else's money instead of using your own. If you renewed your credit card at your age you could run up that much debt and then die and the bank would never be able to recover their money. No one would give you a CREDIT card at your age, a DEBIT card, yes, because with the debit card you are using your own money and not someone else's money. Why should a bank take the risk of you dying before you pay back the money. Face the facts that you are just like me, you are too old to be trusted with a credit card.

Ignore...

[Liverpool Lou]

2 hours ago, lkn said:

For most Europeans, the concept of a credit card is alien.

Huh?  Nonsense.

Edited October 10, 2021 by Liverpool Lou

[Liverpool Lou]

Creditworthy customers who pay off their balances monthly, or as required, do not get penalised or have existing cards cancelled because of their age.

[jwest10]

On 10/9/2021 at 2:40 PM, scorecard said:

Sure, I have same thoughts.

 

I have a Thai Certificate of Residence (23 years) and my name is in family Tabien Baan book, bank has copies of both, but of course that's not a firm guarantee that any cc debt would be cleared. 

Well for what it is worth my English credit card matured in the last couple of years and missed the cut off date and now can not get another one but the bank concerned noticed I hardly used it and in any case the same as an ordinary ATM in that the latter has to be picked or authorised by a friend in the UK and then fowarded to me next year the normal hassle every 2 or 3 years

[jwest10]

5 hours ago, BKK57 said:

I have used my visa debit card issued by a USA financial institution for just about everything here in Thailand, I have used it to pay True phone and internet, dental and medical bills at hospitals, restaurants, and online purchases on Lazada.  Seems to be accepted everywhere.  Actually easier than using my Bangkok Bank debit card as I don't have enter a pin number every time I use it.

Huge bank transfers? Possibly not in your case.

[JackGats]

On 10/9/2021 at 10:41 AM, scorecard said:

Yes, you did understand, thanks for sharing.

 

Seems to me that debit cards are nowadays used/accepted very broadly and that usage will probably increase.

 

 

Problem is car-renting. In many countries the car rental will only accept a credit card, even one with only a token sum as credit (for instance you can go down to only -100 dollars on the card, otherwise you have to transfer money to the card account). But it has to be a credit card, not a debit card. 

[Tropposurfer]

Age has little to do with the international debit and credit card business. If you can pay you can play. Never heard of anything more ridiculous! Banking/credit is now international trade and for the most part and practicality borderless and available anywhere in the world ... if you have a decent credit history, cash in banks, regular income of some sort and assets. 

If you die then the fine print says clearly your estate is liable for the balance of debit on the card ...standard fine print.

I agree with the poster who used the word 'dumb' about this post. As far as applying for a new card with ones same bank or a new card with a different institution the same check equations apply as to assets, cash, credit liquidity and capacity to pay. 

[2009]

It's up to the bank. If one bank denies you credit go to another.

 

It is of no concern to Visa or MasterCard.

[Hamus Yaigh]

5 hours ago, SCOTT FITZGERSLD said:

On 10/9/2021 at 5:42 PM, Mavideol said:

CC with a fixed deposit amount as guarantee

this is called debit card, not credit card.

Mine clearly says credit card on it.

[Moonlover]

2 hours ago, 1FinickyOne said:

They like people who pay late because they make their big money on interest payments.

 

I always pay on time - I am considered a deadbeat...

People who build up debts on credit cards are a major nuisance to the companies. Chasing and recovering debts costs a lot in time and money and that's a customer lost for ever. The high interest rates in in place to discourage such behaviour.

 

'Deadbets' like you and I are the 'bread and butter' of the credit card business. We cost little to run yet bring in steady business with little or no effort. Especially in the modern era where, thanks on-line services, they don't even have to send out those pesky statements each month.

 

Recognize your worth. ????

 

[kennw]

8 hours ago, Russell17au said:

You want to renew your credit card at the age of 77. I would not renew your credit card at that age. You want the use of someone else's money instead of using your own. If you renewed your credit card at your age you could run up that much debt and then die and the bank would never be able to recover their money. No one would give you a CREDIT card at your age, a DEBIT card, yes, because with the debit card you are using your own money and not someone else's money. Why should a bank take the risk of you dying before you pay back the money. Face the facts that you are just like me, you are too old to be trusted with a credit card.

Thai banks require that you post a security deposit to secure your card, The amount of your "credit" is a proportion of the security deposit. No risk to the bank. If you try to rack up more than your limit the purchase is denied.

[Acharn]

I have two credit cards issued in America, one BofA, the other from Pentagon Federal Credit Union (much better). Neither one has been denied renewal yet, and I'm 84. I should say my Army pension and Social Security are both direct deposited to my credit union and there's an automatic monthly transfer to Bank of America which is more than the monthly minimum. That might have something to do with it, but I don't know. I've never used a debit card. I remember once having my credit card refused because it was foreign and the vendor wasn't approved to receive payments from overseas VISA, but I found other places that did accept them and have never had any denial since.

[NoshowJones]

19 hours ago, Pravda said:

Dumbest post ever.

 

You can be 100 years old in any other normal country and still have a credit card if your score is good.

True, but Thailand is not a normal country, a normal country has a government voted in by it's people, not a Banana Republic run by jumped up soldiers.

[itsari]

20 hours ago, Russell17au said:

You want to renew your credit card at the age of 77. I would not renew your credit card at that age. You want the use of someone else's money instead of using your own. If you renewed your credit card at your age you could run up that much debt and then die and the bank would never be able to recover their money. No one would give you a CREDIT card at your age, a DEBIT card, yes, because with the debit card you are using your own money and not someone else's money. Why should a bank take the risk of you dying before you pay back the money. Face the facts that you are just like me, you are too old to be trusted with a credit card.

The credit card could be secured from assets the bank customer owns . 

[userabcd]

22 hours ago, SCOTT FITZGERSLD said:

this is called debit card, not credit card.

debit cards will allways be very easy to get, because the bank had no risk.

credit card, defined as cards that gives you money which you might not have, are

allways harder to get.

Nope it is a real credit card and functions exactly like a credit card.

 

The banks money is still used to buy stuff with that credit card.

 

Only diff is a security deposit in a seperate fixed deposit account earning interest as collateral whose balance increases with interest which  an be withdrawn at any time.

Edited October 11, 2021 by userabcd

[1FinickyOne]

17 hours ago, Moonlover said:

Deadbets' like you and I are the 'bread and butter' of the credit card business. We cost little to run yet bring in steady business with little or no effort

They actually prefer people who run over their limit and pay 16% in interest to do so... They do make something on people who use and payoff their cards monthly, but not nearly as much...

 

makes sense... 

[1FinickyOne]

23 hours ago, Russell17au said:

I'm on the planet called Earth,

Welcome - please don't hurt us... 

[scorecard]

14 minutes ago, 1FinickyOne said:

They actually prefer people who run over their limit and pay 16% in interest to do so... They do make something on people who use and payoff their cards monthly, but not nearly as much...

 

makes sense... 

Bottom line:

 

- Banks globally can and do make big profits from issuing credit cards.

 

- Credit cards hold a lot of risk for banks and they need to be very vigilant to watch for any signals of problems. 

 

Many years back in an MBA program (in English) at a Thai Uni we had a senior guy from a very big/high profile Thai bank come in and give a half day lecture about both subjects mentioned just above.

[gk10012001]

no experience with Thai issued cards.  never had an issue here in the USA yet and I am about to cross the 65 year point.  still working and showing income.  The only odd thing was one of my cards was not auto renewed because State Farm said I did not use it enough!  It is not my primary card but just one of my backups.  So after I got them to send me another, I make sure now a few times a year I bunch up some purchases on it.  I keep it because my primary card is a Master Card with citibank, and citibank a few years ago STOPPED carrying rental car CDW, collision damage waiver.  Darndest thing.  so I keep the state farm card around for when I need to rent a rental car.  My citi card has good benefits so I keep it as my prime and I have had it for over 15 years. not that loyalty matters to these companies any more

[scorecard]

1 hour ago, gk10012001 said:

no experience with Thai issued cards.  never had an issue here in the USA yet and I am about to cross the 65 year point.  still working and showing income.  The only odd thing was one of my cards was not auto renewed because State Farm said I did not use it enough!  It is not my primary card but just one of my backups.  So after I got them to send me another, I make sure now a few times a year I bunch up some purchases on it.  I keep it because my primary card is a Master Card with citibank, and citibank a few years ago STOPPED carrying rental car CDW, collision damage waiver.  Darndest thing.  so I keep the state farm card around for when I need to rent a rental car.  My citi card has good benefits so I keep it as my prime and I have had it for over 15 years. not that loyalty matters to these companies any more

Wow.

[DefaultName]

Usually, older people have more assets, so would be a better credit risk.  Or am I missing something here?

[scorecard]

13 minutes ago, DefaultName said:

Usually, older people have more assets, so would be a better credit risk.  Or am I missing something here?

Valid point but the reality is that banks look mostly look at ready cash / current cash flow needed to make regular/continuous payments.