First Thai Credit Card...Any Traps Or Pitfalls?

[Pattaya Spotter]

I will be getting my first Thai bank credit card ???? (Kasikorn) soon (cash deposit "secured" card) and I am wondering if there is anything unique to them that I should be aware of...basically if there are any major differences from US credit cards. Things like no liability for fraudulent transactions and interest grace period on purchases and the like. I have Kasikorn's  English rates and charges sheet which sets forth the basics.

 

One question is it says interest on purchases starts on the "posting date." Is this different from the transaction date...or is the posting date the monthly statement date? Like US cards, interest on cash advances starts on the transaction date.

 

The "grace period" for payment is 15 days from the statement date...for full payment only. So again, it sounds like interest on purchases starts on the first statement date on which they appear (but no interest if paid in full and no balance on the card.

 

The standard annual card fee is 1050 THB, which is waived if I charge at least 20k per year or have 12 or more transactions. The manager also said I can call and have the fee waived even if I don't meet these minimums.

 

Anything else I should be aware of?

 

 

[Digitalbanana]

Last time I checked KBank has many different types of credit card each with their own T&C. I have had one of them for over a year and found they do pretty much what it says on the tin. Like yours I have to make a minimum 12 purchases per credit card year or face an annual fee. The payments can be for anything (even under 20THB), but must be at least 12 times.

[blackcab]

The posting date and the transaction date are nearly always the same thing. The only time this will differ is if the merchant does not post the transaction immediately. All it means is that the transaction will not show up on your statement until it is posted. Most people would view this in their favour, although in reality with modern technology it rarely happens.

 

The terms are more relevant to a past time when merchants used manual card impressioning machines, and it might have taken a few days for the transaction slip to be handed in to the bank and processed.

[The Hammer2021]

How is a cash deposit  credit card different  from a debit card?

[Liverpool Lou]

15 minutes ago, The Hammer2021 said:

How is a cash deposit  credit card different  from a debit card?

Some online bookings/places/vendors do not accept debit cards.   Some protections with products/services paid for by credit card?

[asiaexpat]

3 hours ago, The Hammer2021 said:

How is a cash deposit  credit card different  from a debit card?

Debit cards are immediate reduction of account funds where as a credit card (secured or not) is billed monthly.

Most Thai bank credit cards have perks whereas debit cards do not.

[DrJoy]

@Pattaya Spotter I am guessing you dont have a WP, thats why they offered a secured credit card.

 

With WP there is no need for fixed deposit security.

 

I have K bank cr card for 4 yrs now, the phone support officers speak fluent English.

 

They updated my address on the phone itself, very convenient.

[Pattaya Spotter]

17 hours ago, The Hammer2021 said:

How is a cash deposit  credit card different  from a debit card?

Not too much difference...but the merchant isn't paid immediately (at least from the user's funds) so some leverage if something goes wrong. 

[Pattaya Spotter]

17 hours ago, blackcab said:

The posting date and the transaction date are nearly always the same thing. The only time this will differ is if the merchant does not post the transaction immediately. All it means is that the transaction will not show up on your statement until it is posted. Most people would view this in their favour, although in reality with modern technology it rarely happens.

 

The terms are more relevant to a past time when merchants used manual card impressioning machines, and it might have taken a few days for the transaction slip to be handed in to the bank and processed.

That's what I thought too so was a bit confused they used the two different terms. So basically with Thai CCs, there is no "free float" or grace period on interest charges. With my US card, interest charges only accrue if the statement balance isn't paid in full my the due date (usually about a month after a charge is made).

[Pattaya Spotter]

13 hours ago, DrJoy said:

@Pattaya Spotter I am guessing you dont have a WP, thats why they offered a secured credit card.

 

With WP there is no need for fixed deposit security.

 

I have K bank cr card for 4 yrs now, the phone support officers speak fluent English.

 

They updated my address on the phone itself, very convenient.

Yes correct, I'm an a "retirement visa." Maybe it's like my first US CC 35 years ago...start with a secured card and work myself up.

[KIngsofisaan]

7 minutes ago, Pattaya Spotter said:

Yes correct, I'm an a "retirement visa." Maybe it's like my first US CC 35 years ago...start with a secured card and work myself up.

That is all you can do at this point, work your way up.

 

Since I still have a place in US, I have kept a wallet full of credit cards the past 25 years. My Thai wife has all the same ones now and a few of her own. All zero balance and if we charge anything, we pay it before interest accumulates. No Thai credit cards, only debit to grab some cash.

 

At the end of the year can use points towards flights, gifts or whatever.

 

Electronic Banking these days makes it is easy to post you are overseas, traveling, orwherever you are to make unencumbered purchases in any country.

[Pattaya Spotter]

20 minutes ago, KIngsofisaan said:

That is all you can do at this point, work your way up.

 

Since I still have a place in US, I have kept a wallet full of credit cards the past 25 years. My Thai wife has all the same ones now and a few of her own. All zero balance and if we charge anything, we pay it before interest accumulates. No Thai credit cards, only debit to grab some cash.

 

At the end of the year can use points towards flights, gifts or whatever.

 

Electronic Banking these days makes it is easy to post you are overseas, traveling, orwherever you are to make unencumbered purchases in any country.

The main use scenario for me having a Thai CC is to avoid the foreign transaction fee and sometimes bad currency conversion rates when using my US card for larger Thai purchases. Also, many stores/restos seem to have special discounts and promos when paying with a Thai CC. Like you, I'm a balance payer so never pay any interest fees.