What are the requirements exactly for credit cards?

[arick]

15 hours ago, verylostdog said:

So I was playing a very dangerous game of shopping for gaming PCs earlier and I noticed that paying in installments was an option. Out of curiosity, I wanted to try but was told I needed a credit card.

 

Things to note - I’ve only been back in Thailand for 4 months but I work from home and well over 100k a month. I also have a Thai ID card. I tried with K bank.

 

I applied for the credit card and got rejected, they did not ask for any documents or proof of income. According to Reddit (not the most reliable source) you don’t have a credit score until you take out a loan or credit card. So I am curious, did I get rejected because my income is from overseas or not being in the country long enough? All I’ve been told is that my info doesn’t meet the banks criteria. Thank you in advance.

There's so no such thing as installments it's meaning that you don't have to pay interest for that time period for months 6 months 12 months whatever it is but there's no such thing as installments. You have to pay in full and then you only have to pay for that installment on your credit card but you're still paying in full on your card.

[Jenkins9039]

15 hours ago, verylostdog said:

So I was playing a very dangerous game of shopping for gaming PCs earlier and I noticed that paying in installments was an option. Out of curiosity, I wanted to try but was told I needed a credit card.

 

Things to note - I’ve only been back in Thailand for 4 months but I work from home and well over 100k a month. I also have a Thai ID card. I tried with K bank.

 

I applied for the credit card and got rejected, they did not ask for any documents or proof of income. According to Reddit (not the most reliable source) you don’t have a credit score until you take out a loan or credit card. So I am curious, did I get rejected because my income is from overseas or not being in the country long enough? All I’ve been told is that my info doesn’t meet the banks criteria. Thank you in advance.

Back in 2012 my credit card was secured (and credit line in general, 500,000 CC, and 18m THB SCB Property Credit Line) by HR/Accounting bringing the companies business to SCB from Bangkok Bank, they made it contingent that all their farang had lines of credit if the business was brought to the bank.

Still active today - so if you are paid onshore have a word with accounting/HR, if offshore you'll only get a secured credit card by depositing funds to borrow against lol

[Brave-Fart]

15 hours ago, verylostdog said:

So I was playing a very dangerous game of shopping for gaming PCs earlier and I noticed that paying in installments was an option. Out of curiosity, I wanted to try but was told I needed a credit card.

 

Things to note - I’ve only been back in Thailand for 4 months but I work from home and well over 100k a month. I also have a Thai ID card. I tried with K bank.

 

I applied for the credit card and got rejected, they did not ask for any documents or proof of income. According to Reddit (not the most reliable source) you don’t have a credit score until you take out a loan or credit card. So I am curious, did I get rejected because my income is from overseas or not being in the country long enough? All I’ve been told is that my info doesn’t meet the banks criteria. Thank you in advance.

if you earn " well over " 100.000 baht a month why then do you need credit or a loan why not just pay for it cash. ?

[jippytum]

14 hours ago, verylostdog said:

Thank you very much for your response. Is this applicable to all banks or only certain banks? In regard to the secured deposit, let’s say you go under your secured deposit limit of 500k, what are the consequences? Is the credit card frozen until your balance goes back to 500k or is it completely deactivated?

your limit is your limit. Your card will not be accepyed for amount below the limit

ps except by prior agreement with the bank. 

Edited September 12 by jippytum
addition

[arick]

14 hours ago, Jerzy Swirski said:

I have 800k baht on deposit for my extension of stay.

 

Can I use that money to get a secured credit card?

 

No you won't you'll be lucky if you get 100,000 on a credit card.

 

 

 

 

 

 

 

 

 

 

[Dirk Z]

I have multiple credit cards on a retirement visa. But they are not really credit cards, because you have to secure a deposit for the max spending amount. So it's more like a debit card.

[1FinickyOne]

What are the requirements exactly for credit cards?

 

I would imagine that there are no exact requirements, but there is also the judgement of the loan officer. Imagine that you are a loan officer - and you are responsible for the money... even imagine people coming to you personally for a loan - strangers, who could disappear in a flash and go back to their home country and you would have to track them down at quite a cost if even possible - how many people would you want to lend money to? 

 

I have lent money to friends - not many or often but people in trouble - maybe 50% paid me back... I think that is not a surprise. 

 

They are more likely to lend money to someone who can put up collateral and have a lifetime of living in Thailand and have families here and solid jobs - [Thai people] - right? 

 

 

[ujayujay]

16 hours ago, Jerzy Swirski said:

I have 800k baht on deposit for my extension of stay.

 

Can I use that money to get a secured credit card?

 

 

 

 

 

 

 

 

 

 

 

Definitively Not!

[verylostdog]

6 hours ago, jayboy said:

 

What do you mean by this?

 

6 hours ago, Gottfrid said:

Probably that he have a pink card. Rather useless.

I am a Thai citizen with a blue Thai national ID card and a Thai passport. No pink card or anything along those lines. I am Thai

[verylostdog]

7 hours ago, Everyman said:

It’s likely that paying in installments at that shop is completely separate from paying with a credit card. they require you make the installment payments with a credit card? what sense does that make? 

 

more likely, installment payments are unavailable to you and they suggested using a credit card instead. 

Sorry I should’ve made it clear. I never actually tried the process but from what I’ve read and been told by my Thai friends, this process only works if you have a credit card.

[sometimewoodworker]

18 hours ago, Jerzy Swirski said:

I have 800k baht on deposit for my extension of stay.

 

Can I use that money to get a secured credit card?

The 800,000 has to be immediately available to withdraw. A secured credit card will lock the amount of the card so it can’t be withdrawn. 
So no that won’t work

[verylostdog]

4 hours ago, Brave-Fart said:

if you earn " well over " 100.000 baht a month why then do you need credit or a loan why not just pay for it cash. ?

It was 180k baht in total, I did pay for it all in cash in the end. Wasn’t just the PC, it was also the monitors, mouse keyboard etc. Obviously not a great financial decision but neither is financing. 

[Jerzy Swirski]

50 minutes ago, sometimewoodworker said:

The 800,000 has to be immediately available to withdraw. A secured credit card will lock the amount of the card so it can’t be withdrawn. 
So no that won’t work

Exactly what I was thinking.

However immigration only get to see the bank book and a 12 month statement.

Is the Lien on the money noted in either?

[Jess1963]

5 hours ago, Foxx said:

Deposit 5 million baht in fixed deposits with Krung Sri.  That immediately gets you Krungsri Exclusive status.  Wait 6 months and you can get an unsecured credit card.  You can then withdraw the 5 million if you wish to do so.  You lose Exclusive status, but keep the card.

Don’t Thai banks only insure up to 1 million baht?

5 hours ago, Foxx said:

[JAS21]

You could try UOB … it’s a couple of years ago now that I got mine from Citi Bank . I’m retired, no work permit and I didn’t even bank with them.  It is unsecured with a limit of 160k thb.  I wanted to go above that short term to pay a large bill ( ie get points) and no problem…with Citi I did have to pay the full amount off each month but it doesn’t look like that with UOB.

 

I ditched my Bangkok Bank one as I had to let them lock away the amount that I could spend on the card.

 

I don’t have anything special other than a Yellow Book

 

 

Edited September 12 by JAS21

[Gottfrid]

1 hour ago, sometimewoodworker said:

The 800,000 has to be immediately available to withdraw. A secured credit card will lock the amount of the card so it can’t be withdrawn. 
So no that won’t work

Exactly, and getting a credit that way is over the top stupid. Why in the world would anyone wish to pay extra interest when they have the money? Better having the money in an account and pay. After thta pay back yourself monthly without interest.

[Foxx]

36 minutes ago, Jess1963 said:

Don’t Thai banks only insure up to 1 million baht?

 

Thai banks don't insure.  The Deposit Protection Agency protects deposits.

 

But then, pretty much every bank in the world has limited protection.

 

So, what's your point?

[AgMech Cowboy]

20 hours ago, verylostdog said:

Thank you very much for your response. Is this applicable to all banks or only certain banks? In regard to the secured deposit, let’s say you go under your secured deposit limit of 500k, what are the consequences? Is the credit card frozen until your balance goes back to 500k or is it completely deactivated?

It more like the CapitalOne card in the US.  You deposit $1,000. That's your credit limit.  At the end of your 'cycle' (30-31 days, 28-29 days in Feb), you pay your bill, which will then allow you to charge again that month.  If you don't pay on time, you get a 'blemish', demerit, whatever you want to call it.  They'll stop any additional charges until you pay up to bring your deposit to $1,000, etc.

[sometimewoodworker]

6 hours ago, Gottfrid said:

Why in the world would anyone wish to pay extra interest when they have the money?

Well I have had a credit card for about 880 months and have only ever paid interest for 1 of those months!!!FFS. I have always paid off my card and only once paid interest.

[KhunHeineken]

8 hours ago, Jerzy Swirski said:

However immigration only get to see the bank book and a 12 month statement.

Currently, but 2025 might be different. 

[Ralf001]

11 hours ago, Gottfrid said:

Why in the world would anyone wish to pay extra interest when they have the money? 

reward points.

Interest free periods.

Come to mind.

I have unsecured cards with K Bank and BKK bank, why would I want to carry cash ?

[JimHuaHin]

When I first came to stay long-term in Thailand about a decade ago on a retirement visa I went to apply at two local banks, both said "no way", as I was not working.   Both advised that I could go to the head offices in Bangkok and apply, which I did.   Both applications were accepted, and months later letters informed me that my applications were rejected.

 

Fast forward 7-8 years, one of the banks sent me a letter and asked if I wanted a credit card.  Possibly this was because, of visa extension requirements, I have always maintained just over a million Baht in my account.

[Gottfrid]

8 hours ago, sometimewoodworker said:

Well I have had a credit card for about 880 months and have only ever paid interest for 1 of those months!!!FFS. I have always paid off my card and only once paid interest.

So, basically you just use the card instead of cash in pocket? That can be done with a debit card as well, as you seem to basically already have the money.

Ok, I can understand 30 or 60 day, sometimes even 90 days (Don´t know if have in Thailand) without interest, can be fun. Not really useful as you pay with money that you probably already had at the time of purchase.

It might also be like you have been working in Thailand or still working, which means you did not need to lock up any money to get the credit card. In that case, it´s of course more reason to have it.

Myself, is a cash guy. Not that I walk around with a lot of money. I have a few debit cards that I use, but always pay all in full. No loans or credits for over 30 years.

[Gottfrid]

3 hours ago, Ralf001 said:

reward points.

Interest free periods.

Come to mind.

I have unsecured cards with K Bank and BKK bank, why would I want to carry cash ?

Not talking about carry cash. If already have them, a debit card will suffice.

[Ralf001]

47 minutes ago, Gottfrid said:

Not talking about carry cash. If already have them, a debit card will suffice.

If that works for you, Great.

 

I'll stick to using my credit cards.

[Gottfrid]

9 minutes ago, Ralf001 said:

If that works for you, Great.

 

I'll stick to using my credit cards.

You do that. Let´s hope it works good for you all the time.

[Lung Mark]

On 9/11/2024 at 9:53 PM, Jerzy Swirski said:

I have 800k baht on deposit for my extension of stay.

 

Can I use that money to get a secured credit card?

 

 

Yes. According to Bangkok Bank, Immigration won't even know about it. Make sure though not to go under on the account.

 

 

 

 

 

 

 

 

 

[Ralf001]

1 hour ago, Gottfrid said:

You do that. Let´s hope it works good for you all the time.

 

Has done for years, cannot see why it wont for many more to come.

[sometimewoodworker]

3 hours ago, Gottfrid said:

So, basically you just use the card instead of cash in pocket? That can be done with a debit card as well, as you seem to basically already have the money.

No. Using a credit card provides much more security than cash or a debit card and that is not even going into the rewards that many cards give. As to having the money it is often that the money is not immediately available but is coming at the end of the month in time to pay off the card/s 

 

3 hours ago, Gottfrid said:

Myself, is a cash guy. Not that I walk around with a lot of money. I have a few debit cards that I use, but always pay all in full. No loans or credits for over 30 years.

For myself the last time I didn’t pay off the card in full was one time in 1974, the only loans were 2 mortgages, now only 1, 

[niccodemi]

On 9/11/2024 at 10:13 PM, Celsius said:

You will not get installment payment option with a secured credit card. 

At least Krungsri secured credit card gives the option for installment payment. I have tried it in the past and it worked. However it is pointless to use installments with secured credit card.