Expats Can Apply For Credit Cards

[george]

BANKING SERVICES

Expats can apply for credit cards

But Thai banks set guidelines on minimum local work experience and monthly income for foreign customers wishing to use plastic

This is the second in a series about financial products for expats gathered by The Nation. Having previopusly covered procedures for opening deposit accounts for foreigners, this is about credit-card applications.

For a credit-card application, each card issuer requires a work permit and passport from foreign applicants.

For expats, domestically issued credit cards will allow you to receive benefits from regular retail promotions, lucky prize draws, discounts and loyalty programmes. By using local cards, foreigners can also save by not having to pay the foreign-exchange fee charged when using foreign-issued credit cards in Thailand.

However, each bank has different conditions for credit-card applications.

The Bangkok Bank credit card is available to foreign applicants who are permanent residents or have had a work permit for at least one year, while other conditions are the same as for Thai applicants.

Kasikornbank requires foreign customers to have a minimum of one year's work experience in Thailand to apply for a credit card, with a minimum monthly income of Bt50,000.

They must also provide a credit bureau's authorisation, and their work permit must be valid for at least six month after the application date. Customers will be informed of the approval result within 16 days for applications in Bangkok and 19 days upcountry.

Siam Commercial Bank requires a work permit and minimum monthly salary of Bt100,000, compared with Thai applicants' minimum income of Bt15,000. The bank also needs foreign customers to show a bank statement covering the past six months.

Krung Thai Bank requires foreign applicants to have had a work permit for at least two years, but their requirement for minimum monthly income is Bt15,000, the same as for Thai applicants. They must also show a bank statement covering the past three months and their passport.

TMB Bank offers two choices of credit-card applications for foreigners. The first requires lending deals with corporations of at least three years and a minimum credit line of Bt30 million. Expats employed by these companies are eligible to apply for a TMB Bank credit card. A work permits must also be shown.

The second choice is offered to individual foreigners who open a fixed-deposit account with the bank. They must use the account as collateral for their credit-card application and will receive a credit line of not more than 80 per cent of the deposit amount.

Bank of Ayudhya requires three years' local work experience and a minimum monthly income of Bt50,000 for a classic card and one year's local work experience and a monthly salary of Bt100,000 for gold and platinum cards. Self-employed customers should have average cash flow in their bank account of Bt350,000 a month or more for the classic card and Bt700,000 or more for gold and platinum cards. Applicants must submit copies of their passport and work permit valid for at least six months. Company employees need a copy of a payroll slip and a bank statement covering the past six months.

Remember that if any of your credit cards has been lost, stolen or retained by an ATM or if you suspect you have been the victim of fraud, contact your card issuer immediately.

In cancelling your card or putting a hold on your account, you will be liable for all transactions made before notifying the bank.

-- The Nation 2008-07-02

[learnthaipodcast]

I don't know if it is that new but my Bank (Bank of Ayudhya) offered me a Credit Card 2,5 years ago together with my account. I did show them the work permit but no further questions were asked. Maybe I was an exception...

[NHJ]

a step forward but still not interesting, wire transfer and classic ATM cards will live for a long time...

[torrenova]

Siam Commercial offered me a credit card against a deposit amount years ago with no WP or visa requirements. I think it was 100% of the sum deposited. It was in effect, a forrunner of today's deposit account linked debit cards.

[mopenyang]

Looking at their website, Krung Thai seems to offer only an ATM card. Can't find anything about a credit card.

[Lorin]

Yeah newspapers and web sites can post that information, but when you go down to your local bank branch, noone will know anything about that new regulations. TIT, the left hand donno what the right hand doing.

[tartempion]

I hold several foreign CC's.

With the ridiculous rates Thai banks offer for savings, I don't see why I would give them more than what I need to live here.

Also don't see any advantage of holding a Thai CC versus a foreign.

"For expats, domestically issued credit cards will allow you to receive benefits from regular retail promotions, lucky prize draws, discounts and loyalty programmes. By using local cards, foreigners can also save by not having to pay the foreign-exchange fee charged when using foreign-issued credit cards in Thailand."

That's all rubbish.

OK, if you work here you are discriminated, if you don't you also are

Edit: To the gang here who so kindly advice whiners like myself "Go home then" I laugh my ass off discriminating this country.

An eye for an eye.

That's why I stay here, for my pleasure

Edited July 3, 2008 by tartempion

[Wolfie]

I've held Thai Credit cards for nearly 5 years. No deposit account required as guarantee, but did need a work permit

[Tompa]

This is hardly any news, I've held Thai credit cards since 2000, no deposit required but work permit and show of monthly income.

Tompa,

[earlofwindermere]

Tartempion....

I'm not sure how you can say that it's all "rubbish." I have a foreign credit card (a visa and AMEX). Both charge between 2-3% currency transaction fee whenever I purchase something in a currency other than my home country's. The fee is hidden inside the actual currency conversion.

With a Thai credit card, I'd save 2-3% on every purchase here in Thailand.

What's rubbish about this?

[moo9]

I got my CC issued by Bangkok Bank for more than 2 years. It was easy to get one with WP etc.

[clausewitz]

This is not news, but is teken from a weekly column in the Nation. Should be moved to another forum.

[Seneque]

I don't see what is new here .... I have a Kbank and a KTB CCard for more than 25 years now ... no WP, no special income garanty, etc... but those days were more relax towards 'falangs' as we were not 'feared' that much ! more of a curiosity ...

[TAWP]

"Siam Commercial Bank requires a work permit and minimum monthly salary of Bt100,000, compared with Thai applicants' minimum income of Bt15,000."

[Tawai]

I am on "Bat Soem" which translates like a "additional card" at my GF's card.

This was the only way to get a CC from Siam Commercial, cause I do not earn 100.000 monthly.

Without a CC live can be difficult for purchasing airline tickets and hotel reservations ( some airlines are requiring the card holder be on the same flight).

So my GF has 3 CC on her account (surpisingly when she applied for herself she got VISA and MASTER ! and my aditional card). Her salary is 15K ! Mine is 50K and was refused - answer came as SMS in thai.

[pgrin]

A major word of warning to anyone regarding Thai Credit Cards. Unlike western banks, Thai credit cards do not cover you for fraudulent activity. If you card is stolen or "swiped" and copied(An everyday occurrence here) you are responsible for all fraudulent charges up until the point you notify the bank of the activity. If you do not know your card has been cloned until your next statement arrives you will be in for a serious shock. Do not apply for a card under these conditions and if you have one already you should consider cancelling it immediately. Caveat Emptor

"In cancelling your card or putting a hold on your account, you will be liable for all transactions made before notifying the bank" The Nation

[bendix]

I suspect the malcontents who say this is all rubbish and they don't want a credit card are those who can't get one.

I have two Thai credit cards and a charge card. Work permit and proof of income were fine. No dramas, no fuss, and very good service including english language operators at the call centres.

[A_Traveller]

To be fair here, the issue these days {yes it was very different time past} is that the CC issuers are painfully aware that a foreigner, even on a work permit, might leave or even be dismissed and exit leaving them with a debt, whereas in principal a Thai citizen {remember the 'Family paper'} is more likely to both remain and be traceable. Ironically the international nature of the card system does not allow them to easily pursue defaults outside Thailand.

If an individual is employed by a major company here {even foreign} and has been for a period of time then CC issuance is less problematic, e.g. work for IBM in the US come here on secondment probably not an issue, come here with your own company or working for a local English Language School, probably more circumspect. Trajectory science it is not.

Regards

Edited July 3, 2008 by A_Traveller

[Florin]

I just wonder about one thing: how much do savings in the account influence obtaining a CC?

If let's say your salary qualifies but for various reasons you spend most of what you make each month, is that a big problem? Are they really just interested in seeing money come into your account every month or does accumulation in that account also count heavily in the decision?

[PoorSucker]

Siam Commercial offered me a credit card against a deposit amount years ago with no WP or visa requirements. I think it was 100% of the sum deposited. It was in effect, a forrunner of today's deposit account linked debit cards.

I have this one.

I just wanted one card so I can buy air tickets online.

Why did they send me two? (Visa and Mastercard)

[JAS21]

I just wonder about one thing: how much do savings in the account influence obtaining a CC?

If let's say your salary qualifies but for various reasons you spend most of what you make each month, is that a big problem? Are they really just interested in seeing money come into your account every month or does accumulation in that account also count heavily in the decision?

I think salary qualifies, not what you have left...however I ask BB for a platinium card, I don't work, they said yes..but..they wanted me to deposit a sum with them...

[A_Traveller]

^ Secured cards are quite common, what percentage of 'credit limit' were you asked to provide, 150%, in a non interest bearing account?

Regards

Edited July 3, 2008 by A_Traveller

[JAS21]

^ Secured cards are quite common, what percentage of 'credit limit' were you asked to provide, 150%, in a non interest bearing account?

Regards

100% in 3% account...I actually wanted City M Platinum Visa but it looks like a no at present, as definetly only for Thais,..both asked for proof that I had at least equivalent of 150,000Baht pension etc.

So it will cost me 3+% loss of interest on the secured sum, 500,000, so no way can I financially justify it, even if they offer the card free.

Edited July 3, 2008 by John45

[steveromagnino]

Thai points scheme and no fees plus security if there is theft (counter to the post above, I have a plat KCC GE card which secures me from that and has chip technology as well) leaves me way better off than the cr*p Citibank card from USA or anything from NZ.

But to each their own, I couldn't be bothered transfering money back nad forth to a foreign account and for some transactions the card is easier (e.g. online hotelreservations) plus of course..... lounge at the airport even when I am not flying biz class plus getting the choice fo a free Tumi bag or a plasma TV simply for using my card a bit in the last 2 years makes me feel kind of, well, special.

I likey to be special.

[Kerryd]

From what I've seen and read so far, this doesn't mean a thing for the over-50's that may be on a retirement visa and pulling in 2 mill+ a year working overseas.

It would suck big time if I had all my pay going into my Thai account, or even just 100k a month, and I can't qualify for a credit card because I don't have a work permit. Yet a (well paid) teacher whose monthly earnings is less than my weekly, can get a c/c because he/she has a work permit.

Oh well. Guess I'll just keep paying the foreign banks instead.

[pgrin]

Remember that if any of your credit cards has been lost, stolen or retained by an ATM or if you suspect you have been the victim of fraud, contact your card issuer immediately.

In cancelling your card or putting a hold on your account, you will be liable for all transactions made before notifying the bank.

I've said it already, but it can not be overstated. If you have a Thai credit card with these conditions attached you are setting yourself up for a big hit. I gladly pay overseas transaction fees on my CC's. Someone in Thailand charged $3000.00 on my credit card for air tickets purchased in Hong Kong. My bank caught the bogus transaction in advance and corrected my balance without charge. I had no way of knowing these charges were made and according to the article in the Nation if I had used a Thai credit card I would have been owned. Has anyone every successfully reversed a fraudulent charge on a Thai CC that occured before you notified the bank of posssible fraud?

[kiakaha]

BANKING SERVICES

Expats can apply for credit cards

But Thai banks set guidelines on minimum local work experience and monthly income for foreign customers wishing to use plastic

This is the second in a series about financial products for expats gathered by The Nation. Having previopusly covered procedures for opening deposit accounts for foreigners, this is about credit-card applications.

For a credit-card application, each card issuer requires a work permit and passport from foreign applicants.

For expats, domestically issued credit cards will allow you to receive benefits from regular retail promotions, lucky prize draws, discounts and loyalty programmes. By using local cards, foreigners can also save by not having to pay the foreign-exchange fee charged when using foreign-issued credit cards in Thailand.

However, each bank has different conditions for credit-card applications.

The Bangkok Bank credit card is available to foreign applicants who are permanent residents or have had a work permit for at least one year, while other conditions are the same as for Thai applicants.

Kasikornbank requires foreign customers to have a minimum of one year's work experience in Thailand to apply for a credit card, with a minimum monthly income of Bt50,000.

They must also provide a credit bureau's authorisation, and their work permit must be valid for at least six month after the application date. Customers will be informed of the approval result within 16 days for applications in Bangkok and 19 days upcountry.

Siam Commercial Bank requires a work permit and minimum monthly salary of Bt100,000, compared with Thai applicants' minimum income of Bt15,000. The bank also needs foreign customers to show a bank statement covering the past six months.

Krung Thai Bank requires foreign applicants to have had a work permit for at least two years, but their requirement for minimum monthly income is Bt15,000, the same as for Thai applicants. They must also show a bank statement covering the past three months and their passport.

TMB Bank offers two choices of credit-card applications for foreigners. The first requires lending deals with corporations of at least three years and a minimum credit line of Bt30 million. Expats employed by these companies are eligible to apply for a TMB Bank credit card. A work permits must also be shown.

The second choice is offered to individual foreigners who open a fixed-deposit account with the bank. They must use the account as collateral for their credit-card application and will receive a credit line of not more than 80 per cent of the deposit amount.

Bank of Ayudhya requires three years' local work experience and a minimum monthly income of Bt50,000 for a classic card and one year's local work experience and a monthly salary of Bt100,000 for gold and platinum cards. Self-employed customers should have average cash flow in their bank account of Bt350,000 a month or more for the classic card and Bt700,000 or more for gold and platinum cards. Applicants must submit copies of their passport and work permit valid for at least six months. Company employees need a copy of a payroll slip and a bank statement covering the past six months.

Remember that if any of your credit cards has been lost, stolen or retained by an ATM or if you suspect you have been the victim of fraud, contact your card issuer immediately.

In cancelling your card or putting a hold on your account, you will be liable for all transactions made before notifying the bank.

-- The Nation 2008-07-02

I've had a thai credit card for years....why is this so new ? you've always needed a work permit.

[geriatrickid]

Tartempion....

I'm not sure how you can say that it's all "rubbish." I have a foreign credit card (a visa and AMEX). Both charge between 2-3% currency transaction fee whenever I purchase something in a currency other than my home country's. The fee is hidden inside the actual currency conversion.

With a Thai credit card, I'd save 2-3% on every purchase here in Thailand.

What's rubbish about this?

Works for you, so obviously it's of benefit. However, if one is paid in foreign funds, it's not that great an advantage because you'd still get nicked on FX. For some expat corporate workers, they have a corporate CC, so they can charge up their work related expenses. They also benefit from a prefered FX rate at the bank that services the business entity. Obviously, that only addresses a certain segment of the foreign contingent.

There are also some that prefer to keep their financial records with institutions that may offer better e-commerce security and more importantly, can be held accountable when there is a breach of security. I just do not have confidence in the integrity of the Thai banking system or in its ability to fully comprehend the concept of liability. Simply put, if something goes wrong at Citibank or Bank of Scotland, one has certain legal rights. I'd be very surprised if the same regulatory protections and enforcement were available in Thailand. When's the last time you saw a Thai CC issuing bank obliged to refund overcharges as was the case in the USA and limited CC holders in Canada?

But, yes on the whole you are right. Just that some of us fall into the gray zone.

[mrsouza]

Remember that if any of your credit cards has been lost, stolen or retained by an ATM or if you suspect you have been the victim of fraud, contact your card issuer immediately.

In cancelling your card or putting a hold on your account, you will be liable for all transactions made before notifying the bank.

I've said it already, but it can not be overstated. If you have a Thai credit card with these conditions attached you are setting yourself up for a big hit. I gladly pay overseas transaction fees on my CC's. Someone in Thailand charged $3000.00 on my credit card for air tickets purchased in Hong Kong. My bank caught the bogus transaction in advance and corrected my balance without charge. I had no way of knowing these charges were made and according to the article in the Nation if I had used a Thai credit card I would have been owned. Has anyone every successfully reversed a fraudulent charge on a Thai CC that occured before you notified the bank of posssible fraud?

Sure. It has nothing to do with Thai banks, they are only the issuers. Visa/MC/Amex regulations clearly states that if there is no authentic signature or other proof of card present, then the charge can be annulled by the card owner. I have been contacted twice by my bank and offered a replacement card because they discovered my card was compromised, without my knowledge.

If the bank tries to leverage the fraudelent charge on you, contact the card association (Visa/MC/Amex) and present your case. The banks are bound by agreements that are same for all countries in Asia-pacific. This also applies to surcharges if you pay with a credit card, which is normal in Thailand. If the merchant charge you 2-3% extra because you pay with a credit card, you can get that amount back from the issuing bank. Well, you should. Could be a hassle around here sometimes.

[hilly]

HSBC Bangkok has not been mentioned yet. I have a Visa CC with them based on my Premier UK account status.

I also have an account at SCB and recently the branch manager has offered to approve a card for me. I dont have a work permit but he said that was not a problem. Lived here on retirement visa for several years.