Getting A Credit Card In Thailand

[Maceo]

Hi,

I went to one bank and was refused a credit card and wondered if this was standard in Thailand given my circumstances.

I have been working as a teacher in Bangkok since Feb 2008, this is my first job in Thailand. I have a work permit and a letter from my employer stating that I work there.

UOB (the bank I tried) told me I need to have been working for two years before I can get one. Is this standard or does anyone know a decent bank where I can get one with my circumstances?

Many thanks

[NZ1325]

Hi,

I went to one bank and was refused a credit card and wondered if this was standard in Thailand given my circumstances.

I have been working as a teacher in Bangkok since Feb 2008, this is my first job in Thailand. I have a work permit and a letter from my employer stating that I work there.

UOB (the bank I tried) told me I need to have been working for two years before I can get one. Is this standard or does anyone know a decent bank where I can get one with my circumstances?

Many thanks

Hi there,

I have just moved to Bangkok and had the same issue. Of the banks I tried the criteria for expats are the following:

Bangkok Bank - You give them a deposit, they give you a card with a Limit that is 1/2 of your deposit

Example: You give them B100,000 they give you a credit card for B50,000. When you close the creidt card and hve it paid off, they will refund the money to you (within 30 days)

Siam Commercial Bank - Main Requirement is that you earn no less than B100,000 per month

Citibank and Kasikorn - Main Requirement is that you earn no less than B50,000 per month

Amex - Main Requirement is that you earn no less than B480,000 per annum

All of the banks required the usual.... letter from employers, permits etc.

Hope this helped.

(I ended up going to Amex - took them 1 week to decide and 2 days to deliver)

[NanLaew]

I am not sure what your home country is but would a bank in your homeland give a credit card to a Thai (or any other foreign) national that only held a temporary job and had only been in the country about 9 months?

It's about credit rating and risk and since a credit card is basically an unsecured loan if you have no credit history, you are high risk and will be declined. You may chat up someone at a branch of Kasikorn Bank and see about a 'secured' credit card. I think I read that they do have such plastic.

Why not get a credit card from your home bank?

[camerata]

I recently applied for a Kasikorn Visa credit card and they asked me how long I had been in Thailand. I imagine all banks have some minimum requirement for living and working in-country before they'll issue a credit or charge card. If you can't get a credit card and just need something for convenience, try the K-Debit card. It's an ATM card + Visa Electron card.

[hasher69]

I have a bank account with HSBC.

They gave me a Thai baht Credit Card, but I had £14,000 in one of my accounts with themm

But now I have just 500,000 baht , still have the credit card.

One factor is that I am a Premier customer in both Dubai and Isle of Man

so my credit rating is OK

[JAS21]

Hi,

I went to one bank and was refused a credit card and wondered if this was standard in Thailand given my circumstances.

I have been working as a teacher in Bangkok since Feb 2008, this is my first job in Thailand. I have a work permit and a letter from my employer stating that I work there.

UOB (the bank I tried) told me I need to have been working for two years before I can get one. Is this standard or does anyone know a decent bank where I can get one with my circumstances?

Many thanks

Hi there,

I have just moved to Bangkok and had the same issue. Of the banks I tried the criteria for expats are the following:

Bangkok Bank - You give them a deposit, they give you a card with a Limit that is 1/2 of your deposit

Example: You give them B100,000 they give you a credit card for B50,000. When you close the creidt card and hve it paid off, they will refund the money to you (within 30 days)

Siam Commercial Bank - Main Requirement is that you earn no less than B100,000 per month

Citibank and Kasikorn - Main Requirement is that you earn no less than B50,000 per month

Amex - Main Requirement is that you earn no less than B480,000 per annum

All of the banks required the usual.... letter from employers, permits etc.

Hope this helped.

(I ended up going to Amex - took them 1 week to decide and 2 days to deliver)

I wanted a City M Platinum ( for a specific reason) and they said, no work permit no card even if you deposit 500,00Baht. I then went to my bank, Bangkok Bank and asked for a Platinum card, initially the said no as no work permit. Then they said deposit 500,000 baht and you can have one.

So I guess that if you deposit to the card limit you should be able to get most cards. Surprisingly having a credit card does give you from time to time a few perks.

[IMA_FARANG]

Hi,

I went to one bank and was refused a credit card and wondered if this was standard in Thailand given my circumstances.

I have been working as a teacher in Bangkok since Feb 2008, this is my first job in Thailand. I have a work permit and a letter from my employer stating that I work there.

UOB (the bank I tried) told me I need to have been working for two years before I can get one. Is this standard or does anyone know a decent bank where I can get one with my circumstances?

Many thanks

This is basically the same topic as "Can a Farang open a Bank account in Thailand...."

Anyhow, the answer is maybe or maybe not.

I don't think there is a standard that all Thai banks follow. Even different branches of the same bank will give you different answers.

Apparently each branch makes it own rules.

It makes it very difficult to get a credit card from the bank, however, sometimes one branch will say no, but another branch will say yes.

It is easier, I think, to get a debit card; which is a pre-paid deposit card with a set limit.

But again that depends on the whim of an individual branch.

So just keep trying, you might get lucky.

[hkt83100]

I was offered a VISA Gold by the Bangkok Bank a few years ago, only had to sign the application, got it one week later. First year was free and included a health insurance for free. Now it is abt. 1200 Baht per year (if I remember right), but no insurance included.

Edited October 30, 2008 by hkt83100

[pgrin]

I know this will be disputed by some on this site but I have seen on three separate occasions bank officials quoted as saying that credit card customers with Thai bank sponsored credit cards are not covered for fraudulent charges made up until the time the card holder becomes aware of the fraud AND officially notifies the bank. This is a major liability unlike cards I have from western banks. Someone could clean you out before you knew it and you would have no recourse. If your credit card is secured by a bank deposit the bank would clean out your account and you would be screwed. Caveat emptor.

[MKAsok]

I have seen on three separate occasions bank officials quoted as saying that credit card customers with Thai bank sponsored credit cards are not covered for fraudulent charges made up until the time the card holder becomes aware of the fraud AND officially notifies the bank.

Very interesting if it's true. Got a source?

[Boater]

I have a Siam Commercial C/C ..

[bkkjames]

I know this will be disputed by some on this site but I have seen on three separate occasions bank officials quoted as saying that credit card customers with Thai bank sponsored credit cards are not covered for fraudulent charges made up until the time the card holder becomes aware of the fraud AND officially notifies the bank. This is a major liability unlike cards I have from western banks. Someone could clean you out before you knew it and you would have no recourse. If your credit card is secured by a bank deposit the bank would clean out your account and you would be screwed. Caveat emptor.

Wrong. I have a Thai Amex Gold for 8 years now and 3 months ago I recieved an un-authorised charge on my card.

I sent my query to AMEX who investigated and found the purchase by some 3rd party who got my number some how. Amex then revearsed the charge to me.

Edited October 31, 2008 by bkkjames

[pgrin]

To BKKJames,

I am happy for you that your dispute was handled properly but 1 good experience does not change the facts. I would request their policy in writing for future reference. There are many horror stories posted here and in other forums about money mishandled by Thai Banks. As I have already said this information was from direct quotes from bank officials. If someone scans your card they can make purchases for 1 month until your next statement arrives and according to these bank officials all of the charges would stick because you failed to notify them.

[pgrin]

Phuket Gazette

Phuket, Thailand: Friday, October 31, 2008

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Wednesday, June 18, 2008

Bankers call for vigilance against fraud

PHUKET: Poonsin Sinthanapat, president of the Phuket Bankers’ Club, yesterday called for people in Phuket to be especially prudent in their financial affairs following a spate of fraud on the island.

At the Governor Meets Press conference at Phuket Provincial Hall on Monday, K. Poonsin called for people to be careful in many kinds of financial transactions, including use of credit cards and ATM cards, and buying or selling cars.

“There are many instances of fraud now around the country, including Phuket,” he said.

K. Poonsin said that banks have been alerted to many fraud tricks so far this year, including theft of a genuine credit card from its owner and replacing it with a fake one so that the real card will not be reported stolen until long after the crime.

“In this case, the banks are not responsible for any purchases that are refused by the credit card holder [before the card is reported stolen], because the card is not canceled before it is used by the thief. So the card holder must be very careful,” said K. Poonsin.

He added that people should be wary when using ATM machines. “Some crooks fit ATMs with electronic devices that can detect account details and PIN codes, and then withdraw money from the victim’s account later,” he said.

“People should also be careful when they get a call from anyone who claims that he or she will give a big cash reward for anything, and be wary of people who try to persuade them to transfer money to their account before they will transfer a large amount to them,” he said.

K. Poonsin added that people renting out their cars are also being targeted. About 30 car owners have been cheated by a gang at a total cost of about 15 million baht.

“The gang says they want to rent the car and offer to rent it at a high rate for the first one or two months. They then take the car out of the country and sell it,” he explained.

“The victims are almost always people with financial problems. Car owners should also be wary of people who ask to buy a car and request to take it after making only a down payment and promising to pay off in installments later. This might be a trick, too,” he added

[pgrin]

Expats can apply for credit cards

By Ekarin Bumroongpuk

The Nation

Published on July 3, 2008

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.

[CroBiker]

I have no work permit but SCB gave me Platinum Visa with limit of 300,000 baht. Had account with this bank since 2001, most of my savings are with them. They actually offered it to me, I never asked for it.

[bendix]

And therein lies the point, Crobiker. The bank looked at your situation and decided you are a good risk.

I don't know why expats think they have a divine right to what is effectively an unsecured loan. The bank will look at your situation and make an assessment as to whether you are a good bet. If they think not, you will struggle to get one, and vice versa.

obviously in the OP's case they looked at his income and status and decided it wasn't worth the risk.

You can't blame the bank for trying to protect itself.

[NZ1325]

I know this will be disputed by some on this site but I have seen on three separate occasions bank officials quoted as saying that credit card customers with Thai bank sponsored credit cards are not covered for fraudulent charges made up until the time the card holder becomes aware of the fraud AND officially notifies the bank. This is a major liability unlike cards I have from western banks. Someone could clean you out before you knew it and you would have no recourse. If your credit card is secured by a bank deposit the bank would clean out your account and you would be screwed. Caveat emptor.

Wrong. I have a Thai Amex Gold for 8 years now and 3 months ago I recieved an un-authorised charge on my card.

I sent my query to AMEX who investigated and found the purchase by some 3rd party who got my number some how. Amex then revearsed the charge to me.

I dont think Amex Counts, as they are not a bank, and the banks in Thailand appear to work to a very strict set of rules.

[AlKing]

Anyone with a local bank account can get Visa Electron. No question ask. Annual ee is around 200 Baht/year. Works anywhere with the VIAS sign. Only catch, it is a DEBIT CARD that takes money straight from your local bank account.

[NHJ]

Anyone with a local bank account can get Visa Electron. No question ask. Annual ee is around 200 Baht/year. Works anywhere with the VIAS sign. Only catch, it is a DEBIT CARD that takes money straight from your local bank account.

i'm not familiar with debit card, can this type of card be used to buy online?

[jayjayjayjay]

And therein lies the point, Crobiker. The bank looked at your situation and decided you are a good risk.

I don't know why expats think they have a divine right to what is effectively an unsecured loan. The bank will look at your situation and make an assessment as to whether you are a good bet. If they think not, you will struggle to get one, and vice versa.

obviously in the OP's case they looked at his income and status and decided it wasn't worth the risk.

You can't blame the bank for trying to protect itself.

I had five cards at one time, now only have 2 and will soon end up with one when the cancellation is cleared. Reason, I've finally learnt that cash is king! Needed protection from myself, at 18-20% interest rates, forget it if you can, it's not a status symbol, just a convenience if ATM's are not close by. Use debit functions as I do most of the time now direct to savings account! A few places don't have or dont understand the debit functions, only in these cases does the CC come out.

[dominique355]

Anyone with a local bank account can get Visa Electron. No question ask. Annual ee is around 200 Baht/year. Works anywhere with the VIAS sign. Only catch, it is a DEBIT CARD that takes money straight from your local bank account.

Why is that a catch. I think it's great, you don't have the hassle of the month's end payments to make and (in my case) has a credit limit of 1 million THB. I have never tried to use it online, though.

In addition, it's an ATM card and can be used to pay many bills directly at the ATM if the invoice has the bar code, and you can make transfers to other bank accounts too.

OK, this kind of card does not have the social status of a SCB Platinum card and at Siam Paragon you will have to park your car with the "ordinary" people (I was going to say with the "grass root people", I always wanted to use this expression.). But this kind of snobism is only for Thais to savor, I don't need it. (And I have a Centurion Amexco card, if I want to show off).

Oh man, now I have done it again ...

[geriatrickid]

Debit Cards + ATMs for quick cash = aggravation and lost cash at some point.

In the general threads are multiple stories of ATMs that gobble transactions. I have A 20,000 baht screw up with a kasikorn atm in progress now. I never knew how common the problem was with thai ATMs, but after reading the threads and emails from my western bank, I have received an eye opener. Learnt my lesson. One cannot rely on the ATM system.

I never knew the part about Thai banks giving no fraud protection. (Big Thank you for that info btw).

[PattayaParent]

Anyone with a local bank account can get Visa Electron. No question ask. Annual ee is around 200 Baht/year. Works anywhere with the VIAS sign. Only catch, it is a DEBIT CARD that takes money straight from your local bank account.

i'm not familiar with debit card, can this type of card be used to buy online?

Not the Thai issued cards but the cards from foreign banks can be.

[Humphrey Bear]

I never knew the part about Thai banks giving no fraud protection. (Big Thank you for that info btw).

Lloyds TSB would not protect my Debit Card - say only Credit Cards are in their insurance scheme. Lost 6k sterling before I noticed the withdrawals.

[Maizefarmer]

A credit card on the basis of x amount deposited, of which 50% is held as security against the card limit???

Bit of a no-brainer isn't it?

It is not really credit - is it, if secured against funds held by the bank - but you'll be incurring the costs and interest rates associated with credit card usage.

If you have Baht 500k to deposit (or whatever the bank wants from you to short cut the reg's) - get yourself a Visa debit card - you're no worse off in terms of spending power and usability - just you won't be incurring credit costs each month, it is more usable in Thailand than a credit card and you'll have access to all your funds.

[MKAsok]

A credit card on the basis of x amount deposited, of which 50% is held as security against the card limit???

Bit of a no-brainer isn't it?

It is not really credit - is it, if secured against funds held by the bank - but you'll be incurring the costs and interest rates associated with credit card usage.

If you have Baht 500k to deposit (or whatever the bank wants from you to short cut the reg's) - get yourself a Visa debit card - you're no worse off in terms of spending power and usability - just you won't be incurring credit costs each month, it is more usable in Thailand than a credit card and you'll have access to all your funds.

But you won't be building a credit rating. I think this is the point of initially secured credit cards.

[TopDogger]

A credit card on the basis of x amount deposited, of which 50% is held as security against the card limit???

Bit of a no-brainer isn't it?

It is not really credit - is it, if secured against funds held by the bank - but you'll be incurring the costs and interest rates associated with credit card usage.

If you have Baht 500k to deposit (or whatever the bank wants from you to short cut the reg's) - get yourself a Visa debit card - you're no worse off in terms of spending power and usability - just you won't be incurring credit costs each month, it is more usable in Thailand than a credit card and you'll have access to all your funds.

But you won't be building a credit rating. I think this is the point of initially secured credit cards.

Does Thailand even have a credit rating system, other than your individual credit history with any given bank?

[MKAsok]

Does Thailand even have a credit rating system, other than your individual credit history with any given bank?

No idea. I've got a bank account, but never applied for credit here. I guess if it doesn't, then your credit history with your own particular bank(s) would be of equal significance.

[CroBiker]

Yes, they do. It's been fully computerized at least from 2004-05. Before that I was told by some Thai people they used to falsify bank statements in order to receive loans for cars and property purchase and got away with it. Not possible anymore.