Credit Cards

[Crowski]

i recently applied for a credit card through bank of asia. I supplied them with all the relevant documentation and i certainly earn more than the 15,000 baht per month supposedly needed to secure the card.

however in a letter of refusal i was told that i did not meet their qualifications! what does this mean? that i need a phd? is it possible that they unearthed my less than impressive credit history records from back home? a bit cheeky surely. what happened then, particularly as i only requested a limit of 60,000 bht?

next: should i try american express, or will this too only end in disappointment?

anyone else faced similar problems of late? help!

[Popeyethesailorman]

i recently applied for a credit card through bank of asia. I supplied them with all the relevant documentation and i certainly earn more than the 15,000 baht per month supposedly needed to secure the card.

however in a letter of refusal i was told that i did not meet their qualifications! what does this mean? that i need a phd? is it possible that they unearthed my less than impressive credit history records from back home? a bit cheeky surely. what happened then, particularly as i only requested a limit of 60,000 bht?

next: should i try american express, or will this too only end in disappointment?

anyone else faced similar problems of late? help!

<{POST_SNAPBACK}>

It's all based on credit history but I'd keep trying other cards. Just keep an eye on the interset rate jargon. Remember, the big print giveth and the small print taketh away.

[Crossy]

The local banks can and do check your credit record back home.

I applied for a loan here from Siam Commercial which was granted although I never actually took them up on the offer. A search was recorded by Experian in the Uk.

Small world nowadays, you can't run away from a bad credit record.

[GuestHouse]

Why would you want a Thai Credit Card?

Do a little asking around and you'll discover that Thai credit cards have zero user protection - if a Thai credit card issued to you is stolen or cloned or illegally the bank will come after you for all usage - including that between the time you report the loss up to the time they manage to cancel the card.

I have several friends this has happened to, one lost a considerable amount of money (over a hundered thousand Bht.)

Included in the information pack that my employers issue new assignees to Thailand is a specific warning not to takeout a Thai credit card.

[Plus+]

I appled at Boa, SCB, then eventually KTB gave me a card. Then I got Amex.

Why would I want a local card? Because I can settle nearly all my accounts easily in one go.

About cards being stolen or cloned - use your own judgement. I know of several million people here it have never happened to.

[The_Other_Mac]

I've been told that the only bank where it is simple to get a local card is Citibank. You need to earn 75k+ THB/month. If you're in BKK they'll send a rep out to see you.

I applied at Bangkok Bank, Silom non-head-office branch, and I believe the rules are similar for other banks. Check the website but basically you need to bring passport, work permit, and open a deposit account and deposit the amount in cash that you want as a credit limit. The minimum credit limit and therefore minimum deposit is 30k.

You also need to sign a bunch of documents without reading them. These should include a contract thing linked the deposit account with the credit card, so that you can't withdraw your deposit without closing the card. I emphasise that last point because in my case, the staff had never done this before and missed that part, resulting in it taking me eight months to get the card, during which time they refused to accept OR reject the application, OR give me my deposit back. There's a bright young lad in that branch who now knows everyone and everything connected with a farang getting a credit card.

It's valid for one year. I don't yet know what happens when it expires...

[expatinasia]

I've been told by several stores and banks that I needed a work permit, regardless of my bank balance or my investment income. Although I have a Citibank card issued in the US, the Thai division refused to issue one for Thailand.

[Oleg_Rus]

I've been told by several stores and banks that I needed a work permit, regardless of my bank balance or my investment income.  Although I have a Citibank card issued in the US, the Thai division refused to issue one for Thailand.

<{POST_SNAPBACK}>

True.It's almost impossible to get CC, although all friends of mine - foreigners - got few. there are some wierd regulations i cannot understand, so as my friend says - I prefer cash in my account than loan from someone, even 10baht.

Credit card fraud is an issue here - if you lost it or got cloned - in most cases bank will collect money from you, until you report theft. few stories I heard proved it.

[Crowski]

thanks very much for your help! looks like my chances are pretty slim then with my history!

[alex100]

I appled at Boa, SCB, then eventually KTB gave me a card. Then I got Amex.

Why would I want a local card? Because I can settle nearly all my accounts easily in one go.

About cards being stolen or cloned - use your own judgement. I know of several million people here it have never happened to.

<{POST_SNAPBACK}>

Most major CC companies provide an on line service to let you settle - why go Thai dangerous

[Sumitr Man]

Bt. 15k is Bank of Thailand (BoT) regulations for Thai nationals only.

BoT regulations for foreigners are a little more draconian:

(1) must earn the miminium for a WP; and

(2) [strictly speaking] must keep on deposit with the cc issuer a sum equal to the credit line, for set-off purposes, which you cannot touch (fixed deposit), but on which they are only required to pay minimum %

Argue with them, and the BoT will tell you that short-term debt (loans, credit cards, etc.) in Thailand must be repayable within the expiry date of your visa

Welcome to Thailand and have a nice stay

SM

PS - if you have a Thai wife, let her apply and then let her authorise you as a supplemtary user (as the credit line you want is fairly small).

Edited May 17, 2005 by Sumitr Man