Scandal On Credit Card

[regi]

Hello,

I have credit card and I must paid 31679baths, not enough money on my account the bank take only 30320baths OK

BUT next month for 1359baths unpaid they take 371baths interest,over 300%!!!

It's not for the amout but they suppose to take 18%...

NO surprise they make some kind of "calculation" on 31679baths!!!

I work in bank in french before and there is totaly ILLEGAL

I'm so upset I would like change of bank,

but may be other thai banks use the same rules...

Tell me your experience please for help me to make a best choise

Thanks

[GuestHouse]

Welcome to Thai credit cards... and it gets worse if ever there is unauthorised use of your card...

I would not dream of having a Thai credit card - as you have highlighted here they are not subject to the same protections as EU/US Credit Cards.

[Ajarn]

Welcome to Thai credit cards... and it gets worse if ever there is unauthorised use of your card...

I would not dream of having a Thai credit card - as you have highlighted here they are not subject to the same protections as EU/US Credit Cards.

<{POST_SNAPBACK}>

I recently read an article on loan sharks (think it was citylife) that quoted the cc interest rate on an ATM withdrawl from one small Thai bank that was higher than typical loan shark rates...

[barryofthailand]

why in the world would anyone want a Thai credit card. I have a credit card from my home country, and when it expires they mail me another one.

[grahamb]

why in the world would anyone want a Thai credit card.

<{POST_SNAPBACK}>

Because then you don't get ripped off on the exchange rate as they convert from Baht to your home currency (often through US Dollars). Check the small print and you'll probably find you're paying 2-3% extra for things.

Of course, I agree that I wouldn't bother with a Thai bank's credit card but a Baht Amex seems OK.

[rainman]

BUT next month for 1359baths unpaid they take 371baths interest,over 300%!!!

It's not for the amout but they suppose to take 18%...

<{POST_SNAPBACK}>

sorry to correct you, but 371 interest for 1359 baht unpaid is not over 300%. in fact, not anywhere near it. 100% on 1359 baht would be exactly 1359 baht. 18% would be 244.62 baht.

[Sophon]

BUT next month for 1359baths unpaid they take 371baths interest,over 300%!!!

It's not for the amout but they suppose to take 18%...

<{POST_SNAPBACK}>

sorry to correct you, but 371 interest for 1359 baht unpaid is not over 300%. in fact, not anywhere near it. 100% on 1359 baht would be exactly 1359 baht. 18% would be 244.62 baht.

<{POST_SNAPBACK}>

I'm pretty sure the interest rate of 18 percent the original poster is talking about is the annual interest rate. In that case 371 baht interest for one month on 1359 baht comes out at at annual rate of 327 percent.

Maybe there is some kind of penalty included in the interest amount, as he hadn't enough money to cover the bill in the first case. I too would never want to have a thai credit card myself, primarily because of the hassle I would expect in case I were to become the victim of fraud.

Sophon

Edited June 5, 2005 by Sophon

[lopburi3]

I suspect he was charged interest on the full amount from the date of sale until payment as he did not pay the charge in full (that seems to be the wording of credit card agreements). Next month he will pay on the 1359 baht.

[lampard10]

why in the world would anyone want a Thai credit card.

<{POST_SNAPBACK}>

Because then you don't get ripped off on the exchange rate as they convert from Baht to your home currency (often through US Dollars). Check the small print and you'll probably find you're paying 2-3% extra for things.

Of course, I agree that I wouldn't bother with a Thai bank's credit card but a Baht Amex seems OK.

<{POST_SNAPBACK}>

Not true again either. I was getting such a good exchange rate from First Direct (HSBC) that it more than compensated for the withdrawel charge. But every bank is different. First Direct is one of the only banks I have been with that treat customers like customers. The only other one was the Ostgotabanken in Sweden.