Credit Cards For Foreigners

[fredlk]

and AmEx does not give you Thai creditscore, as it is not Thai debt

Not true.

Every year like clockwork I receive a copy of the letter they sent to the Bank of Thailand with my payment history. They do this every year and also for my Partner Card.

Needless to say I now have an extremely good credit-rating here in Thailand although I don't really know what to do with it.

Tell me, what DO I do with my credit-rating?

[Pib]

Yes I keep two separate credit cards and two ATM cards from USA. I do them all via a USA address and then set up the online bill paying so i can pay from my USA checking account. No real requirements i guess except decent credit. They approved me online within about one minute. Then they mail the card to your usa address within one week...Then you have to call (or have someone else call) an 800 number from the SAME home phone number you used when filling out application. They will ask for your home usa mailing address, your date of birth, AND the last four digits of your soc security number. Then they activiate the card. That was with capital one. I am not sure if they would send to you outside of usa or not as I didn't ask. Good luck.

Here is a link that tells you some options for no foreign fee, no annual fee cards. http://www.smartcred...CFQQ7gwodehexqg

Ok thanks for the info pomchop

I was curious as I still live in the USA but stay in Thailand a few months a year.

I always alert my CC company that I will be in Thailand so they are not alarmed by any charges they may see.

But looking ahead to retiring there I wondered

Thanks again for the info

Definitely, definitely, definitely, do your best to get your U.S. bank accounts and ATM/Debit/Credit cards all setup before you move to Thailand, as opening new U.S. bank accounts and getting new US credit cards when living outside the U.S. can get challenging...and will vary from individual to individual as to how challenging it can get. Getting these banking matters set in concrete before you move will eliminate several major financial irritants/frustrations (home country banking, debit, and credit card issues) affecting many expats when moving to Thailand.

Be sure you are with U.S. banks that offer online banking "no fee" ACH transfers....be sure you get a ATM/debit card(s) that does not charge a foreign transaction fee...be sure you get a credit card(s) that does not charge a foreign transaction fee and, if possible, provides cash back. When I retired in Thailand about 3 years ago I had the no-fee ACH transfer issue covered, but really didn't think too much about the "no foreign transaction fee" card issue because I figured I would just use the Thai bank debit and credit cards for everything. Well, after you lived here a little while you start getting a little concerned about Thai bank debit card security and generally the inability of most retirees to get a Thai credit card due to Bank of Thailand rules. Now I have since recovered and have U.S. no fee debit and credit cards and it makes a person feel like they are still pretty much banking in the U.S., and with little, too infrequent need to send money over via ACH.

Get "truly" smart on on your current U.S. bank fee structure, especially regarding funds transfers, foreign transaction fees on ATM/Debit/Credit cards....and switch to new banks/cards as necessary to reduce/eliminate funds transfer/card fees. Remember, do it "before" you move because it can become much harder afterward. It's really easy to get too comfortable with your current bank(s) and/or think it's too hard to change banks/cards; but getting too comfortable can end biting you in the butt if your living location changes and you quickly realize your bank/cards were just fine for States-side living but their funds transfer/card fees when living overseas eat your lunch. And it's not hard changing banks and any associated direct deposits/bill pays/etc., with just a little planning. Remember, get you home country banking set in concrete before moving to Thailand. Good luck.

[ableguy]

During my first year in Thailand as a retiree, I tried to get a credit card a couple of times. But each time, it came down to since I didn't have a work permit I couldn't get an unsecured card (they didn't care that my retirement income/pension was much higher than the monthly income requirement to qualify for credit card); I could only get a secured card where you accomplish a secured deposit of around 150K baht to get a credit card limit of 100K. I just said no to a secured card.

So, I just continued to use my Bangkok Bank debit card to buy stuff. Then after I got my no foreign transaction fee Mastercard credit card from Capital One which also earns a 2% or 1% cash back, I haven't used my Bangkok Bank debit card very much. Plus my U.S. credit card provides protection under U.S. consumer protection laws versus the particularly non-existent Thai consumer protection laws. I pay the balance off monthly and just smile at the 2% cash back I'm getting on my Lotus, Big C, Carrefour, Foodland, gas station, etc., buys and 1% on other buys.

Below is a Bangkok Bank web page talking about applying for a credit card...notice an expat needs a work permit. But with that being said, I seen TV post where retirees with no work permit have got credit cards, although some of the posts were not really clear whether they were unsecured or secured cards.

http://www.bangkokba...to%20Apply.aspx

I applied at Bangkok Bank on Friday 27 April for a credit card and got it no problem, I have banked with them two years as a retiree, I had to deposit 100k in a interest bearing account of just over 2%, the wholw deal took 15 minutes.

[theoldgit]

I applied at Bangkok Bank on Friday 27 April for a credit card and got it no problem, I have banked with them two years as a retiree, I had to deposit 100k in a interest bearing account of just over 2%, the wholw deal took 15 minutes.

And, with respect, neither should you have a problem, you are spending your own money. I suppose in this day and age 2% isn't a bad rate though.

Is the deposit account locked?

[Spoonman]

For a Thai credit Card you have to be in the fourth year of the same Work Permit, bank account for the same period, but really its best with your debit card... much easier..

Kbank gave me an unsecured CC 8 months into my first 12 month contract/work permit 3 years ago.

[ableguy]

I applied at Bangkok Bank on Friday 27 April for a credit card and got it no problem, I have banked with them two years as a retiree, I had to deposit 100k in a interest bearing account of just over 2%, the wholw deal took 15 minutes.

And, with respect, neither should you have a problem, you are spending your own money. I suppose in this day and age 2% isn't a bad rate though.

Is the deposit account locked?

No the account is not locked.

[misterme]

I got a set of 3 from BKK Bank (VI, MC, AX) that the bank manager applied for me (so he could get the signup commission, I guess) when they approved our mortgage. The condo is in her name with me as a co-signer. I have no work permit.

My account is a single credit limit linked between the 3 cards. The statements come on one bill, with the balances for each card divided/seperated. Unsecured, they started with a low limit, which appears to already have been increased (6 months appx)

[johnch12111]

but really its best with your debit card... much easier..

Unless you want to book a flight online with a carrier who requires sight of the card used to make a booking, my experience is that you cannot use debit cards online - certainly not Kasikorn anyway.

Or you want to rent a car, again my experience is that car hire companies will not accept debit cards for security deposits.

I do agree that debit cards are fine for everyday point of sale purchases worldwide, though I have had some problems with a few UK retailers who don't know that "chip and pin" is not used worldwide.

With a Kasikorn account you can set-up a virtual debit card that can be used on-line the give you an expiry number, CCV Number and card number simple and easy to apply but as it is linked to your account you can only spend the money that you already have as it is a debit card not a credit card.

[theoldgit]

With a Kasikorn account you can set-up a virtual debit card that can be used on-line the give you an expiry number, CCV Number and card number simple and easy to apply but as it is linked to your account you can only spend the money that you already have as it is a debit card not a credit card.

Yes, their K-Web Shopping Card is good for everyday online purchases, even for booking hotels, but as I said much earlier they cannot be used for booking flights directly with airlines who insist on seeing the actual card used for booking the flight, Qatar specifically says they don't accept virtual cards, and obviously they cannot be used for renting a car.

You can now register your Kasikorn debit card for "Internet Shopping by K-Debit Card" this seems to enable you to use your standard debit card on line, I've yet to ascertain if you can use for flight tickets.

[katabeachbum]

and AmEx does not give you Thai creditscore, as it is not Thai debt

Not true.

Every year like clockwork I receive a copy of the letter they sent to the Bank of Thailand with my payment history. They do this every year and also for my Partner Card.

Needless to say I now have an extremely good credit-rating here in Thailand although I don't really know what to do with it.

Tell me, what DO I do with my credit-rating?

Finance a car or a bike, or both

[fredlk]

Finance a car or a bike, or both

Paying cash works out a lot cheaper .... and I don't need a new one again so soon.

Edited May 2, 2011 by fredlk

[jimmym40]

Shortly after I settled here American Express gave me a Thai Baht credit card with a huge limit based only on my retirement visa plus my income specification.

The points I earn go towards my Thai Royal Orchid membership and thanks to them I've had many an upgrade.

What is the annual fee for your Amex Express card???

[fredlk]

What is the annual fee for your Amex Express card???

4,280 Baht for the main card and 2,140 Baht for the partner card. I think that the first year was free of charge.

The limit I got was the equivalent of 90% of my income and after a year it was raised to 110%.

I once needed a couple of 100,000 Baht more on my card and after depositing the extra needed on their account, my credit limit was increased by that extra amount.

Edited May 2, 2011 by fredlk

[Pib]

I got a set of 3 from BKK Bank (VI, MC, AX) that the bank manager applied for me (so he could get the signup commission, I guess) when they approved our mortgage. The condo is in her name with me as a co-signer. I have no work permit.

My account is a single credit limit linked between the 3 cards. The statements come on one bill, with the balances for each card divided/seperated. Unsecured, they started with a low limit, which appears to already have been increased (6 months appx)

That's good, but were the cards really earned under her credit/salary versus yours, with you then automatically getting a supplemental card? The mortgage and bank manager going to bat for you was a big pluses. But three cards sure could mount up to a lot of annual fees per the Bangkok Bank webpage on the card fees: http://www.bangkokba...ions%20all.aspx

Edited May 2, 2011 by Pib

[katabeachbum]

What is the annual fee for your Amex Express card???

4,280 Baht for the main card and 2,140 Baht for the partner card. I think that the first year was free of charge.

The limit I got was the equivalent of 90% of my income and after a year it was raised to 110%.

I once needed a couple of 100,000 Baht more on my card and after depositing the extra needed on their account, my credit limit was increased by that extra amount.

and VISA from Ayudhya is FREE, no fees at any point as long as you pay balance

[fredlk]

and VISA from Ayudhya is FREE

And how much is the credit limit?

[Pib]

I applied at Bangkok Bank on Friday 27 April for a credit card and got it no problem, I have banked with them two years as a retiree, I had to deposit 100k in a interest bearing account of just over 2%, the wholw deal took 15 minutes.

Sounds like you got a Secured card since you had to make the deposit, a deposit amount I expect you can't touch/withdraw until you cancel your credit card and pay any outstanding balance. Secured cards are usually not hard to get....I've been offerred them several times when I asked about getting a Thai credit card below. I never wanted to lock away money like that with a Thai bank. I wanted an Unsecured card. I expect your credit limit is in the 50K to 100K baht range, but not exceeding your secured deposit?

[el jefe]

The advice to set-up all your banking and credit card needs before you leave the US (and probably Europe, Australia, and anywhere else) is excellent. However, there is more to think about. Your credit cards will expire in 2 years and the banks will send the new ones to your address in the US. With the new money laundering rules, someone will have to pick up the card and call the bank from the telephone number linked to the account in order to activate it. If you don't go back and forth to the US regularly, it's just one more thing to think about.

[flying]

Definitely, definitely, definitely, do your best to get your U.S. bank accounts and ATM/Debit/Credit cards all setup before you move to Thailand, as opening new U.S. bank accounts and getting new US credit cards when living outside the U.S. can get challenging...and will vary from individual to individual as to how challenging it can get. Getting these banking matters set in concrete before you move will eliminate several major financial irritants/frustrations (home country banking, debit, and credit card issues) affecting many expats when moving to Thailand.

Be sure you are with U.S. banks that offer online banking "no fee" ACH transfers....be sure you get a ATM/debit card(s) that does not charge a foreign transaction fee...be sure you get a credit card(s) that does not charge a foreign transaction fee and, if possible, provides cash back. When I retired in Thailand about 3 years ago I had the no-fee ACH transfer issue covered, but really didn't think too much about the "no foreign transaction fee" card issue because I figured I would just use the Thai bank debit and credit cards for everything. Well, after you lived here a little while you start getting a little concerned about Thai bank debit card security and generally the inability of most retirees to get a Thai credit card due to Bank of Thailand rules. Now I have since recovered and have U.S. no fee debit and credit cards and it makes a person feel like they are still pretty much banking in the U.S., and with little, too infrequent need to send money over via ACH.

Get "truly" smart on on your current U.S. bank fee structure, especially regarding funds transfers, foreign transaction fees on ATM/Debit/Credit cards....and switch to new banks/cards as necessary to reduce/eliminate funds transfer/card fees. Remember, do it "before" you move because it can become much harder afterward. It's really easy to get too comfortable with your current bank(s) and/or think it's too hard to change banks/cards; but getting too comfortable can end biting you in the butt if your living location changes and you quickly realize your bank/cards were just fine for States-side living but their funds transfer/card fees when living overseas eat your lunch. And it's not hard changing banks and any associated direct deposits/bill pays/etc., with just a little planning. Remember, get you home country banking set in concrete before moving to Thailand. Good luck.

Thanks Pib

Lots of good advice there.

Actually I am pretty well set already & do transfers etc for a condo & other things we do there.

Will have to look closer at foreign transaction fees though as we rarely use the cards in Thailand because we already have cash there by the time we do our yearly travels.

But good to look into that because I do remember on my 1st trip years ago getting hit with various fees.

Thanks

[Arkady]

To be honest I should think it's also difficult for retired Thais to get credit cards but most stock up before they retire which is not an option for farangs who come to Thailand after retirement. The Thai banks still view their business like a pawn brokers and feel they need collateral they can theoretically get their hands on. If you work in Thailand, they could get a court order for your employer to garnish your salary but they couldn't have your foreign pension garnished. Firms like Amex might be willing to take a more actuarial view of your risk and might also take into account your record with Amex elsewhere. Even though retirement visas are only temporary permission to remain, which is admittedly a good reason not extend credit to some one, Thai banks don't take the same view of foreigners with PR. I could only get a secured credit card from Bangkok Bank, which I refused, when I was not working despite, having PR which they seemed never even to have heard of and just kept on parotting "work permit" when I displayed my documents. I have used a Bangkok Bank debit card for a while but find it rather low tech and not much use for paying for things online. Later I got a Kasikorn Bank visa debit card which in user friendly and works much better for buying things online in Thailand with a one time activation via ATM. After returning to work I got a Citibank platinum visa card which arrived without one week of submitting the application. It is quite good for getting discounts in Bangkok, although I could survive with the Kasikorn debit visa.

[4evermaat]

The advice to set-up all your banking and credit card needs before you leave the US (and probably Europe, Australia, and anywhere else) is excellent. However, there is more to think about. Your credit cards will expire in 2 years and the banks will send the new ones to your address in the US. With the new money laundering rules, someone will have to pick up the card and call the bank from the telephone number linked to the account in order to activate it. If you don't go back and forth to the US regularly, it's just one more thing to think about.

This thread has a lot of good advice. Military-friendly banks tend to be the most overseas friendly banks. And you don't have to be in the military to get association.

The whole thing about activating new cards overseas is not a problem. You tell your bank you have moved. You then tell them which country you have moved to. They can even change your billing address to overseas address. In some cases, you can keep the debit card address as a USA address. Set up two checking accounts, and then one account has USA address and one account has THAI address. Having two accounts is wise anyway.....what happens if you lose a card? I've had that happen before.

Use a mail drop with a mail forwarding service, if you do not trust your friends/family to forward stuff to you.

It is not necessary to call from the number listed on your account all the time. If they cannot recognize your number (calling from skype, unknown number, etc), they just ask for additional information from the card with the automated prompt. If live person, the same thing: they ask you for additional information. If it is that serious, get a voip # you can take with you.