Overseas concerns add to problems of Thailand Elite Card

[webfact]

ELITE CARD
Overseas concerns add to problems of Elite Card
Bamrung Amnatcharoenrit
The Nation

Elite Card, file photo

Chaos raise doubts over card's stability

BANGKOK: -- The prolonged political turbulence is hampering the efforts of troubled Thailand Privilege Card Co (TPC), operator of the luxury Elite Card, to promote itself overseas as potential foreign buyers doubt the card's stability.

TPC president Apisit Chuenchompoo said there was no doubt the Elite Card's image had been marred by the country's political problems, especially after the government declared a state of emergency in Bangkok. This was undermining their confidence because the card is directly issued by the government.

TPC intends to sell 1,300 cards in its 2014 financial year, which started last October, via distribution agents. Apisit is not sure that its mission will be achieved at this difficult time. At worst, only 100 cards may be sold.

The longer the political row continues, the greater the impact will be. To date, 10 cards have been sold. However, he said there were 15 sales agents showing interest in distributing them. If they sign agreements with TPC, that will mean more than 2,000 cards could be sold this year.

The controversial card was established in 2003 by the prime minister at the time, Thaksin Shinawatra, with the aim of attracting affluent foreign tourists. It has offered privileges from visas to luxury services. So far it has been on a bumpy road filled with financial constraints. It is in struggle to seek new funding to improve its liquidity. So far, there are about 1,300 Elite Card members.

Apisit took the top post at TPC in October, and began a big effort to rebuild the card's image abroad. He has sought distributors worldwide.

Yesterday, TPC signed an agreement to appoint Nusasiri, a listed housing developer, to help distribute the card, with a 500-card sales target.

Nusasiri will sell the card by including it in the price of a condominium unit, which sell for Bt3 million to Bt5 million, starting with a 30-square-metre condo. The firm has 800 units in total in two projects in the Ekamai and Kaset-Navamintra areas.

In general, the card itself is priced between Bt1 million and Bt2 million, depending on privileges included.

Visanu Thepcharoen, chief executive officer of Nusasiri, acknowledged that the ongoing political chaos was a key barrier to selling the Elite Card. If it does not end before April, it is most likely the sales target will not be achieved.

The firm has started to promote the card in Beijing. That city is considered a potential market because of its rising numbers of affluent Chinese and businesspeople. Many are looking for a country in which to establish a second home. More than 100 Chinese have showed an interest in the cards, but concern about Thailand's political situation runs high.


-- The Nation 2014-02-21

[Soutpeel]

Nusasiri will sell the card by including it in the price of a condominium unit, which sell for Bt3 million to Bt5 million, starting with a 30-square-metre condo. The firm has 800 units in total in two projects in the Ekamai and Kaset-Navamintra areas.

This is not selling anything...this is giving it away and hiding the cost in the purchase price of the condo, but nice statstical scam none the less...TPC can come out and state they "sold" 500 cards.

In general, the card itself is priced between Bt1 million and Bt2 million, depending on privileges included.

Therefore if they are including / hiding the cost in a THB 3-5 million condo, this indicates how much margin the developer has in building these to be able to do this even if the cards are discounted.

Thing is the concept of giving a TE card to someone who buys a condo over "X" amount is not a bad idea in itself....but one suspects a THB 3-5 million condo is maybe not the concept of a "quality" tourist our man in Dubai had in mind when he set this scam scheme up

[OMGImInPattaya]

I thought marijuana was illegal in Thailand. This Apisit character is sure using some good stuff.

[trogers]

The cards are named "Thailand Elite" by Thaksin and we have his Reds condemning the elites in Thailand...

A true genius in business and marketing if ever there has been one...

[Ricardo]

The cards are named "Thailand Elite" by Thaksin and we have his Reds condemning the elites in Thailand...

A true genius in business and marketing if ever there has been one...

Somewhere on the red-poster crib-sheet, it must surely read, "Shin-Elite Good, Old-Elite Bad !" ?

May I propose a new slogan, "Thai Elite Card, the Scam which Keeps On Scamming !" ?

But I still believe that, had it been devised in the form of an automatic on-arrival 5-year no-90-day-reporting Visa-card, there might well have been hundreds of thousands of potential foreign-residents, who might have been happy to shell-out B100k for one ? I myself certainly would have been willing to stump-up the cash.

Edited February 21, 2014 by Ricardo

[Davidhere]

The cards are named "Thailand Elite" by Thaksin and we have his Reds condemning the elites in Thailand...

A true genius in business and marketing if ever there has been one...

Somewhere on the red-poster crib-sheet, it must surely read, "Shin-Elite Good, Old-Elite Bad !" ?

May I propose a new slogan, "Thai Elite Card, the Scam which Keeps On Scamming !" ?

But I still believe that, had it been devised in the form of an automatic on-arrival 5-year no-90-day-reporting Visa-card, there might well have been hundreds of thousands of potential foreign-residents, who might have been happy to shell-out B100k for one ? I myself certainly would have been willing to stump-up the cash.

If they had kept their original offer to own land in Thailand, they very well may have sold the 1,000,000 cards that was Thaksin's goal, instead of the 1,300 they did sell.

.

[MeowBundit]

This card may be a gift to 30 million condo. But not 3.

[alfalfa19]

It's hard to comprehend anybody buying one of these, after the debacle that resulted from the first issue.

[rogerdee123]

Maybe the next Govt will open the books for all to see how much this fisaco lost also. Thaksin thinks ... Thailand sinks.

[AleG]

Another brilliant scheme by the financial genius. No, really, the skim/benefit ratio of this one must be phenomenal.

[noitom]

Thai 'elite' a very appropriate name for "special" privileges and considerations that usually circumvent the normal process or the law. It would be interesting to see the money trail and skim chain o this 1-2 million baht as the velocity of money changes hands in Thailand.

[worgeordie]

This old nutmeg, I thought it was gone and buried long ago,

it lost enough money the first time around,SO bring it out again,

jobs for the boys, has any idea Thaksin had actually made money,

He earned his money with monopoly enterprises ,but in the real

world,every idea seems to have resulted in MASSIVE loses for

Thailand,although certain people in the loop will have made

fortunes(not the farmers).

I just hope one day Thai people (the REDS) will waken up and

realize they have just been used as pawns in a megalomaniacs

game of money and power.

regards Worgeordie

[belg]

one must be crazy or stupid rich to throw your money at this scam card

but hey, if hookers get away robbing farang, the governement just tought of doing this on an international level

[ronthai]

... and now, say you have that card.

I doubt any Thai anywhere has any idea what it is or what to do with it.

I could be wrong, since I have no idea what it is or gives you "elite" status.

Showing your money around, gives us all "elite" status here in Thailand.

[AleG]

... and now, say you have that card.

I doubt any Thai anywhere has any idea what it is or what to do with it.

I could be wrong, since I have no idea what it is or gives you "elite" status.

Showing your money around, gives us all "elite" status here in Thailand.

since I have no idea what it is or gives you "elite" status.

In regards to this scheme, it is to sponge off public money and feel smug about it, whereas other people receiving state welfare show some humility.

Edited February 21, 2014 by AleG

[steven100]

To date, 10 cards have been sold .......

The kid selling ice creams outside 7-11 beats that ...

[edwinchester]

The cards are named "Thailand Elite" by Thaksin and we have his Reds condemning the elites in Thailand...

A true genius in business and marketing if ever there has been one...

Somewhere on the red-poster crib-sheet, it must surely read, "Shin-Elite Good, Old-Elite Bad !" ?

May I propose a new slogan, "Thai Elite Card, the Scam which Keeps On Scamming !" ?

But I still believe that, had it been devised in the form of an automatic on-arrival 5-year no-90-day-reporting Visa-card, there might well have been hundreds of thousands of potential foreign-residents, who might have been happy to shell-out B100k for one ? I myself certainly would have been willing to stump-up the cash.

But the they'd have to call it 'Thai Riff Raff', anyone can stump up 100k.

[Patje]

Amazing Thailand : It starts with the people

[marko kok prong]

Maybe it allows you a free underwater wedding?

[Jasun]

These went on sale well before the proverbial starting hitting the fan.

[taony]

Holy crap, this thing is still around? 1,300 cards sold in 10 years, ok let's make the target for 2014...... 1,300 cards. Good idea!! idiots. Just because you dream of something, it won't come true only by speaking the words out loud.

[oztaurus]

Another brilliant scheme by the financial genius. No, really, the skim/benefit ratio of this one must be phenomenal.

I know from a very well placed source that they took in 20 million baht last month, yet they are saying that they cannot guarantee staff wages (20K/month) in the call centre beyond the end of this month, so all the support staff are deperately seeking employment.

Anyone looking to pick up some well educated, high language skill staff could find some gems in that lot, though I think there are only about 6-8 of them.

[upena]

Remember, the initial Thaksin Elite Card scheme was to sell 1 million at 1 million baht. Now, it is 2 million baht, not lifetime, 20,000 baht annual fee, no land purchase, and can be canceled at any time by Thai Gov with no refund. Definitely, for stupid people only.

[Djaotchou]

Name on the card is misspelled, the guy is called Roswell...

[outsider]

Can't believe this elite crap is still going on...

[boomerangutang]

Wait a doggone minute. April Fools is 5 weeks away.

Are you sure this isn't a joke article?

I'd sooner buy a discount coupon for bottled Bangkok smog, than a Thailand Elite Card.

[allan michaud]

So they have managed to sell just 1,300 in almost a decade? and now the guy is blaming the protests because they will stop them meeting their target of selling another 1,300 this year.

[Robby nz]

Wonder what it has cost to sell the 10 that they say has been sold in this reincarnation of the scheme ?

Seem to remember reading a discussion on this on one of the other forums and the conclusion was that the benefits had been cut from the original and the price doubled.

[bigbamboo]

So they have managed to sell just 1,300 in almost a decade? and now the guy is blaming the protests because they will stop them meeting their target of selling another 1,300 this year.

There are so few of them in existence that one day they might actually be worth something.

[Prbkk]

I am more likely to buy a timeshare for winter use in Mongolia...