The Mall to focus on the credit card segment

[webfact]

The Mall to focus on the credit card segment

BANGKOK, 9 July 2014 (NNT) - The Mall Group is promoting a campaign to encourage customers to spend through credit cards, after figures show credit cards have played a vital role in stimulating spending.

Ms. Nutsamon Wongkittipat, Deputy Senior Managing Director of The Mall Group Limited, stated credit card spending in The Mall, The Emporium, and Paragon department stores grew 47%, 55% and 57% respectively, adding that the credit card spending in the 3 stores has started to pick up the pace since March.

She stated, due to the positive factors in the latter half of the year, The Mall Group has decided to organize several aggressive campaigns to promote spending through the most popular 5 credit cards among shoppers. Furthermore, The Mall would emphasize on Citi M Visa card holders, Ms. Nutsamon said, saying the card contributed the most to the company’s credit card income.

The Deputy Senior Managing Director speculated that the credit card segment would generate 50 billion baht to the company by the end of 2014, adding the group has set aside 100 million baht budget for marketing campaigns during the last half of the year.


-- NNT 2014-07-09

[cloudhopper]

The road to serfdom.

[Robby nz]

Promote the Increase of credit card debt, way to go.

[JoePai]

Irresponsible

[rkidlad]

Oh, thank you 'The Mall'

I love being 'aggressively' campaigned to.

I will be sure to total my credit card on your premises to stimulate the economy.

You'll have a word with my credit card company to cut me some slack if I can't make the payments, right?

[thesetat2013]

With Thais personal debt the second largest in Asia.

http://www.nationmultimedia.com/business/Thais-household-debt-jolts-S&P-30218322.html

http://www.economist.com/news/economic-and-financial-indicators/21588882-household-debt-asia

And with more Thais defaulting on their loans

http://www.thaivisa.com/forum/topic/731598-more-thais-to-default-on-their-loans-due-to-increased-household-debts-nesdb/

Or borrowing from shady lenders or using a different credit card to get money to keep from being in default with their loans

http://www.thaivisa.com/forum/topic/649242-thai-household-debt-skyrockets-predatory-lending-mushrooms/

It would seem to me that by extending more credit and easier to access credit that The Mall is trying to bring the people to their knees with debts. This country's people already carry an average of 160,000 THB in debt. http://www.thaivisa.com/forum/topic/684741-average-thai-household-debt-reaches-160000-baht/

So the Mall says are they trying to stimulate the country's growth? Or are they trying to stimulate their own pockets without concern the people are already hurting financially and almost unable to pay their bills.

Students who took government loans have already started not to repay those loans. http://www.thaivisa.com/forum/topic/664607-students-urged-to-repay-education-loans/

How much more credit do these people need before they are killing themselves over the inability to repay their debts the same as the farmers did when YL could not pay them for their rice?>?

The Mall wants to stimulate growth? Let them lower prices to encourage buyers. Reduce their rent for spaces to the outlets so they can reduce their prices to the consumer. Easier credit and more credit is not the answer. The Mall should be aware of the peoples financial capabilities.

[Bluespunk]

Of all the campaigns launched recently to promote shopping this has got to be the most self centred and irresponsible of them all.

Personal debt is already a huge problem in Thailand but all this company cares about are its profits.

Crass in the extreme should be added to their company logo. Or as the great Shane McGowan once said "F yous all" could be an alternative.

[Thai at Heart]

Salt and pepper with that pound of flesh?

What a ghastly analysis to be taken as something positive.

[bkkjames]

Nothing new here - the same cards with the same promotions at the same malls packaged differently. Would have made more sense if the card company issued the press release saying xx cardholders get xx promotion at the mall...

[tingtongteesood]

Capitalism at it's best / worst...

[Paulzed]

I don't have a credit card and never will.

[DrTuner]

Just give a 1M baht credit at the door to gull.. eh eligible candidates and when exiting, have them sign over all their assets as accrued interest. The principal staying untouched and producing more interest by the minute, of course.

Credit cars are evil. Debit is ok.

[JimHuaHin]

On the other hand ... if Thai banks made it easier for retired expats to get Thai credit cards we could shop at the Mall.

[h90]

Irresponsible

???? The are a private company that would to generate more turn-over. What is wrong with that?

[tomyummer]

Typical. Smart to prey on the Thai consumers. The culture that spends first and worries about the bad credit later. Who would expect anything less?

[h90]

I don't have a credit card and never will.

It is getting difficult to live without...booking flights, buying things on the internet....

[DrTuner]

I don't have a credit card and never will.

It is getting difficult to live without...booking flights, buying things on the internet....

A debit Visa card will enable all of those things. No need for the credit part. Need to have the $$$ in the account though, obviously.

[ggold]

Just give a 1M baht credit at the door to gull.. eh eligible candidates and when exiting, have them sign over all their assets as accrued interest. The principal staying untouched and producing more interest by the minute, of course.

Credit cars are evil. Debit is ok.

Credit cars are evil

They are going to run you down!

[DrTuner]

Just give a 1M baht credit at the door to gull.. eh eligible candidates and when exiting, have them sign over all their assets as accrued interest. The principal staying untouched and producing more interest by the minute, of course.

Credit cars are evil. Debit is ok.

Credit cars are evil

They are going to run you down!

Argh. A point for you, Dear Sir.

[ggold]

Don't know what all the fuss is about. If you don't have credit on your card you can't buy anything. At the end of the day they aren't holding a gun to peoples heads forcing them to buy. By some of the comments made anyone would think people are being ripped off.

[Paulzed]

I don't have a credit card and never will.

It is getting difficult to live without...booking flights, buying things on the internet....

A debit Visa card will enable all of those things. No need for the credit part. Need to have the $$$ in the account though, obviously.

I use visa debit card If I don't have the money in my account I simply don't purchase it.

[ratcatcher]

These superstores like Emporium and Paragon owned by The Mall Group,don't usually cater to the '"average Somchai and his wife and 2.5 kids"

Those people wealthy enough to shop at the top[ end malls have no difficulty paying off their monthly charge bill for essentials like Prada, Louis Vuitton and Chanel. It's merely a top end marketing ploy and if it works, good for them.

[northernjohn]

On the other hand ... if Thai banks made it easier for retired expats to get Thai credit cards we could shop at the Mall.

To be honest I have never had a problem with my Canadian Visa cards. In fact I find them cheaper to use than my debit cards. I just go on line and pay them up out of my checking account. I generally put enough money in the bank over here to get me through the month and use the Siam debit card. When I am in a store.

As for the States Wells Fargo not only charges me the exchange rate they also charge me a large chunk of money just for getting money. If I use it for buying some thing they don't charge that and the interest rate goes down. Go figure.

[Chicog]

And no chance of a discount because the inflated credit card price includes the percentage that the merchant has to pay to the banks.