3% Credit Card Charge

[1BADDAT]

@1BADDAT:

How many baht are we talking about here? Can I give you 1000 baht to quit posting novels here? Or if you prefer I can pay in installments of Chang or Singha.

Ha ha. very funny. Gonna keep this brief otherwise it may get called a "novel".

1) Are you aware how many transactions go through Mastercard and the card issuing banks?

2) No need to pay me in installaments of chang or Singha. Start by buying Chang or Singha for all those affected. I imagine you would need to make a few visits to the 7-Eleven or own a brewery.

3) Who is watching Mastercard and the banksters about these foreign Exchange transactions. If they are watched too much, is it categorised as "red tape", which affects doing business?. If Mastercard and/or the banks publish the rates at certain times and keep their rate changes consistent, (e.g. banks say on their website, if a transaction is done after 00:00 EDT saturday, but before 00:00 EDT on Monday, we use Mastercards Friday close of business rate) there will be less need for keeping watch over them by the regulators.

4) HAve you seen those screens in a stock market update?. If these updates can be done, every X seconds/minutes, how is it that the the mastercard Website sometimes takes 3 days to update.

This one is not even a novella.

1). No. I only focus on the ones I make. Not concerned about anyone else.

2). Just offering you a few drinks to calm you down. No need to buy drinks for the whole planet because they aren't on here complaining.

3). Credit card companies are run by satan. No argument here that they take advantage of anyone and everyone they can. Btw...lost interest half way through your point.

4). Stock market is for rich people. Credit cards are for poor people (many exceptions to this rule but speaking generally). Refer to point 3.

[meltingpot2015]

@1BADDAT:

1)

I only focus on the ones I make. Not concerned about anyone else.

You've snookered yourself (in USA you say "behind the 8 Ball") here my friend. Clearly, you are concerned about me. Otherwise you wouldn't be offering me a few drinks to calm down. See (2)

2) Oh!, so if others are not "complaining" on ThaiVisa they are not affected?. That's ridiculous. By the way, I am not complaining. This is called bringing awareness. The scheming by the banksters is not gonno go away by offering to buy someone a few drinks. Appreciate the offer though.

3)

lost interest half way through your point.

This is a banksters wet-dream. You lose interest they strike. Never let your guard down.

4) I was using the stock market as an example to say, if the updates happen every X minutes in the stock market, then how come Mastercard (MC) cannot update the MC rates page at least everyday.

many exceptions to this rule

You've been living in thailand for too long.

Edited May 17, 2015 by meltingpot2015

[1BADDAT]

@1BADDAT:

1)

I only focus on the ones I make. Not concerned about anyone else.

You've snookered yourself (in USA you say "behind the 8 Ball") here my friend. Clearly, you are concerned about me. Otherwise you wouldn't be offering me a few drinks to calm down. See (2)

2) Oh!, so if others are not "complaining" on ThaiVisa they are not affected?. That's ridiculous. By the way, I am not complaining. This is called bringing awareness. The scheming by the banksters is not gonno go away by offering to buy someone a few drinks. Appreciate the offer though.

3)

lost interest half way through your point.

This is a banksters wet-dream. You lose interest they strike. Never let your guard down.

4) I was using the stock market as an example to say, if the updates happen every X minutes in the stock market, then how come Mastercard (MC) cannot update the MC rates page at least everyday.

many exceptions to this rule

You've been living in thailand for too long.

I was making fun of you. I don't care how much you pay for anything in your life. I suggest you use your credit card to buy medication or companionship. Feel free to send me an excel file showing how much an hour you are spending analyzing this problem the you can easily avoid!

I've been in thailand for 15 months. And of that time I leave the country about ever other month for business or travel. What is your recommended time frame for a employed person to stay here?

[h90]

I know only about Visa, M/C and Amex. It's strictly in violation of the store's merchant agreement. Of course the credit card issuers don't want them doing that and discouraging use. They would lose their merchant status if caught so if you want to go to the trouble of reporting them including sending in documentation go ahead. It isn't worth the hassle to me.

If merchants lose their ability to take those cards their sales plummet so it's a two way street. The CC companies are very strict about this and the merchant pays the fee to make the sale.

Up to you.

Well even NOK air has it so it seems VISA, MC and Amex tolerate it.

[meltingpot2015]

@1BADDAT:

4). Stock market is for rich people. Credit cards are for poor people (many exceptions to this rule but speaking generally). Refer to point 3.

many exceptions to this rule

See (i) https://en.wikipedia.org/wiki/Exception_that_proves_the_rule - the section "Jocular Nonsense" and "serious nonsense" in particular, so you don't lose interest.

(ii) Also, see https://www.goodreads.com/quotes/9375-the-exception-is-more-interesting-than-the-rule-the-rule

In my opinion, there are NO exceptions to the rule. The only "exception to the rule" is for the "general" to be(come) more interesting. No one had "complained" about this before on this forum. Also, how this can be called "complaining" is beyond me, I haven't complained to Mastercard or the bank!.

I said

"You've been living in thailand for too long."

This is a figure of speech. Probably not as common in USA, but across the pond (in europe), it's in use. When someone is doing something a certain way, or using language (such as "exceptions to this rule") that is more specific to where you are, you can say "You've been living in thailand for too long", "you've been here too long". Its more a statement that explains, rather than a statement to beg the question "how long".

You will also hear, "I've been in this business too long". That phrase is probable both common in Europe (where English is spoken) and USA. Please take a look at:

http://www.buzzfeed.com/hiex/12-signs-youve-been-a-business-traveler-for-too-long#.cbbdw9eYKe

I suggest you use your credit card to buy medication or companionship.

Thank you for the personal attack. I am sure some forum users will see this very amusing AND INTERESTING. However, you suggestion will not be taken on board because:

i) on what basis are you making this suggestion. As an expert or a charlatan?.

ii) Please see:
https://youtu.be/Q5sTnvHNYl8 (Found through Thai Visa Forum post: http://www.thaivisa.com/forum/topic/813031-some-thais-have-no-sense-of-humour/page-4#entry9348497)

Exercise is the way to go, not medication. Its a proven fact!!.

Edited May 18, 2015 by meltingpot2015

[wooloomooloo]

3). Credit card companies are run by satan. No argument here that they take advantage of anyone and everyone they can. Btw...lost interest half way through your point.

4). Stock market is for rich people. Credit cards are for poor people (many exceptions to this rule but speaking generally). Refer to point 3.

I have three credits cards and can aver that I've never been taken advantage of by any credit card company. Here's why - I use them to my advantage.

I maintain an extremely healthy credit rating thanks to my credit cards. In fact, my credit rating can't go any higher. I use my credit cards for the majority of our daily expenditure and repay in full at month-end and that means no interest. I also receive monthly cashback on numerous outgoings. In addition I have a dedicated going abroad credit card that gives me the best exchange rate, no cash withdrawal fees and no foreign transaction fees. I actually profit from using this particular credit card abroad as opposed to paying with cash that I've brought with me from the UK.

Credit cards are not for poor people as poor people don't have sufficient credit worthiness to qualify for a credit card. Even if they did, how could they afford to settle their monthly statement? Though, credit card holders can make the minimum monthly payment if they so wish but will remain indebted, but that's a personal choice and hardly the credit card companies fault.

Overall, credit card companies pay me money to use their product, I maintain an impeccable credit rating, I am invariably covered by law for purchases under Section 75 of the Consumer Credit Act of between £100 and £30,000 and credit cards are just plain convenient. What's not to like?

[1BADDAT]

3). Credit card companies are run by satan. No argument here that they take advantage of anyone and everyone they can. Btw...lost interest half way through your point.

4). Stock market is for rich people. Credit cards are for poor people (many exceptions to this rule but speaking generally). Refer to point 3.

I have three credits cards and can aver that I've never been taken advantage of by any credit card company. Here's why - I use them to my advantage.

I maintain an extremely healthy credit rating thanks to my credit cards. In fact, my credit rating can't go any higher. I use my credit cards for the majority of our daily expenditure and repay in full at month-end and that means no interest. I also receive monthly cashback on numerous outgoings. In addition I have a dedicated going abroad credit card that gives me the best exchange rate, no cash withdrawal fees and no foreign transaction fees. I actually profit from using this particular credit card abroad as opposed to paying with cash that I've brought with me from the UK.

Credit cards are not for poor people as poor people don't have sufficient credit worthiness to qualify for a credit card. Even if they did, how could they afford to settle their monthly statement? Though, credit card holders can make the minimum monthly payment if they so wish but will remain indebted, but that's a personal choice and hardly the credit card companies fault.

Overall, credit card companies pay me money to use their product, I maintain an impeccable credit rating, I am invariably covered by law for purchases under Section 75 of the Consumer Credit Act of between £100 and £30,000 and credit cards are just plain convenient. What's not to like?

You have the highest credit score you can get. Do you think that you are the average credit card user? Obviously not. The average credit card user caries a substantial balance. The credit card companies are in the business of making money, and the poorer you are, generally the more money they make off of you because poor people generally max them out, miss payments, charge 29% interest...etc. The credit card companies are not making much money off of you, even though you spend a lot more than the average person i'm assuming. You take advantage of the bait they throw at you like free this or that, but you are disciplined enough to not carry a balance. How many people that get a zero interest introductory rate actually pay that balance off before the higher rate kicks in. I am betting it is very few.

Most people who are rich are the ones who play the stock market and pay their credit cards off each month.

By the way, nice post so you could boast about yourself and how financially savvy you are.

[1BADDAT]

@1BADDAT:

4). Stock market is for rich people. Credit cards are for poor people (many exceptions to this rule but speaking generally). Refer to point 3.

many exceptions to this rule

See (i) https://en.wikipedia.org/wiki/Exception_that_proves_the_rule - the section "Jocular Nonsense" and "serious nonsense" in particular, so you don't lose interest.

(ii) Also, see https://www.goodreads.com/quotes/9375-the-exception-is-more-interesting-than-the-rule-the-rule

In my opinion, there are NO exceptions to the rule. The only "exception to the rule" is for the "general" to be(come) more interesting. No one had "complained" about this before on this forum. Also, how this can be called "complaining" is beyond me, I haven't complained to Mastercard or the bank!.

I said

"You've been living in thailand for too long."

This is a figure of speech. Probably not as common in USA, but across the pond (in europe), it's in use. When someone is doing something a certain way, or using language (such as "exceptions to this rule") that is more specific to where you are, you can say "You've been living in thailand for too long", "you've been here too long". Its more a statement that explains, rather than a statement to beg the question "how long".

You will also hear, "I've been in this business too long". That phrase is probable both common in Europe (where English is spoken) and USA. Please take a look at:

http://www.buzzfeed.com/hiex/12-signs-youve-been-a-business-traveler-for-too-long#.cbbdw9eYKe

I suggest you use your credit card to buy medication or companionship.

Thank you for the personal attack. I am sure some forum users will see this very amusing AND INTERESTING. However, you suggestion will not be taken on board because:

i) on what basis are you making this suggestion. As an expert or a charlatan?.

ii) Please see:

https://youtu.be/Q5sTnvHNYl8 (Found through Thai Visa Forum post: http://www.thaivisa.com/forum/topic/813031-some-thais-have-no-sense-of-humour/page-4#entry9348497)

Exercise is the way to go, not medication. Its a proven fact!!.

I am very aware of the figure of speech "you have been here to long". My understanding is that you have adopted the mentality or behaviors of the people surrounding you. Is that what you mean?

My point was that I have not been here that long and I have adopted little of the mentality or behavior of the Thais. I travel frequently and see things from many different cultural perspectives.

[NeverSure]

I know only about Visa, M/C and Amex. It's strictly in violation of the store's merchant agreement. Of course the credit card issuers don't want them doing that and discouraging use. They would lose their merchant status if caught so if you want to go to the trouble of reporting them including sending in documentation go ahead. It isn't worth the hassle to me.

If merchants lose their ability to take those cards their sales plummet so it's a two way street. The CC companies are very strict about this and the merchant pays the fee to make the sale.

Up to you.

Well even NOK air has it so it seems VISA, MC and Amex tolerate it.

Yes, apparently my information was out of date as I haven't been a banker for some years now. I hate to admit I'm this old but I was a banker when visa/mc first came out and we were all issued cards without application. At that time it took some selling to get merchants to join and pay the fee but the word soon got around that the sale per customer amounts were much greater for those using a card. Numbers of customers increased also as people who didn't have cash could go shopping.

The original merchant agreements definitely forbade merchants from adding the fee as they were to make their money from increased volume and they do. Apparently that's been upset by the courts?

BTW these cards weren't possible until computer technology made the merchant terminals, ATMs and accounting possible. It was part of the beginning of an IT revolution.

[bbz404]

I will use this old thread for my problem and wondering if anyone has some advice:

I have recently ordered a new HR-V from Honda. We will be putting 550K down and i would like to charge 200K to my Thai credit card. They said, that they add a 3% surcharge, which I will have to pay in cash. Obviously, I will not do that. If they insist, I will pay the 200K in cash.

The reason I want to use my credit card is so I can get Thai Airways miles for this purchase. It's not because I do not have the money. So, do you think that there is some wiggle room with Honda on negotiating the waiver of these fees? Up until now, Honda has been very, very stingy when offering perks on my purchase.

Has anyone been in a similar situation?

Btw, Honda dealer is on Raminthra in Bang Khen.

[B1TcoinLife]

Mind you I never made a cash advance, but why would that incur charges if it was within my credit amount?

Most (not all) credit cards have a 3% cash advance fee. So if your credit card has a cash advance fee you would still pay that fee even if you had a credit balance that immediately paid off the advance off with no interest charge.

Is there a cash advance fee on Bkk bank visa platinum card IF you have overpaid and there is a positive balance on your card ?

[Pib]

Mind you I never made a cash advance, but why would that incur charges if it was within my credit amount?

Most (not all) credit cards have a 3% cash advance fee. So if your credit card has a cash advance fee you would still pay that fee even if you had a credit balance that immediately paid off the advance off with no interest charge.

Is there a cash advance fee on Bkk bank visa platinum card IF you have overpaid and there is a positive balance on your card ?

Now I don't have the card, but I bet the cash advance fee still applies. But since you have a positive balance on the card part/all of the cash advance would be paid off immediately which in turn prevents interest charges from starting to accrue on the cash advance amount from the movement of the cash advance.

If your positive balance is say 10,000 baht and you do a cash advance of 10,000 the cash advance fee applies but the cash advance is also immediately paid off...no cash advance interest will occur.

If the positive balance is say 5,000 baht and you do a cash advance of 10,000 the cash advance fee applies, 5K of the 10K is immediately paid off, and cash advance interest immediately starts accruing on the unpaid 5K portion.

[bbz404]

Mind you I never made a cash advance, but why would that incur charges if it was within my credit amount?

Most (not all) credit cards have a 3% cash advance fee. So if your credit card has a cash advance fee you would still pay that fee even if you had a credit balance that immediately paid off the advance off with no interest charge.

Is there a cash advance fee on Bkk bank visa platinum card IF you have overpaid and there is a positive balance on your card ?

Now I don't have the card, but I bet the cash advance fee still applies. But since you have a positive balance on the card part/all of the cash advance would be paid off immediately which in turn prevents interest charges from starting to accrue on the cash advance amount from the movement of the cash advance.

If your positive balance is say 10,000 baht and you do a cash advance of 10,000 the cash advance fee applies but the cash advance is also immediately paid off...no cash advance interest will occur.

If the positive balance is say 5,000 baht and you do a cash advance of 10,000 the cash advance fee applies, 5K of the 10K is immediately paid off, and cash advance interest immediately starts accruing on the unpaid 5K portion.

My Citibank Thai credit card charges interest on cash advances from the day you withdraw the amount, no matter if there is a positive balance (impossible with Citi anyway) or you pay 100% of outstanding balance on time. The cash advance is separate from this and should thus be used only in case of true emergencies.

[Pib]

Bangkok Bank credit card fees

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/CreditCards/Pages/TermsandConditionsall.aspx

[JimGant]

Did an ATM withdrawal on Sunday 10 May 2015, it has been posted on my account as 10 May 2015, the rate used is 51.32, but when I check the Mastercard currency converter tool for the rate on 11 May 2015 the rate is 51.88. However, the currency conversion tool rate for Friday 08 May 2015 is 51.32.

So the bank is using the rate at close of business on Friday, if the transaction was done on Sunday. Probably the same applies for a transaction done on Saturday too.

It's using the Friday published FX rate. MC projects this rate over the weekend (or holiday) for transactions that settle on those days. This is the opposite of Visa, which projects Monday's daily FX rate before the weekend -- then backfills this rate to Sat and Sun. Using once a day -- or even once every three day FX rates -- keeps an even flow going, with any realtime FX bumps ironed out by MC/Visa's green eye shade boys in the back room.

In the last year, Visa's daily FX rate has gotten more in line with the Asia time zones, changing now around 6:00 am Thai time (where a few years back, it was closer to noon). MC is now seemingly 15 hours later than Visa, with their published change not showing up until evening hours in Thailand. Thus, an ATM pull with a Visa card during daylight hours in Thailand will get you that day's published FX rate; with a daylight MC ATM pull, you'll get yesterday's rate (or Friday's rate, as the case may be). Of course, ATM pulls are on-line, real time transactions, so what is published should be what you get. Conversely, off line credit card POS transactions (which includes swipe/dip and sign debit card transactions) will have the published rate a day or two down the road.

If you're not getting the published rate, it certainly isn't because Visa and MC are publishing false numbers. In fact, accuracy is required by law, because the EU required transparency in daily rates being used -- thus the daily charts we see. As others have said, if the numbers don't jive, check the chart dates -- and/or make sure you've accounted for all the fees related to your plastic.