Elite Card board calls debt-crisis meeting

[Neo]

The original forecast was 1,000,000 cards over 5 years yielding a tidy 1 trillion baht. 100,000 cards was the original forecast for just 2004 alone! During 2004, this number was revised downward to 60,000, then 10,000, then 3000-5000, then silence.

 

They say membership is up to 824 since its inception in 2003. It is unknown how many of these were barters, APEC freebies, kick backs, and the like.

 

Maybe the 40K annual fee is intended to irk the existing members into canceling their cards and keep new members from becoming interested so they can escape as many law suits as possible when they close their doors.

[Mentors]

 

un update ::

 

Published on Apr 24 , 2005

THE NATION

 

A provider of the Thailand Elite Card has announced plans to enrol 2,000 new members this year from three specific target markets.

 

The president of Thailand Privilege Card Co (TPC), Choksiri Rodboonpha, said the company would expand marketing activities as the firm shifts its product focus and customer base.

 

"The new business concept is different from the past, when we needed a large amount of members. These days we are targeting members by invitation only," he said.

 

The new marketing strategy will be launched in June.

 

Choksiri said the three membership categories include Elite Moment, which will focus on Asian customers with an emphasis on golf, shopping and spa treatments.

 

The second is Elite Connection, aimed at international investors, and the third is Elite Living, which is expected to attract people over 50 who wish to retire in Thailand.

 

The company expects that Elite Connection members will comprise 50 per cent of its base, followed by Elite Moment with 40 per cent and Elite Living with 10 per cent.

 

Choksiri said that 65 per cent of new membership would come from Asian markets and the rest would be from Western countries. TPC anticipates that the new members will generate membership fees of Bt2 billion.

 

The firm expects some members will also make investments in Thailand, generating more than Bt23 billion this year.

 

"We are in talks with an Australian member who wants to invest Bt10 million in an eco-tourism business in Thailand. Another Australian will invest Bt3 billion in moulded automotive parts, while a Hong Kong member plans to start a biotechnology company with an investment cost of Bt100 million," Choksiri said.

 

The company currently has 824 members from all over the world. That figure is lower than previously announced expectations for the first year.

 

The company also revised its long-term target membership from one million to only 20,000 members for the next five years. The lowered target should allow the company to be more selective in inviting new members.

 

It also plans to increase the membership fee from Bt1 million to Bt5 million in 2010.

 

To introduce more benefits and privileges, TPC has joined with world-class hotels such as The Oriental Hotel Bangkok, The Mandarin Oriental Dhara Dhevi Chiang Mai, Chiva-Som International Health Resort, Shangri-la Hotel and the InterContinental.

 

The company will also offer a three-day, two-night vacation package for US$1,000 (Bt39,500) including full-service accommodations, spa treatments, transportation and 24-hour butler service.

 

Last year the company earned Bt700 million from membership fees.

 

Their members used their Elite cards a total of 14,000 times last year, with Bt2 billion in associated revenues.

[khunsanuk]

Hi,

 

"That figure is lower than previously announced expectations for the first year. "

 

You can say that

 

"The company also revised its long-term target membership from one million to only 20,000 members for the next five years."

 

Fuck, that is 98% drop. And still they will not admit it was a bad idea and drop it all.

 

"The lowered target should allow the company to be more selective in inviting new members. "

 

More selective? Sounds like they need all they can get (all stupid enough to fall for this scam).

 

"It also plans to increase the membership fee from Bt1 million to Bt5 million in 2010. "

 

And this is so typically Thai. "We are getting less customer than expected so let them pay more to make up for the difference in income."

 

"Last year the company earned Bt700 million from membership fees."

 

How is that possible? There were only 824 members and many of these were freebie ones, very likely more than 124. So, where did the rest of the money come from?

 

Still think this is ludicrous idea and they should just kill it.

 

Sanuk!

[Khun_Kong]

Mentors said:

 

"The new business concept is different from the past, when we needed a large amount of members. These days we are targeting members by invitation only," he said.

 

[color:"red"] That way, when only three new members actually purchase cards, the response will be, "We only invited three, so we have 100% participation." Sorta the same thing as "never been colonised" (we invite them to stay, a la the Japs). [/color]

 

 

 

The company currently has 824 members from all over the world. That figure is lower than previously announced expectations for the first year.

 

[color:"red"] Understatement much?? [/color]

 

 

 

 

The company also revised its long-term target membership from one million to only 20,000 members for the next five years. The lowered target should allow the company to be more selective in inviting new members.

 

[color:"red"] Translation: We are lowering our projections by 98 friggin %! [/color]

 

 

 

 

It also plans to increase the membership fee from Bt1 million to Bt5 million in 2010.

 

[color:"red"] Ah yes, the Thai response to lowered demand- raise the price. Just because they are fooked enough to equate money with quality doesn't mean civilized humans will do the same. [/color]

 

 

 

 

To introduce more benefits and privileges, TPC has joined with world-class hotels such as The Oriental Hotel Bangkok, The Mandarin Oriental Dhara Dhevi Chiang Mai, Chiva-Som International Health Resort, Shangri-la Hotel and the InterContinental.

 

[color:"red"] What the fork does that mean, "...joined with..."? Seems that 1/2 of this sentence is missing.[/color]

 

 

 

The company will also offer a three-day, two-night vacation package for US$1,000 (Bt39,500) including full-service accommodations, spa treatments, transportation and 24-hour butler service.

 

[color:"red"] Hey, I can get you the same package for only 10K per day. And I guarantee the "24-hour butler service" would be a hell of lot better than theirs! [/color]

 

Again, what a bunch of maroons. Their offices on Sri Ayudheya are very very nice, though.

[Zorro]

With the government taking the lead through the outrageous Elite card scam it is little wonder that many Thais see nothing wrong with scamming.

If that is the sort of lead from the top what do you expect the average Thai to think and if they get the opportunity do.

[buffalo_bill]

Gentlemen ,

 

 

as a dedicated lover of total nonsense , I enjoy this statement very much :

 

"We are in talks with an Australian member who wants to invest Bt10 million in an eco-tourism business in Thailand. Another Australian will invest Bt3 billion in moulded automotive parts, while a Hong Kong member plans to start a biotechnology company with an investment cost of Bt100 million," Choksiri said.

 

10 Million Baht , that will shatter the kingdom . We are talking about the colossal investment of about 250.000 USD . What is he going to do with all that money , our Eco - host.

 

10 Billion into moulded auto parts , that would not be very clever. He probably would invest it into a factory for moulded auto parts I guess. Maybe Mr Australian has never heard about countries like China whare you already get them for pennies but still nobody buys them because the freight cost to whereever eats up all savings , we are talking about dashboards and bumpers. Siam has enough of that stuff.

 

3 billion into biotechnology sounds exciting because this would come as a big relief to all punters who are currently funding sick buffaloes . Furthermore , Thailand's reputation for ten-thousands of extremely well educated biotecnical scientists is second to none.

 

After all , I think the Elitecard is now on a good way as long as Mr. Choksiri enjoys us with well balanced statements like that.

 

BuBi

[Hidy Ho]

>>Choksiri said, it has found only 660 customers.<<

 

I know one of the customer (not me) ... a friend who can easily afford this bought it primarily to avoid visa runs since he was not eligible for O, B or retirement visa.

 

Anyone else know someone who bought this?

[Guest]

I appear to be the only Farang who had never heard of the Elite Card.

 

I did a Google, their website is currently being "re-designed" -

 

I can see a benefit for the Visa exemption (but not for me at that price!), but I guess the main attraction is owning land / property. But my problem would be having 0% faith in the "rules" (Law?? hahahaha) not changing and then finding that "my" property was not perhaps as mine as I had assumed.

 

In any event, for the folk they seem to be targetting (Unfortunately not me!), whilst USD25,000 would be peanuts - the problem I see is that many of these folk are pretty globally mobile for Business and holiday reasons, so "Visa" runs are perhaps not such a factor when you are travelling the world anyway, and for the minority who want to stay 100% of the time then I would have thought using the existing rules to "Invest" your way in would be better.

 

And with regard to owning property and land, using the corporate route would be pretty normal for these folk (without having to use BG's as majority Thai shareholders!) and IMHO a lot safer than using the Elite method (Did they ever pass the actual new land law? or are they still using the interim measures?)

 

I can only see this ending badly, when the money stops flowing (!!!) in.

 

SEP :: :: ::

[Khun_Kong]

One_More said:

 

...!) and IMHO a lot safer than using the Elite method (Did they ever pass the actual new land law? or are they still using the interim measures?)

 

I can only see this ending badly, when the money stops flowing (!!!) in.

 

SEP :: :: ::

 

Turns out- you DON'T own the land. You PAY for the land and the Elite Group holds it for you.

 

Sort of a protective device.

 

So nice of them.

 

So generous.

 

Such a friggin' con!

[Guest]

Turns out- you DON'T own the land. You PAY for the land and the Elite Group holds it for you.

 

I think you may have a few trust issues :: ::

 

I would say I am surprised that they found anyone to put money into this - but I'm not........................