Khun_Kong Posted July 3, 2008 Report Share Posted July 3, 2008 For those of you who want some credit cards, here is a nice summary in today's Nation.. Why might you want one of these? Besides the reasons mentioned in the article, they might make a great parting gift. Yes, the day you are climbing over the wall of your favorite embassy, beating a hasty retreat from LoiS (Land of Insanity), maxxing out your cash advances cannot hurt. Only joking. Anyway, here's the article. You gotta love TMB's fantastic offer: Deposit money in an account, to be used as collateral against the card. They'll even allow you to use up to 80% of the cash in your account! Out of the way folks, I wanna be the first in line for THAT deal!! ************************************* Expats can apply for credit cards By Ekarin Bumroongpuk The Nation Published on July 3, 2008 But Thai banks set guidelines on minimum local work experience and monthly income for foreign customers wishing to use plastic This is the second in a series about financial products for expats gathered by The Nation. Having previopusly covered procedures for opening deposit accounts for foreigners, this is about credit-card applications. For a credit-card application, each card issuer requires a work permit and passport from foreign applicants. For expats, domestically issued credit cards will allow you to receive benefits from regular retail promotions, lucky prize draws, discounts and loyalty programmes. By using local cards, foreigners can also save by not having to pay the foreign-exchange fee charged when using foreign-issued credit cards in Thailand. However, each bank has different conditions for credit-card applications. The Bangkok Bank credit card is available to foreign applicants who are permanent residents or have had a work permit for at least one year, while other conditions are the same as for Thai applicants. Kasikornbank requires foreign customers to have a minimum of one year's work experience in Thailand to apply for a credit card, with a minimum monthly income of Bt50,000. They must also provide a credit bureau's authorisation, and their work permit must be valid for at least six month after the application date. Customers will be informed of the approval result within 16 days for applications in Bangkok and 19 days upcountry. Siam Commercial Bank requires a work permit and minimum monthly salary of Bt100,000, compared with Thai applicants' minimum income of Bt15,000. The bank also needs foreign customers to show a bank statement covering the past six months. Krung Thai Bank requires foreign applicants to have had a work permit for at least two years, but their requirement for minimum monthly income is Bt15,000, the same as for Thai applicants. They must also show a bank statement covering the past three months and their passport. TMB Bank offers two choices of credit-card applications for foreigners. The first requires lending deals with corporations of at least three years and a minimum credit line of Bt30 million. Expats employed by these companies are eligible to apply for a TMB Bank credit card. A work permits must also be shown. The second choice is offered to individual foreigners who open a fixed-deposit account with the bank. They must use the account as collateral for their credit-card application and will receive a credit line of not more than 80 per cent of the deposit amount. [color:red]Beautiful!![/color] Bank of Ayudhya requires three years' local work experience and a minimum monthly income of Bt50,000 for a classic card and one year's local work experience and a monthly salary of Bt100,000 for gold and platinum cards. Self-employed customers should have average cash flow in their bank account of Bt350,000 a month or more for the classic card and Bt700,000 or more for gold and platinum cards. Applicants must submit copies of their passport and work permit valid for at least six months. Company employees need a copy of a payroll slip and a bank statement covering the past six months. Remember that if any of your credit cards has been lost, stolen or retained by an ATM or if you suspect you have been the victim of fraud, contact your card issuer immediately. In cancelling your card or putting a hold on your account, you will be liable for all transactions made before Link to comment Share on other sites More sharing options...
chelseafan Posted July 3, 2008 Report Share Posted July 3, 2008 In a perverse sort of way I quite like this system. I just about remember the days when getting credit involved a long process involving your work, bank and business of application. Nowadays banks seem to throw cards at you with very little consideration wether you are credit worthy. I suppose its just the Thai banks covering their arses in case you do a runner. Link to comment Share on other sites More sharing options...
Torneyboy Posted July 3, 2008 Report Share Posted July 3, 2008 And offer limit increases via the mail ..."pre approved"... Link to comment Share on other sites More sharing options...
chelseafan Posted July 3, 2008 Report Share Posted July 3, 2008 And just upping your limit continiously when you near the max out point... Link to comment Share on other sites More sharing options...
limbo Posted July 4, 2008 Report Share Posted July 4, 2008 The credit card that I have is currently with Bank of Ayudhaya nad has exactly that, a collateral with 80% usage of that. A few years ago that was the only place and way to get a card at all. As soon as I have time, I'll look into changing my bank though, Bangkok Bank andKrung Thai look good. Link to comment Share on other sites More sharing options...
CTO Posted July 4, 2008 Report Share Posted July 4, 2008 My cards are with Aydhaya and CitiBank - neither have collateral. Just going on my credit history and income (which is 80K a month for bank records) Link to comment Share on other sites More sharing options...
limbo Posted July 6, 2008 Report Share Posted July 6, 2008 I'll reconsider my options and will end up with a bank without having to put down a collateral. Link to comment Share on other sites More sharing options...
drogon Posted July 6, 2008 Report Share Posted July 6, 2008 Credit cards I still have from Kasikorn and Ayudhaya have no collateral. When I left Thailand I was just told that there must be always be on the account an amount equivalent to the monthly limit of the card... Link to comment Share on other sites More sharing options...
limbo Posted July 7, 2008 Report Share Posted July 7, 2008 And yopu don't call that a collateral? Link to comment Share on other sites More sharing options...
drogon Posted July 7, 2008 Report Share Posted July 7, 2008 Limbo: Depends, here what is called a collateral are either a property, a car or deposits. I just consider the Thai banks as solvability checks. I might be wrong then. Link to comment Share on other sites More sharing options...
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