How to apply Credit Cards

Few days ago we have read few post related with credit cards, Bad Credit Credit Cards and another post by Ekarin Bumroongpuk in how to open Bank accounts for foreigners . As he left note at the end of the post he will post another tips for personal finance for expatriates. So this post is posted on same Nation website.

Hope this post will help foreigners who lived in Thailand and willing to have domestically issued credit cards. Because 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 the foreign-exchange fee charged when using foreign-issued credit cards in Thailand. Normally it's very hard to get one domestically issued credit cards for the foreigners in Thailand, but not impossible. Anyway this post will help you to get some idea about the process to get credit cards in Thailand.

Thai banks set guidelines on minimum local work experience and monthly income for foreign customers wishing to use plastic money.

For a credit-card application, each card issuer requires:
Minimum monthly income "each bank has different conditions" see list below

Copies of valid passport and visa

Copy of valid work permit

Income evidence

For Expats, domestically issued credit cards will allow you to receive benefits from regular retail promotions, lucky prize draws, discounts and loyalty programmes (See picture Below). 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.

Example of Thai credit card promotion

However, each bank has different conditions for credit-card applications. lets see this series about financial products for Expats gathered by The Nation.

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.

Kasikorn bank 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 at least Bt50,000.

They must also provide a credit bureau's authorization, 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 (KTC) 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.

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 canceling your card or putting a hold on your account, you will be liable for all transactions made before notifying the bank.

Hope this post will help you to understand what is the conditions to get domestically issued credit cards. Also you can visit Thai bank website for more infomation.