How can I get credit card in Thailand?
After the banking and economic crisis that hit the country in the late 1990s, the banks have become very cautious when issuing credit cards to foreigners in Thailand. This is because during the crisis of 1997, most of the foreigners fled from the country, leaving behind them huge amounts of loans and credit card bills for which the local people had to pay a price. Therefore, even if you are living in Thailand for a very long time, have a Thai wife and children, you still do not have the surety of getting a credit card without any hassle.
Most of the banks require you to have a non-immigrant business visa in order to apply for a bank account or credit card. If you are planning to open up a company in Thailand, you will have to complete the additional requirements related to Thailand company registration; this involves getting a letter of sponsorship, memorandum of association and in getting the company’s name registered at the local government office. The entire process can take from one week to a month; once company registration Thailand is done, then you can apply for a corporate account at one of the local banks in the area where you are setting up your business. Make sure that the bank you have chosen has online banking, so that you can make transactions easily between your local and foreign customers.
Different banks have varied conditions that foreign are required to meet in order to get a credit card in Thailand; for example, the bank of Bangkok require the foreign applicants to have a work permit of at least one to two years along with a permanent residence. Similarly, some banks consider only those foreign applicants that have a work experience of three to five years in Thailand along with a minimum salary of 50 thousand to 1 lace Baht per month for a simple credit card. For a gold or platinum card, the conditions are much more strict and difficult to follow. In addition to this, some banks also charge a higher interest rate to foreigners on their credit cards because of high risks attached to them.
The best way to get all the information about legal documentation needed to get a credit card is to hire a good Thai lawyer, preferably go for a lawyer who can speak English well so that you are able to interact with him freely. One you have gotten a credit card, you can shop around at ease and can make as many transactions as your card allows; just make sure that you clear the bills in time in order to save yourself from penalties and high interest payments. In case your card gets stolen or lost, you should inform your bank as soon as possible so that the thief is not able to make any additional transactions on your account. A good Thai lawyer can guide you through the process of getting your stolen credit card report at the local police stations.
