I just thought of sharing with you an update on my credit card application in Thailand. Believe it or not, I just got my credit card from Bangkok Bank last week. In my blog, I also wrote about the requirements for applying credit cards for expats like me.
For almost 2 years of waiting and trying to get approved, I finally have one. Yay! My experience through all these times made me realize what a struggle it was for foreigners to apply for credit cards. Either it only happened to me because of my nationality or I just didn’t really pass all their conditions which I honestly think was why I got declined twice.
Unless you can prove that you’ve got loads of money in your savings account and that your monthly salary is at least 50K-100K THB, you might find it difficult too. In addition, a work permit is a must to prove that you’re legally working in the country. Some banks require at least two years of working experience in the same company. So, It may be trouble-free for others but obviously not for me. Nevertheless, I am ecstatic to have this card now.
As I mentioned, I applied and got declined twice from KTB or Krungthai Bank. The first refusal was because I didn’t have sufficient funds in my account. There must be at least three months worth of your salary in your savings. I fixed that problem so that after five months I could apply again. However, I still got refused the second time around. I wonder why but didn’t bother checking back with KTB anymore.
I decided to give Bangkok Bank a shot again. The last time I inquired about credit cards, a staff explained about the bank withholding money in my account which was strange for me. It was the first time I heard about the concept of a secured credit card. I honestly didn’t grasp it properly so I completely ignored the idea.
Secured Credit Card
But this time, I researched about it and learned that aside from the usual unsecured credit card, a secured card also exists. The difference is that in the latter, you need to deposit cash in a debit account. That deposit will be equal to your credit limit. So if your deposit is 30,000 THB, then your limit is the same amount. Bangkok Bank’s minimum deposit is 20,000 THB.
I spent almost two hours at the bank processing everything for the credit card. I filled out and signed tons of paperwork which were all in Thai. With my fingers crossed, I just hope I won’t get into trouble in the future with it. Ha! In all fairness to the bank clerk with her broken English, she tried her best to explain everything to me at the same level as I tried to understand her as well. In the end, it was approved so everything worked out fine.
Finally, I own one.
To be honest, I had mixed feelings about owning a credit card at first. Living a minimalist life and being frugal for years, I am fully aware of its disadvantages. For one thing, it makes spending much easier. Not everyone realizes it but this handy card holds an enormous power that can either help or ruin a person’s life. I feel that if I had a credit card in my earlier years, I would be in deep trouble especially that I didn’t have a strong control in my spending yet. I would have incurred big debts now or be in constant financial problems. So maybe it is for a good reason that I just got it now, a life’s little mystery.
My purpose of getting a credit card is mainly for convenience in booking flights and accommodations for my future travel plans. I have shared my travel experiences in this blog if you want to read them as well. I also want to be able to purchase something with an option of paying in installments rather than in one full payment.
Does it make sense that I feel like I’m more mature now? Ha! I know it’s weird but having a credit card under my name seems to give me a little push forward to becoming a more responsible adult, financially at least. I guess I’m really entering into this “adulting” phase in my life now which excites and scares me. Ha!
Welcome to adult life indeed!
What is your “adulting” story?