As an expat, do you live here without any form of credit ?

[OneMoreFarang]

2 minutes ago, CharlieH said:

Just a thought, if you dont have, or have limited health Insurance (and many older people have a problem in this regard) then having a credit card can become your Insurance policy.

 

If you had a serious accident or became very ill, the Hospital may not help you without one.

 

As I said, just a thought and possible situation where a card may come in very useful.

 

Even if you have a health insurance do some hospitals insist on a credit card or cash before they do something expensive.

And as mentioned earlier. A credit card doesn't have to cost anything. There is no downside of having one or more.

[CharlieH]

1 minute ago, OneMoreFarang said:

Even if you have a health insurance do some hospitals insist on a credit card or cash before they do something expensive.

And as mentioned earlier. A credit card doesn't have to cost anything. There is no downside of having one or more.

My own opinion is they are "back up" and a very comforting peace of mind should they be needed. If used correctly and settled at the end of each month, convenient and can in some circumstances provide breathing space in unforseen circumstances.

[1FinickyOne]

I have a credit card for convenience... I have no debts that go beyond date due... 

 

I do not use it to borrow money or have credit... I use it to pay hotels, groceries, just bought a recliner... 

 

Our cars and homes are all debt free... my CC is paid monthly. 

[Fat is a type of crazy]

Recently in Australia they have introduced new payment option businesses that have been the darling of the stock market - they have no interest but a  fee if you don't pay on time. Seems the same as a credit card. But to compete with these new players, credit cards have been offering $100 gift cards, if you make x amount of purchases. Money for nothing.

Add to that up to 60 days to pay back, no fees, ease of touch pay, insurance included, points to gain further gift cards what's not to like.

 

One time I booked a hotel in Thailand and the site selling the booking went bust. The bank repaid the amount as I had used the card. In Thailand I get free travel insurance too.

As others say as long as you pay it off each month no issues. 

Edited January 28, 2021 by Fat is a type of crazy

[Eindhoven]

1 hour ago, patman30 said:

some people read til the end, some dont????‍♂️

while i did describe my situation
if you read
i started the topic as others in another thread

could not get past the fact, that some people live without credit completely and have no need or desire for it

i am also not talking about "cards" but credit only
i use debit cards.

Also if you are using a UK card whether DC or CC to spend your pension paid into UK bank account
you might be losing a bit in fees

 

Not if you use a fee free card....

[treetops]

20 minutes ago, patman30 said:

i am "legally protected" against fraud, regardless of payment method

It's not just fraud protection.  If you have a ticket to fly with Thai Airways, for example, and they go bust, an unsecured creditor will lose their money.  A credit card provider however is equally liable to refund your money.

 

 

20 minutes ago, patman30 said:

i buy what i want, i dont care for discounts or savings or cashback to sway my descisions

You can continue to buy what you want without discounts or savings and still accept the free money (or even get a product not offering such an incentive if it's a matter of principle) but there is no reason I can think of to do so.

[blackcab]

1 hour ago, patman30 said:

is personal credit good or bad ?

 

I have an unsecured Thai credit card. For me it is good, because of the reward points I accrue with it.

 

I pay the card off in full every month, and I spend enough per year that I do not have to pay an annual fee.

 

I normally manage to earn 1 round trip business class trip to London each year on Thai. The only bad thing, of course, is that the airline is in a spot of difficulty at the minute and travelling out of Thailand is not the best plan for me at the moment. I can, however, redeem the points for other items or even redeem them for cash back (which is a terrible option compared to using the points for a flight as the options would be a. the round trip business class flight or b. 25,500 baht cash back).

[ThomasThBKK]

29 minutes ago, treetops said:

It's not just fraud protection.  If you have a ticket to fly with Thai Airways, for example, and they go bust, an unsecured creditor will lose their money.  A credit card provider however is equally liable to refund your money.

 

 

You can continue to buy what you want without discounts or savings and still accept the free money (or even get a product not offering such an incentive if it's a matter of principle) but there is no reason I can think of to do so.

 

 

This is the same with debit cards nowadays, they are all from Visa and Mastercard.

You can charge back, have fraud protection, get perks, discounts, whatever. Book hotels, Cars, pay online - all the same.

My Citibank gold debit card gives me free AOT limousine service and airport lounge acccess etc. Same as their Creditcards. 

Only difference is one substracts from bank account (or even brokerage account), the other gives you a credit line. 

 

If you pay your credit card back each month fine, i wouldn't count that as debt anyway, i am just too lazy to do it and do it instant instead.

 

But there's plenty of people with 10 creditcards that are all empty they struggle to pay back.... consumer debt slaves, or leased cars, iphones they pay monthly in expensive mobile contracts etc. - that's not for me and was really all i wanted to say.

[soi3eddie]

2 hours ago, Eindhoven said:

 

Indeed, many do not understand the benefit of a U.K credit card. It's not about borrowing; but the convenience and protection it provides.

 

Agreed. Got chargeback refund with my UK AMEX card within 3 days of disputing a THAI airways cancelled flight transaction. Don't think I would have had the same success with my Kasikornbank issued debit card.

 

[CrunchWrapSupreme]

Several benefits to my American Chase Visa:

 

1) Funds transfer. I have a US source of income going to my US bank. Rather than spend money on transferring it, I simply use the Visa, then pay the balance with the funds in the US bank. Though we are getting burned right now at 29 baht to the buck. ???? (Be sure your card has no foreign transaction fees.)

2) Convenience. No problems at Big C, Lotus, restaurants, many places. No last minute runs to the ATM.

3) Earning Amazon points. It's pricey ordering stuff to be shipped to me here, so I instead order stuff for my mom. It gives me a nice discount, or some things basically free, from buying things that I would've bought anyway.

4) As said, the insurance policy. These threads always bring out the "cash is king" types, but I just don't have stacks of it laying around. Sometimes there's a big purchase, like something having broke or needing repair, or strapped I'm at the end of the month. It gets me by awhile, and then I usually pay it off.

 

Though now Covid, which has brought me a delayed school term, canceled extra classes, and family in need, has meant I'm now carrying more of a balance than before. The same goes for many, I'm sure many of whom don't care to admit it. Hats off to those of you, supposedly, without a care in the world.

[Matreusse]

2 hours ago, DFPhuket said:

and with a debit transaction, money is immediately gone from your account. 

That's the point of a debit card!   

[digibum]

1 hour ago, OneMoreFarang said:

I think it's amazing how many people here insist that they have money and use cash all the time. And at the same time they warn about the dangers of credit cards.

My question to these people is: What do you think is the problem of owning one or multiple credit cards? Many card companies don't charge anything for the card and they don't charge if you pay your bill within 10 days or so. That way the card costs no money at all.

And you have the convenience and limited risk for online shopping, hotels, etc.

And many places have discounts if you pay with certain cards.

So what's the problem if you use these cards wisely?

I agree.  I have over $100,000 USD worth of credit card credit available to me.  On one card the limit is over $40k.  
 

But I have zero debt.  I have an 846 (out of 850 FICO credit score).  
 

Some people can’t control themselves so they avoid credit cards like they were radioactive.  
 

I can understand that and respect it.  
 

However, not everyone is like that.  
 

I use my cash back credit cards all the time.  I use my airline miles cards when it’s adventitious. 
 

But I pay my balance every month.  LOL, my credit card companies must hate me.  I haven’t paid a penny in interest on a credit card in at least 10 or 15 years.  
 

I used to do real estate investing back in the day, fix and flip, and I would easily charge $20,000 - $30,000 per project on my cards and get miles.  And then pay the balance at the end of the month.  
 

I had a buddy who worked for a startup and they were buying tens of thousands of dollars worth of computer equipment every month and he would put it on his personal card and the expense it to the company.  He picked up hundreds of thousands of free miles.  
 

Some of my cards have an annual fee but they usually more than make up for it.  For instance my Chase card has a $450 annual fee but they give me $300 in travel credit (they credit me back up to $300 annually when I use the card to pay for hotels, flights, or car rentals) and I get free lounge access at most airports.  

 

Lounge access is worth the remaining $150 of the annual fee to me.  Especially since most lounges let my wife in free as a guest.  Seeing as how lounges these days charge anywhere between $25 and $50 per person, and food and booze is free, I make my $150 back easy.  
 

But as much as I don’t like being in debt, I also understand when money is cheap and don’t mind using credit (not cards) when it makes sense.  
 

Last time I bought a car in the US they offered me 1% financing for 5 years.  Hell yes I took that.  Back then banks were paying less than 1% interest on deposits but pretty much anything else (stocks, real estate, etc) would net me more than what the loan cost.  Even a high yield brokerage account paid 1.2%. 
 

It’s like the old saying that banks only lend to people that don’t need loans.  I’m one of those people.  I use the bank’s money when it’s cheap or I can use their money to make money.  
 

The way most people use it is to pay for things they can’t afford which puts the bank in the power seat.  
 

Don’t be that second type of credit user.  That’s a losing game.  

[digibum]

32 minutes ago, ThomasThBKK said:

Iphones they pay monthly in expensive mobile contracts etc. - that's not for me and was really all i wanted to say.

 I was not very happy that Apple would not allow me to finance my iPhone upgrade this year at 0% interest even though I have the Apple credit card.  
 

Seems they only allow the installment plan to card holders who purchase from a US Apple Store.  ????  haha. 
 

That was the best deal ever.  Last few times I bought phones back in the US, Apple financed them at 0% for 2 years.  
 

The Thai Apple Store had some Thai bank installment plans but nobody was offering 0% and no fees like the Apple Card.  

[treetops]

25 minutes ago, ThomasThBKK said:

This is the same with debit cards nowadays, they are all from Visa and Mastercard.

You can charge back, have fraud protection, get perks, discounts, whatever. Book hotels, Cars, pay online - all the same.

The preference for Credit Card over Debit Card for me is that the chargeback scheme is voluntary so could be withdrawn at any time, whereas there is further CC protection enshrined in law (for purchases over £100 GBP).  I realise this may not be true everywhere but in the UK it's referred to as Section 75 cover.

 

Section 75 also has no time limit on claims whereas Chargeback has a 120 day limit (again for the UK).

[CrunchWrapSupreme]

I gotta tell you. During my time in Thailand I've lived in at least 6 different places. Around BKK, then out in Issan, then back in BKK. In each there was a farang watering hole. At each of these, amidst the banter and after a few had been consumed, came the airing of the dirty laundry. The crazy chicks, the rough divorces, the run ins with cops, the bad business deals, etc. And then oh man, the credit card balances. I heard some big numbers. Some laughed about it, some were worried and ashamed. The younger types were obviously partiers. The elderly gentlemen had issues with their pensions and health related expenses. Some of those guys eventually disappeared. Gone from Thailand, or gone from the Earth.

 

Now it's certainly quite interesting, this noticeable difference in credit card usage and their balances, between those in the watering holes, and those of the TVF.

[Sheryl]

I have 2 US credit cards but both are on autopay with full payment of the balance each month. So credit cards yes but CC debt, no.

 

I also have a Thai card but if course the way it works here, it's more of a debit card with automatic deduction from bank account

 

I travel a great deal (or did, pre-COVID) and CC is pretty necessary for that in oirder to buy air tickets online, book hotels etc. Also need them for online shopping  from non-Thai sources (Amazon, Herb etc).

 

So yes CC a necessity but not as a means of spending money I don't have.

[Lacessit]

I have 3 debit cards. I don't have a credit card, told Amex to get lost back in the 1980's.

The last time I owed money to anyone was 1974.

I usually have 1 - 2 years cash in a bank account here for living expenses, the 800K in a separate account is never touched.

[Lacessit]

3 hours ago, OneMoreFarang said:

I think it's amazing how many people here insist that they have money and use cash all the time. And at the same time they warn about the dangers of credit cards.

My question to these people is: What do you think is the problem of owning one or multiple credit cards? Many card companies don't charge anything for the card and they don't charge if you pay your bill within 10 days or so. That way the card costs no money at all.

And you have the convenience and limited risk for online shopping, hotels, etc.

And many places have discounts if you pay with certain cards.

So what's the problem if you use these cards wisely?

Get them stolen or skimmed here, and you are in for a world of hurt trying to get the mess sorted out. My debit cards are only for emergency use, I pay cash.

Next question.

[Hamus Yaigh]

I have just had my US credit card account of 25 years closed since I don't have a US address. Never did have a US address, it seems to be a new law over there! ?

 

I've had a KBank saving account for 20 years, can I get a card there on a retirement visa easily - what does Kbank need to obtain one? Just need it when services like hotels, airlines and car rentals ask for one when debit cards won't do?

 

It seems these days credit cards can only be had in countries where you have a home address?

[DeathShroud]

I have a debit card from the US that receives my military pension, every month.  I draw out money as I need it to pay rent, lights, car note, etc. in Thai Baht.
I have a paypal account, and Thai savings accounts at Bangkok Bank, SCB, and KTB.   KTB was super difficult to get.   

I use the SCB a lot since it is a debit / Mastercard, and many places I shop online won't take paypal from America, since I live in Thailand.

I don't use credit, for the last 5 years I have lived in Thailand. Cash only.
Easy.
  

[OneMoreFarang]

24 minutes ago, Lacessit said:

Get them stolen or skimmed here, and you are in for a world of hurt trying to get the mess sorted out. My debit cards are only for emergency use, I pay cash.

Next question.

How about if cash gets stolen?

But up to you, use cash as much as you want if it makes you happy.

[Lacessit]

4 minutes ago, Hamus Yaigh said:

 

 

I've had a KBank saving account for 20 years, can I get a card there on a retirement visa easily - what does Kbank need to obtain one? Just need it when services like hotels, airlines and car rentals ask for one when debit cards won't do?

 

 

I have yet to encounter a hotel, airline or vehicle rental company that refused my debit cards, Australian or Thai.

From memory, I needed my passport, residency certificate, and a savings passbook when I got my debit card from Kasikorn. They were falling over themselves to sign me up for one.

[Lacessit]

1 minute ago, OneMoreFarang said:

How about if cash gets stolen?

But up to you, use cash as much as you want if it makes you happy.

I'm 90 kg, 6 ft tall, and very little of it is fat. Do you feel lucky?

[Hamus Yaigh]

31 minutes ago, Lacessit said:

I have yet to encounter a hotel, airline or vehicle rental company that refused my debit cards, Australian or Thai.

 I have often been told at hotels especially outside Thailand to use a credit card as a deposit, debit cards would not be accepted.

 

I wonder if KBank is offering credit cards as easy as debit cards for retirees?

[Lacessit]

59 minutes ago, Hamus Yaigh said:

 I have often been told at hotels especially outside Thailand to use a credit card as a deposit, debit cards would not be accepted.

 

I wonder if KBank is offering credit cards as easy as debit cards for retirees?

Where outside Thailand? Can't say I've ever had a problem in Australia. It's not rocket science, any business not accepting my debit card, I walk away.

No idea on credit cards, don't have them.

[Hamus Yaigh]

42 minutes ago, Lacessit said:

Where outside Thailand?

Almost everywhere I have been, not much since COVID.

 

I always thought you have to have a credit card. with a debit card unless the actual charge is put through at the time there is no guarantee the money will be there in the future. the hotel would have to charge you the security deposit then refund it again when you checked out. too much hassle and paperwork. with a credit card you have guaranteed to pay ( by agreement with your cc company) even if you don't have the actual cash on hand...hence the term " credit" card.

 

I had credit cards from UK and USA and all have been taken away from me as each country wants a home address in credit card issuing country. As of today I have no credit cards now. Just lost my last one from USA last month with no notice, card was valid but account closed for lack of activity.

[Ron jeremy]

6 hours ago, OneMoreFarang said:

I think it's amazing how many people here insist that they have money and use cash all the time. And at the same time they warn about the dangers of credit cards.

My question to these people is: What do you think is the problem of owning one or multiple credit cards? Many card companies don't charge anything for the card and they don't charge if you pay your bill within 10 days or so. That way the card costs no money at all.

And you have the convenience and limited risk for online shopping, hotels, etc.

And many places have discounts if you pay with certain cards.

So what's the problem if you use these cards wisely?

You nailed it! Mine is paid off fully- automatically every month even though I have the cash to pay without it!

pros; reward miles, good for cash etc

i use it for a free flight every year 

Free travel insurance 

free rental car insurance 

covered for fraudulent charges

great for credit rating 

good for use in case my debit card doesn’t have sufficient funds

nice to have a backup in case of lost card 

etc

cons:  00????????‍♂️
there is no reason not to have one

only benefits

a no brainer 

[Ron jeremy]

Failed to mention the company goes to bat for me when items are not as advertised and warranty 

dervices not rendered 

during covid when the airlines abandoned people I simply purchased a ticket home

the airline offered me a credit

my CC company got my money refunded 

[kingdong]

7 hours ago, Pro1Expat said:

I do have plastic but never use them. Everything is cash. Owe no one anything

The banks hate people like me and you ,had an a/c with £10,000 in it which the bank closed, i pay what bills i can using payzone paying cash and only have a current a/c for direct debits, one of my kids book my flights etc using their credit cards i pay them cash,never leave a paper trail.

[kingdong]

16 minutes ago, Ron jeremy said:

Failed to mention the company goes to bat for me when items are not as advertised and warranty 

dervices not rendered 

during covid when the airlines abandoned people I simply purchased a ticket home

the airline offered me a credit

my CC company got my money refunded 

You sound like you have a bit of common sense,unfortunatly a lot of people need protecting from theirselves.