It is typical for credit card companies to be very demanding when it comes it comes to credit cards. An option is the cash card that provides all Thais of legal age to have access to financing. It is very efficient and simple to Apply Cash Card (สมัครบัตรกดเงินสด) because there are very little requirements with no securities or guarantors required.
Last July, the Central Bank of Thailand tightened control on credit cards and unsecured personal loans in order to contain high household debts and cut back on domestic consumption. The measure which became effective last September 1, 2017 came at a time when there was much concern over increasing bad debts and overspending.
According to the rule, holders of credit cards can no longer automatically obtain credit limits that are five times their monthly incomes. Only individuals that are earning at least 50,000 baht ($1,492) a month can obtain a maximum credit limit that is five times the salary.
Reports revealed that at the end of March, household debts in Thailand were estimated at 78.6% of the country’s gross domestic product (GDP). This is considered as the highest in Asia. According to the Deputy Governor of the Bank of Thailand, household debt has been quite high with a long term impact on families and the economy. Because of the economic impact, the central bank of Thailand has not cut its benchmark interest rates for more than two years. The reason is to stop the growth of household debt levels.
Credit card loans that become bad debts stood at 3.8% while that of personal loans were 2.9%. Fitch Ratings said that Thailand banks continue to be challenged by asset quality pressure due to the vulnerabilities in small and medium-sized enterprises and unsecured retail loan sectors. Credit line for unsecured personal loans with less than 30,000 baht monthly income will be limited to only 1.5 times the income.
In order for Apply Cash Card (สมัครบัตรกดเงินสด) to provide more value to the consumer, make sure that the money obtained does not go to waste. Make sure to be updated with payments. You have the option to pay the minimum 3% but not less than 200 baht.