New Costco Cathay credit card

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:lovestruck:[/quote]

Does this happen to you on a daily basis, or just every other day? :wink:

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:lovestruck:[/quote]

Does this happen to you on a daily basis, or just every other day? :wink:[/quote]

I make it happen every day!

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:lovestruck:[/quote]

Does this happen to you on a daily basis, or just every other day? :wink:[/quote]

I make it happen every day![/quote]

Wise woman!!

No luck on the CC. After being rejected initially I reached out to Costco for support. I got a nice phone call from someone at the Neihu branch who said I would receive a call from Cathay that afternoon. A week later I finally get a call from Cathay saying the $1.5M requirement is firm because “people from your country are a risk”. I told her that I know of instances where the requirement was waived and she told me that’s a special case only for Chinatrust customers.

Is there anyone here who was not a Chinatrust customer and managed to waive the requirement?

An update on the situation. After several phone arguments with Cathay staff they finally relaxed the $1.5M requirement if I could show $1.5M worldwide income. Unfortunately they also want a guarantor in Taiwan which seems to defeat the purpose of showing any income in the first place. It’s a crappy deal and I’m still considering whether to fight it, but at least I could get my foot in the door and save the other battles for another day.

For comparison, you might be interested in this thread:

ptt.cc/bbs/creditcard/M.136 … A.CF6.html

Cathay is by far the most draconian of the local banks.

Decided to take the easy route, and try to get one with the spouse’s name. Sorry to let you all down, guys. I’ll let you know how it goes.

If you want to avoid any hassle getting a secondary card in the wife’s name is easiest.

They give credit out like candy here if you are Taiwanese, even if your wife had no job no problem, approved. A foreigner making $80k a month, too risky lol

[quote=“dan2006”]If you want to avoid any hassle getting a secondary card in the wife’s name is easiest.

They give credit out like candy here if you are Taiwanese, even if your wife had no job no problem, approved. A foreigner making $80k a month, too risky lol[/quote]

Not always. I know a few Taiwanese who are high income earners yet got rejected for the Costco Cathay card.

Further updates. After giving Cathay proof of $1.5M in income and a guarantor, I’ve now been declined again because of FATCA :frowning: The circus never ends…

We were approved for our cards… not a great limit… but that’s ok! Still not sure how that card was decided.

Were you a former Chinatrust Costco card holder before applying for the Cathay card?

No… couldn’t be bothered with Chinatrust’s reputation for dealings with foreigners. Didn’t want the hassle.

If I may ask, how did you manage this? Are you a US citizen?

Just finished the application in store. My wife was with me, not sure who is the main cardholder. Most of the income was in my name. No I am not a US citizen.

Ah if your wife filled out the first part, she may have added you on as a secondary cardholder (fuka) . But it is possible that it is yours if you filled out the first part and signed, maybe she is secondary :slight_smile:

We’ll see when we get the bill.

From my side an update:
After long discussion on the phone with Cathay Bank representative which went basically:
CB: “We need a guarantor”
Me: “No you don’t need”
CB: “Our bank policy”
Me: “I have a perfect credit line, my other credit cards got an increased credit limit and recently got a loan for a car without guarantor, so you don’t need”
CB: “But it’s our policy”
Me: “You know it’s almost impossible to get a loan from a bank without guarantor for foreigners and I did it, you still insist on a guarantor?”
CB: “Ok, we try”
Me: “Thank you”
And today I got my Costco Signature Credit Card

Cheers
Tom

Tom thats great news. I know you have had credit cards for over 10 years here so if you have a perfect record like that, why not.

[quote=“tom1807”]From my side an update:
After long discussion on the phone with Cathay Bank representative which went basically:
CB: “We need a guarantor”
Me: “No you don’t need”
CB: “Our bank policy”
Me: “I have a perfect credit line, my other credit cards got an increased credit limit and recently got a loan for a car without guarantor, so you don’t need”
CB: “But it’s our policy”
Me: “You know it’s almost impossible to get a loan from a bank without guarantor for foreigners and I did it, you still insist on a guarantor?”
CB: “Ok, we try”
Me: “Thank you”
And today I got my Costco Signature Credit Card

Cheers
Tom[/quote]

Tom, out of curiosity, are you a US citizen? Did they ask you to sign a W9?