New Costco Cathay credit card


#61

[quote=“Icon”]

:lovestruck:[/quote]

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


#62

[quote=“skoster”][quote=“Icon”]

:lovestruck:[/quote]

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

I make it happen every day!


#63

[quote=“Icon”][quote=“skoster”][quote=“Icon”]

: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!!


#64

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?


#65

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.


#66

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.


#67

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


#68

[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.


#69

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…


#70

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


#71


#72

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


#73

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


#74

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


#75

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.


#76

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:


#77

We’ll see when we get the bill.


#78

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


#79

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.


#80

[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?