Anyone tried Standard Chartered or ANZ? Just curious since they’re supposedly “foreign” banks…
Guess you encountered all the trouble I went through 2 years ago.
I had the money. I have an ARC for 3 years. I have a bank account with the same banking institution in HKG for over 32 years and a proven bank record with good standing with a local bank for 30 years incl. checking account (repeat: 30 years).
After signing endless papers I finally got what I wanted: ATM Card, Credit Card, Check Book. NOW I AM FREE.
Now it is starting all over again because I applied for another credit card which gives me mileages on a certain airline whenever I spent money in Taiwan or overseas.
The problems seems to that ARC holders are either limited to stay for 3 yers only (Unless your are already holding an PARC).
The joke is when we went to Germany (My spouse is Taiwanese) we immediately got a C/C (Master) and she cashed her first money on the ATM here in Taipei. The monthly limit is aprox. Nt$ 80,000!
What is wrong with local banks? They prefer to be che4ated by locals? They do issue Credit Cards on the “roads”?
An APRC doesn’t help. Many banks look at you stupid and ask when its expiry date is (“It doesn’t expire, it’s P-E-R-M-A-N-E-N-T”).
Persistence pays off in the end, at last it did for me.
I did not believe that they would actually give me one, however I have a platinum card in my hand right now.
Only took a mere 9 years.
[quote=“29A11A48”] which gives me mileages on a certain airline whenever I spent money in Taiwan or overseas.
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Be careful! Sometimes my local credit card “forgets” to transfer points to the airline. I think they’d rather me buy stuff from their local version of SkyMaul.
For banks that accept applications from ARC holders there is no difference between you and an ROC ID holder once the application gets into the computer system (no, really).
The problem is that the banks will not tell you directly what criteria they consider for credit applications and unfortunately being foreigners our saving and spending habits are quite different from Taiwanese.
My problem was similar to Mr He’s in that while I had regular income I am not salaried so I did not have a set wage coming in on a fixed day each month. That is the single most important criteria for banks - the amount you claim to earn coming into your account on e.g. the 3rd of each month for at least 6 months or so.
With Citibank I solved it in the same way as Mr He, which was developing a relationship with the sales manager of my local branch and having them submit the proof of income and assets on my behalf. For obvious reasons they cannot override what the computer says about your risk assessment but they can ‘force feed’ it data that does not usually get processed during a regular credit check. For my first card at Citi I had to open a special deposit account for 12 months but they gave me a credit limit 2x the deposit then 6 months later 4x the deposit. After that I had no trouble applying for multiple cards with high limits and without any deposit.
Applying with Amex was even easier because I then had the knowledge about what they wanted to see, even though frustratingly they won’t tell you what that is until you give it to them. For example when I applied I was initially declined due to the lack of withholding tax slips (which you don’t get if you are self employed). However I volunteered to fax them my last year’s tax statement and the card was immediately approved.
Also once you have one card and maintain it properly (paying off the balance religiously every month, never missing a payment etc.) you will suddenly discover a world of credit access has opened up to you. With that good payment history you will (with a little effort) be able to apply for mortgages, car loans and other credit products. I mentioned a few times before how I was offered a mortgage when my Taiwanese wife was refused.
Finally don’t assume that a guarantor is the easiest way to get a card - if your guarantor has a poor credit history or no credit at all then you will probably have more luck applying on your own merit. If you apply for a credit card with a guarantor they won’t even look at your salary or credit at all because if you don’t pay it’s the guarantor who is 100% liable.
Bear in mind that generally these people are not trying to give you a hard time, they just deal with so few foreigners that in many cases they don’t even know how to start. The aforementioned bank in Germany probably deals with so many foreigners from Europe and elsewhere that it’s not a big deal and there are systems in place to do everything automatically. In Taiwan there are so few white collar foreign professionals that you should give the bank staff a little leeway when dealing with you.
Under most credit card agreements involving a guarantor, both the credit card holder and the guarantor will each be fully liable (“jointly and severally liable”) up to the amount of the debt and interest, so in the event of default the bank can go after either, or both, of them and their assets. This is one reason I have never been willing to use a guarantor – because I don’t want anyone asking me to return the favor. It’s just too risky.
Llary, once you had one credit card and have paid that off punctually every month, did you experience any difference when applying for another?
According to my bank, the documentation the local branch sent in the first time and the one sent in the second time was the same, the difference was that first time it was sent as a standard application, the second time it was sent as a “branch manager wants you to pay attention” application. They called me and asked if I were going abroad shortly, which I am, and told me that they would expedite - now that was a change.
Folks, this is the bottom line. Get to know the right person, and you’re in like Flint. All the rest of it is window dressing.
And I don’t believe for a second that an ARC holder’s application is handled the same way as an ROC national’s.
Having a guarantor doesn’t matter, either. I got declined 3 times with a local guarantor who is a homeowner, has a steady job, a decent size savings and a squeaky clean credit history.
It was only after the bank branch manager took interest in me that I got my first card, without a guarantor. My second card I also got only because of a friend who is connected with the manager of that bank’s credit card division went to bat for me.
Well sort of. When I very first arrived in Taiwan I knew a very powerful guy in the printing industry. He recommended me to his bank manager and I got nothing out of it. I eventually got a card with Citibank on my own through a combination of negotiation, proof of assets/income and a deposit. Honestly the whole guanxi thing just never seemed to work for me, I found all the banks I dealt with are more interested in solid facts.
My wife used to work at Chinatrust and the only difference was in admin (since we don’t have ID cards). Once the admin is done your pay data, assets etc. get fed into a computer and the computer doesn’t care if you were born in Taichung or Timbuktu.
Absolutely. With my first card I got a measly credit limit and the lowest level card they offered. After around 12 months I applied for a Diners Club airline cobrand card at the same bank and got declined but after a lot of pushing and arguing they compromised by offering a Platinum Visa cobrand instead. Then around 12 months later I applied for a credit limit increase which they gave me after supplying my latest tax statements.
When I applied for a mortgage they could see a detailed payment history on my cards (credit limit, revolving balance, on time payments etc). That was a huge factor in me being offered a mortgage.
Either Amex are far more lenient or they just have a more sophisticated profiling system because it has been really easy to get new cards and credit limit increases. Amex have just been fantastic in general though.
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The only problem with Amex is that fewer people accept it…
Amex have made a huge push in recent years, there are very few places accepting credit cards now that don’t also accept Amex.
Two weeks ago I applied for a Visa credit card at Chinatrust, and today they “informed me” (in fact I had to move myself to their office to ask) that the application has been rejected without giving me the reasons…
I have my savings account with them, I have a good and regular salary from a big fat Taiwanese company which has all its account at Chinatrust, I had guarantors, the whole shebang…
What the hell?
I miss my dear ol’ Swiss bank 
[quote=“Kawa”]Two weeks ago I applied for a Visa credit card at Chinatrust, and today they “informed me” (in fact I had to move myself to their office to ask) that the application has been rejected without giving me the reasons…
I have my savings account with them, I have a good and regular salary from a big fat Taiwanese company which has all its account at Chinatrust, I had guarantors, the whole shebang…
What the hell?
I miss my dear ol’ Swiss bank [/quote]
I’ve had the same experience with five different banks in Tainan in three years.
Did they ever give you the reasons why they refused you?
Plus they’ve become more reasonable withholding membership fees, and increased awards and special treats. Plus their service is prompt and in fairly good English. 
On the rejection side, I am piffed that Mitsukoshi won’t give a card after all these years. Last Friday I performed a tug of war for a form with one of the sales guys. Wouldn’t even give me a form to fill out after I showed him my 6 other cards, my PARC and the two bags of stuff I bought. :raspberry:
So is it possible to get a credit card from another bank, even if I don’t have a savings account with them? Chinatrust said I have to wait 6 months before being able to apply again, and I really need a credit card for online purchases…
Sure. I would suggest you to start with Mega Bank. You can get a secured card, which allows you to choose the amount. I have a small one with them for Internet shopping - if something goes wrong, the damage is not big. I reccomend the one behind the Mitsukoshi, close to Taipei Main Station. Go to the second floor, they’ll set you up. AMEX is also not such a hassle. As to the rest, it’s hit and miss.