For those who have a credit card from a Taiwanese bank OR for those who know the rates here.
What is the interest rate you pay monthly on purchases?
5.47% interest rate for revolving credit until December for my Megabank card.
I have various cards.
They change the revolving rate every 3 months or so. Some are at the low end of the range like 5.9% and some are at the maximum allowed by law which is 15% , looking at you taishin card.
It’s based on their computer risk assessment and it can vary as I said
Not wise to use those mortgage rates, too high! better pay your bill in full all months.
Yeah, I think my Costco CC is pretty high. Might be the max 15%. I don’t really know because I just pay it off every month. Never pay the interest.
My Cathay Bank card is also 15%, but like Yang_Gui_Zi (I always laugh at that user name) I pay it off each month. Fortunately, I can do that with my lifestyle in Taiwan; I usually had to make payments and pay interest when I lived in the U.S.
My Cathay card is at 9% if I remember correctly but the taishin one is at 15%, for the last 4 yrs.
I pay in full as well but I asked them once why it didn’t vary. He said that the bank has an algorithm to determine risk rating and their computer doesn’t like mine. My Union card likes me, 5.9% or something
I have never had a credit card and from this info I don’t want one lol
It does help with building a credit score, which you might need later. I specifically got it for this purpose and had a much easier time getting a great mortgage rate after using the cc for a few years.
Just don’t spend more than you can afford and the interest rates don’t matter. I got 1500 NT in Costco credit from using mine. It accumulates throughout the year and can be redeemed in Aug. and Sept. That’s free money. I’ve never spent a cent in interest on mine. Nothing to be afraid of, and it’s good to build up your credit score for when you want a loan later to buy a car or home.
15% as a high credit card rate? Wowzers. In Canada 19.9-28% is the norm.
It is limited by law since the credit card crisis 2006. Ruined a lot of people that didn’t know how to use them.
True. Although the majority of Canadians pay in full as do Taiwanese so it’s a moot point I guess.
Some Taiwanese cards will go as low as 2.**% as a bottom rate, i guess if the algorithm really likes you
ooooh.
Free Costco stuff *licks lips
How do I get a Costco credit card as a laowhy?
Meanwhile PCHOME24 will sell you products on a 12 month payment plan with 0% interest !!
I applied directly at Costco from one of the Cathay reps. She said as long as I’ve had a job for 2 years (IIRC) I could get one, so I said let’s give it a shot. Used it in Singapore a few weeks ago and I don’t think I was even charged any extra fees for using it abroad. Because of the points back for using at Costco, I use it for almost everything I would have normally used cash for. But, just remember you still have to pay it off each month to avoid the interest charges.
Just talk to one of the reps next time you’re in Costco.
Yeah I should look into it.
Can you pay your monthly bill at the 7-11?
Of course la! As long as the bill is less than 20k, you can pay cash at the counter.
If > 20k just do an ATM transfer to pay.
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Yang guizi already answered the question but a bit of back story, Cathay bank used to be one of the worst banks to get a credit card from as a laowai back in the day . The requirement used to be the foreigner needed to have an annual salary if I remember correctly $2000000. A year with proof of income supplied. Which essentially meant for the vast majority they wouldn’t issue the card. I applied back then and was knocked back.
They started to do that when costco started taking their cards but a lot of foreign Costco members complained to Costco and the rule was changed quickly.
Now they are very foreign friendly, good English service if needed, customer service is good.
Despite being able to apply the reps at Costco will never ever approach me lol
I have Cathay’s app on my phone and pay my bill by bank transfer, using my phone. Easy peasy.
