No there’s no interest rate if you pay it off all the time, and it’s good for your credit too.
What you can do is installments. There are several types. There’s installment done at purchase, interest free but there’s actually a fee, which is interest but very low.
There’s also bill installment that has a much higher interest rate.
I’ve found English app tends to be really stripped down in terms of feature. For example the e sun app doesn’t allow me to check balance in English but I can in Chinese.
That’s not my question, TL. Of course you don’t pay interest if you clear the balance within the due date, but I would have expected there to still be an interest rate for the card/customer, and I would have thought that would be determined during the application process.
For example, as of now, they don’t know whether I’ll pay off the balance each month. I’ve said I will on the application form, but what if I don’t, like if there’s not enough money in my main account to cover the balance? They’ll still want to charge interest for the outstanding amount, I would have thought.
It’s possible, I suppose, that it works differently here and banks don’t set an interest rate if the customer says they’ll pay the balance each month, but that’s not how I’ve found credit cards to work in other countries and it would strike me as a bit odd. Hence my question.
Others have reported knowing their interest rates here - has everyone chosen the option to have the minimum amount deducted then just paid the full amount manually each month?
What bank do you use? I’m using fubon bank and it tells you the credit limit and interest rate right there. Maybe just use the Chinese app as I said, English app are often stripped down and barebone in terms of feature.
Or call the issuer and ask. The interest rate is changed regularly depending on your creditworthiness. The government has a cap at 15 but it can go down over time. That rate is what they use if you have outstanding balance, if you paid it off then there’s none.
But there’s ways to avoid interest rates even without paying the whole thing, for example installment plans. A fee is added but as long as you stick to the installment no interest is charged.
Good if you’re buying airline tickets or other large purchase that you don’t have money for right away.
Or online banking sites. It probably tells you on the Chinese app.
Don’t wait for an English operator here, they’re unreliable. Get a taiwanese to call for you or just learn some Chinese. Or go to the bank in person and ask.
Yeah, that’s what the customer service agent just said. I just kind of expected it to be shown in the app, and at least on the letter accompanying the card.
Same with Mega Bank and the other Taiwanese banks I’ve called, more or less, although it took the guy today a minute or two of discussion before he knew what I meant by the term “interest rate”. It actually seemed like the first woman I got through to, who told me the English speaker was busy and took down my phone number for a callback, spoke better English than the guy who called me back.
The irritating thing, like usual, was the unnecessary extra step of the automated message offering the caller the option of English service then routing the call to an agent who doesn’t provide English service and is surprised to hear an English speaker. Why did you ask me then? I’m convinced they just include that bit to amaze Taiwanese customers with how international and worldly their bank is.
So I got my first credit card in Taiwan. It’s with a gold card and it’s a credit card targeting gold card holders, so undoubtedly easier than it could have been, but I’m still pleasantly surprised by how easy it was.
Credit score/history before applying: None. This was my first credit card in Taiwan. I’ve had an account at Mega Bank for 2-3 years but have just used it for occasional incoming transfers and haven’t kept a significant balance in there. I put in ~US$1500 and ~NT$6000 a few days before applying so I didn’t look like a total bum, but that’s it.
Date of application: June 8, 2023 (in branch), showing up online as received/being processed on June 13.
Date of follow up call: I didn’t make or receive a follow-up call as such, but I saw online that they were processing it as a TWD/JPY card rather than a TWD/USD card (their mistake) so I called them to fix that.
Date of credit report check: Not sure. It was showing up online as being in that stage for several days, but I didn’t keep a record of it.
Date of approval: June 21, 2023 (approximately)
Date of arrival: June 28, 2023 (approximately, sent by registered mail so I had to go collect it from the post office)
Time from application to card received: 3 weeks
Guarantor required? No
Secured deposit required? No
Apply where? Guting branch. I downloaded the PDF form online then went into the branch anyway to see if I could get the “proper” glossy one… but the woman apparently hadn’t seen this particular form before so made me wait for ages before asking me to e-mail it to her so she could print it out for me. So kinda silly. Notably, I didn’t get any BS from any of the bank employees about how foreigners weren’t eligible for credit cards or that I needed a guarantor or whatever – they just seemed to handle it normally like it wasn’t an issue.
Credit limit given: NT$66,000. So not huge, but better than I was expecting to be honest, considering I have no credit history and essentially no assets or income here and no local employer.
Interest rate: 15%, from what I was told on the phone. So not great, but again it’s my first card and see above.
Supporting documents provided:
Passport
ARC (gold card)
Income tax e-filing receipt for last year (I also offered my tax certificate, but he didn’t want it)
I’ll tag you on Forumosa next time I’m in the middle of a phone call and need a real-time translation to explain something to the person on the other end. I hope you’re quick to answer. I can’t read most of the Chinese characters either, but if I give it a go I’m sure I’ll be able to get by.
I have a Mega card without Gold card or a guarantor and while I was on an ARC but it took a bit of friendly arguing with the credit department manager. (circa 2012)
I wonder if a APRC holder would have a tougher time applying for a credit card than a gold card holder going through a special program like mega’s? APRC is treated like ARC for most things it seems. Assuming you don’t have credit in either case and it’s the first card you apply for. I know they have a special program for gold card holders when incorporating a new Taiwan company that speeds things up. Trying to see the benefit of staying on gold card vs changing to APRC.
