Credit cards: current situation?

I have to say that Citibank has been (almost) consistently very good for the past 3 years. If you don’t have at least 300k on deposit with them they just don’t seem to be interested, otherwise they are fine.

I think now that most international banks are getting to grips with foreigner applications it’s not necessarily better to apply with a guarantor. My Citibank card is in my name and has been upgraded every 6 months with no problems. Also now I have a perfect credit history through that card I have had no problems getting a mortgage, car loan etc. without any guarantor.

What happens is the lower level bank staff will tell you that your application looks okay, but when it gets to higher-ups it will be red-lined and refused as a matter of cours. That goes for evey bank in Taiwan.

I have a CC from Hua Nan bank, it was issued to me a few years ago as the bank manager of the local branch was on good terms with my boss (local Taiwanese co.), I also needed a local guarantor of course. I have a foreign CC but due to the extra charges involved in intl. transfers etc. it’s very expensive, I almost never use it. To have a local CC is a great convenience.

Citibank and HSBC provide almost no credit to anyone here with less than squidillions in the bank.
They are useless for personal credit. Lllary get’s some deal because he’s involved in business here and can show a large deposit in Taiwan.

When it comes to personal credit the situation has not improved here as far as I can see. In the case of BuLaiEn’s friend, we can only determine they base their decision on racism and ignorance and he could perhaps bring it to the local court to get an evaluation (although I guess they state in the rules, we don’t need to give a reason, my favourite quote from the ministry of foreign affairs here, like when the minister of foreign affairs has a green card, I don’t need to give a reason :slight_smile: ).

One thing to keep in mind is to never take no for an answer, especially in Taiwan. If you know you have a good case to get a credit card, as soon as you are declined ask to talk to the bank manager about the application. Take a friend if your Chinese isn’t good. I don’t know how many times I’ve been told no to something here in Taiwan and been able to turn that into a yes with a simple followup. Every bureaucracy has a System for how to do things and if you don’t happen to fit into the System then you will be turned down simply because they have no idea what to do.

This is very true. They will generally try to deny your application just because you don’t fit the mold. If you dig a little deeper, wiggle a bit, and be persistent (not arrogant and demanding), you can usually come away with some semblance of what you want.

My first card was a struggle, but after an initial denial then going to the bank manager and reminding him that I had done business at his branch for quite a few years, they agreed to give me one valid for something like a year, with a small limit and payments to be deducted directly from my account. Now, a few years down the line, I have a credit limit with more than I could ever want to charge and constant offers for new cards. The last card I was issued is valid for five years.

Cheers, seems like a case of perseverence. I’ll try a few banks this week, post how it goes

Well, after reading the stories I would like to share my experience.
2003 I applied with Chinatrust the Taipei 101 Credit Card.
To my surprise they gave me at once a Gold Card with credit limit of 150k.
I always paid the whole balance at once, used it mainly for travels.
1 year later I upgraded to Platinum Card, valid until the end of the validity of my ARC.
Also in 2005 I asked for a higher credit limit, which was granted to 200k, 6 months later a limit of 300k. Card was valid till May 2008.
Then in November last year, I didn’t found my credit card, informed them, they issued a new one, valid until 2015.
My house bank, Bank of Overseas, gave me also 2 credit cards, valid till 2010.
Credit limit 100k, which is fine for me, cause these i use it only for private spendings.
2005 I applied from Taishin bank Platinum MC and American Express. Well they gave it to me, credit limit 120k, but gave me “only” Gold Card and American Express.
So I never opened these cards.
To my surprise, I received a few days ago 2 new credit cards from Citibank TW, which took over Bank of Overseas. And both are still Platinum Cards.
After reading so many bad experience about Citi, I thought, when my Bank of Overseas are expired, they won’t issue new cards to me. Seems I was wrong.
But when i wanted to open a 2nd account with them, I got turned down with the reason: Only foreigner who speak fluent chinese are allowed to open a second account. WTF.
Seems every bank makes their own rules.

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Get a secured Visa from Mega bank, AKA Visa debit card. Open an account, then they give you up to 90% of that value to use on your Visa. They will be looking for around $50 000 NT minimum. You then maintain it like a normal card with your monthly payments. This can not be used online but is accepted everywhere else. The other thing, if your ARC has less than a year remaining, you will not be able to use it abroad, but that can be negotiated. Make sure you mention the design of the card, my buddy has one with a ridiculous little cartoon character.

[quote=“whitetiger”]Get a secured Visa from Mega bank, AKA Visa debit card. Open an account, then they give you up to 90% of that value to use on your Visa. They will be looking for around $50 000 NT minimum. You then maintain it like a normal card with your monthly payments. This can not be used online…[/quote]I have one of those. It seems just the same as any other bank card here. I can pay with the IC function or use it at ATMs.

For me the only reason to use a credit card is to pay for stuff online. I’d rather just have a REAL debit card- one that can be used online as well as the normal ATM/IC functions. I have a card from Zhanghua Bank that’s functionally the same but is technically a combination debit/credit card. But many locals have a true debit card that enables them to pay online directly from their bank accounts, instead of via a separate kind of credit card function.

Mega also has another similar product that can be used for online purchases. Throw $50 000 in an account, wait a few months and then it will function like a normal card. If you fail to pay the balance every month, you will be charged 20% on the amount owing. Interest rate is a little high for a secured card, still a decent deal though if you know how to manage a card. HSBC and CITI bank were totally lost with the whole concept even though they offer this product in other countries. This product is great. In N. America it was introduced as a way to build or repair credit while offering competitive rates. Some companies even offer interest on your deposit or some sort of rewards program.

Rats, I really wished us furriners could have the credit cards we want. They chose us, not the other way around. I am the buyer!

For example, I would like to have HSBC, since they have the promo of “2 for 1” in movie tickets. Chinatrust gives me a discount -not bad, I’m telling you, like 70 nts off in a 270 nt ticket, but “2 for 1” sounds better. I think Citibank has something similar.

We need a “Ka-shen” as a consultant to beat this system, I’ll telling you.

Although my wife sometimes has CC bills passing NT$1M (because she pays the company bills), I still cannot manage to get a CC for myself alone, without her having to come back and sign it for me. I tried quite some banks, and the situation is all the same. Big problem for me is that my Luxembourg CC card is gone, and I don’t want to go back to Luxembourg just to get a new one, cause they don’t send it by mail. Last time I went on a business trip alone, had to take a lot of cash with me just to give in the hotels as cash deposits… this CC situation in Taiwan is a madness, and my bank account in Megabank is not that small… just that I have a mortgage back in my country and I send a lot of cash every month there, so I cannot really maintain more than 300K a month here…

For 3 years I couldn’t get a credit card. Then one day recently at a First Bank branch in Xindian, a manager told me First Bank had changed their policy, making it easier for foreigners to get a card. Try them.

I recently opened a bank account with SinoPac Bank. The manager and two assistants came to my house and filled out all the paperwork for me. The service was wonderful. But they told me if I wanted a credit/debt combo card, I would need a Taiwanese guarantor.

WOW, you must be a high roller to have a bank manager and two assistants come to your home to open your account.

It’s just not as cut-and-dry as having a local guarantor. I was turned down 3 times with a Taiwanese guarantor before I finally got a card on my own without a guarantor. I think it’s just hit-or-miss, depending on who you talk to, the day of the week and the position of the constellations.

Bear in mind that when you apply for credit with a guarantor the decision is made 100% against the guarantor’s ability to repay. They won’t even look at your finances at all. So if you are having problems applying with a guarantor you might have better luck applying on your own with one of the banks that allow it.

That’s what I would expect, but my guarantor owns his own home worth several millions and has another several millions in bank deposits.

The 3 banks who denied me a card gave me the same excuse: Guarantor or not, a foreigner needs to work for one of the top 500 companies in Taiwan and needs to have the position of manager or higher. Now we all know that is crap, but that’s what I was told by 3 different banks, until First Bank told me regulations had recently changed and they gave me a card with no guarantor.

I don’t think there is any rhyme or reason. Just depends on who you talk to.

Yep. Depends. Some banks will cite regulations, some won’t.

Ask several times, ask several different people at the same bank. If you get different answers from different people at the same bank, then keep pursuing until you get the same answer or confirmed from someone who should know … it’s just the way things are here.

Oh, and don’t tell them … “Can I apply for a card?” be politely assertive and say “I’m applying for a card”

All too often, I’ve asked for permission for stuff only to be told “I can’t”. So don’t ask. Avoid the “I’m sorry we can’t” mindset. Minor officials will sometimes say you can’t just because they can’t be bothered to find out if you can or can’t.

Survival!
Kenneth

[quote=“KenTaiwan98”]
All too often, I’ve asked for permission for stuff only to be told “I can’t”. So don’t ask. Avoid the “I’m sorry we can’t” mindset. Minor officials will sometimes say you can’t just because they can’t be bothered to find out if you can or can’t.

Survival!
Kenneth[/quote]

“I’m sorry we can’t” is synomous with “I don’t know and am gonna cover my ass by telling you it’s impossible” here in TW.

Persistence pays off, as Kenneth says. It’s been my experience, as well.

Well I’m considering getting credit started here, since I do plan on naturalizing and all in the future.

Which banks have people had luck with recently?

I tried Chinatrust recently; even the manager was telling me it was all ok and I should get my card within a few weeks, only to get a rejection letter. The manager was actually quite shocked.

I know a few people who got accounts at Chinatrust with no guarantor. My wife was working in their credit card dept. a while back and I couldn’t even get a card out of them then. I have a platinum card at Citibank with no guarantor where other people have failed. I had a mortgage in my name with no guarantor from Land Bank but they would not give me a credit or debit card. One branch of Audi with crap sales staff said they would give me an interest free car loan no problem, another branch of Audi with much better staff said no way. Who knows? Try 'em all, spin the roulette, fabulous prizes to be won :slight_smile: