Yes.
I was a Costco member for years with the card but closed it. For years Cathay didn’t know that I cancelled my Costco membership and the card carried on fee free. About a year ago they finally figure it out and I got hit with what I think was a $1800 fee. They waived it when I called but they told me to switch to a different card. Now with a fee free cashback one.
I’m doing that soon. I did it a few months ago and got turned down. No explanation, but I was between jobs so that was likely it. What documentation of financials did they need?
Just standard stuff - passport, ARC, bank statement printed out at the Costco atm showing balance. 1 photo. They also asked for my business card.
14 years ago I cancelled my home country AMEX because I couldn’t use it anywhere here. Things have changed, AMEX is handled by First Bank now but they have their own offices. I had to apply from scratch.
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Nothing regarding your salary or work status?
Also, does anyone know if this might be a problem: My wife is the primary Costco account holder (a mistake when they processed the application) and I am the secondary. But I’m the one with income and applying for a credit card. Are the cards only for primary members?
They ask you in the form but no proof was asked for.
What?? I’m curious when did this happen. When I first got this card about 10 years ago , there was an actual American express office that was actually run by amex. Did they eventually shift operations to first bank?
They have their own offices but their bank backing is First bank. If you pay your card via ATM the code is 007 and if you want to pay your balance in cash, you go to First bank to pay.
They used to be handled by Cathay before if I am not mistaken.
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I was told recently by a rep that I needed to show 50,000+ NT on deposit to qualify.
That’s basically true. They like it more if it is up around $100k and it has to be there for a few Months to show stability.
Thanks for the info. Every year I consider cancelling my AmEx card…but always think this is the year I will travel more and possibly need. I just don’t want to pay the annual fee which my current card requires. I have a Visa card (leveraging my wife’s account) but found had some problems using it in America at some places.
They originally told me 20k, and that was just one qualifier. I didn’t have proof of income that time. I did get rejected though. I tried again with more in the bank and salary history.
Which bank, the YuShan people didn’t even want to see my account history and I offered.
Cathay Bank, for the Costco Credit Card.
Oh, that’s what I meant, Cathay, not YuShan. I guess if I remembered that wrong maybe I remembered the amount wrong.
Maybe its becoming like the North American style method of applying for credit; you just tell them and they take your word for it. Interesting.
I applied for cards over 7 years ago and they were very strict then. They wanted copies of the bankbook, sometimes a business card, and a few even called my workplace to see if I worked there. Chinatrust even told me back then for foreigners they wanted to see 1M in the account for 3 months. One bank would decline foreigners if they didn’t live in Taiwan for minimum 5 years. A few wanted to see 1 year of salary paperwork. A large national bank wouldn’t accept foreigners on a one year ARC.
Not quite, they did want proof of salary.
Approved for Costco Cathay credit card with 200K limit. Bank asked for my employer info but didn’t ask for proof of salary. My paycheck is deposited into my Cathay account.
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How long have you been at your current job?
A few months
That’s good, gives hope that I might be approved.
Are you an APRC holder? If you don’t mind me asking.