Rules relaxed for foreigners applying for credit cards

cedi.cepd.gov.tw/eng/tnen_main.php?iPath=76

In response to the growing numbers of foreigners coming to Taiwan, the Central Bank recently revised Article 15 of the “Directions Governing Banking Enterprises Operating Foreign Exchange Business,” deleting the stipulation that the period of validity of Alien Resident Certificate carried by foreign credit-card applicants must be at least one year. Also deleted was the rule that the period of validity of credit cards issued to foreigners must not exceed the validity of their alien resident certificates.

Under the revised rules, foreigners who have reached the age of 20 and who hold alien resident certificates issued by Taiwan may apply for credit cards, whatever the length of their residence, and the banks issuing the cards may themselves determine the length of validity depending on their own assessment of loan risk. For the contents of the revision, please visit this website: cbc.gov/tw/cbcext/Law_ShowAl … D=LA04C008.

Guess what? The link doesn’t work! Am I surprised? No :wink:

Guess what? The link doesn’t work! Am I surprised? No :wink:[/quote]

oh dear, cha bu duo nation rules!

Linky had two typos in it. This fixed version

cbc.gov.tw/cbcext/Law_ShowAl … D=LA04C008

does lead somewhere. Not sure if it’s where you want to go, though.

The backslash after .gov should be a “.” instead: cbc.gov.tw/cbcext/Law_ShowAl … D=LA04C008

Ups, too late …

[quote=“Rascal”]The backslash after .gov should be a “.” instead: cbc.gov.tw/cbcext/Law_ShowAl … D=LA04C008

Ups, too late …[/quote]

I presume you can print this off and show it to a bank which is being recalcitrant?

[quote=“llama_lout”][quote=“Rascal”]The backslash after .gov should be a “.” instead: cbc.gov.tw/cbcext/Law_ShowAl … D=LA04C008

Ups, too late …[/quote]

I presume you can print this off and show it to a bank which is being recalcitrant?[/quote]

Don’t push your luck.

Despite that fact that foreigners are able to get credit cards according to the rules and regulations of the ROC, many banks have standing orders stating that applications from foreigners are to be binned. I once dated a girl who worked approving credit card applications there, and she told me that much. She told me to try far eastern bank for some odd reason.

So, if you mistakenly think that it means that foreigners are supposed to be treated as locals, then you are entirely wrong. If you insist, some “internal regulation” will be pulled out.

[quote=“Mr He”][quote=“llama_lout”][quote=“Rascal”]The backslash after .gov should be a “.” instead: cbc.gov.tw/cbcext/Law_ShowAl … D=LA04C008

Ups, too late …[/quote]

I presume you can print this off and show it to a bank which is being recalcitrant?[/quote]

Don’t push your luck.

Despite that fact that foreigners are able to get credit cards according to the rules and regulations of the ROC, many banks have standing orders stating that applications from foreigners are to be binned. I once dated a girl who worked approving credit card applications there, and she told me that much. She told me to try far eastern bank for some odd reason.

So, if you mistakenly think that it means that foreigners are supposed to be treated as locals, then you are entirely wrong. If you insist, some “internal regulation” will be pulled out.[/quote]

I’m not pushing my luck (I got my credit card through Eslite Bookshop!), maybe a bit of official looking paper and a smile might help others get a card.

The only thing printing off that regulation is going to achieve is maybe giving you some satisfaction when they say “no it’s a government regulation that we can’t give you a credit card”. However that’ll probably ownly aggravate them and they’ll just say “it’s our banks regulation” and turn you down anyway. Mr He is right. Some foreigners have managed to get a credit card, but it seems to be very much a matter of luck.

Brian

I have tried to get cards through a number of banks, even though at the time I had property, car, scooter, income and an A.R.C. with several years to go…No F’ing luck.
Applications are normally binned. Don’t get your hopes up, but have a try anyway is my advice.

[quote=“sulavaca”]I have tried to get cards through a number of banks, even though at the time I had property, car, scooter, income and an A.R.C. with several years to go…No F’ing luck.
Applications are normally binned. Don’t get your hopes up, but have a try anyway is my advice.[/quote]

I agree… I have a bank account at Cathay and a debit card there that they gave me without problem the very day I opened the account… but credit card, different story… unless they changed their inner system (I highly doubt they have) they asked me to find a guarantor and their other requirement was I needed to earn 1,500,000NT/year

Needless to say, I gave up :frowning:

Now, when it comes to credit card issued by shops and department stores, don’t these cards work at the shop that gave it, and that shop only?? Been told the ShinKong credit card won’t work in other shops so unless you buy lots of stuff at Mitsukoshi it’s almost useless…
llama_lout, what about your Eslite card? Can you pay in any shop, or even on internet, using your card?

Thanks
Larry

I got mine at HSBC after many phone calls from one of their representative. I had to wait for my ARC to be freshly renewned, thus valid for a bit over 1 year, and I got a visa card. It took a couple of months and was complicated, but it worked!!! I need to apply for a new one with the spouse ARC, hope it will be easier.

BUMP

Any information less than 2 years old?

I have a steady job with 3 years of deposit history I can provide. My bank balance never gets huge because I take money back to the US twice a year. I have a co-signer with good credit. Been turned down by Taipei Fubon (twice), First Bank and HSBC, all saying the same thing: To issue a card to a foreigner, the foreigner must be employed by a top 500 company in Taiwan with a title of manager or above.

Craig, try again but with Mega Bank, even Chinatrust. I think American Express is issuing cards again, that would be a good choice for starters, while you build up a credit score.

Weird about Taipei Bank, they just asked me for guarantor. Same with HSBC. haven’t tried First Bank. Wished these bank guys would make their minds up. ??

There was a new bank rule relaxing the restrictions, if I find it I’ll post it.

[quote=“CraigTPE”]BUMP

Any information less than 2 years old?

I have a steady job with 3 years of deposit history I can provide. My bank balance never gets huge because I take money back to the US twice a year. I have a co-signer with good credit. Been turned down by Taipei Fubon (twice), First Bank and HSBC, all saying the same thing: To issue a card to a foreigner, the foreigner must be employed by a top 500 company in Taiwan with a title of manager or above.[/quote]

Craig, you are being given the run around. I have had mine for several years now and have never worked for a top 500 company. The issuing bank, Chinatrust, was not even the bank that my salary was paid into.

Ditto. My employers for the last 14 years have been small buxibans, and I’m certainly not a manager, but I’ve had a Visa (with no restrictions on internet or international use) for about 10 years through ABN-Amro.

I don’t believe they are taking new customers with American citizenship, however. I blame Bush. :stuck_out_tongue:

I have an ABM Amro one too. Just got it upgraded a week or two back to platinum (so I can get free parking in several city carparks).

No, no, that’s for a cellphone. :wink: (at least with PHS).

[quote=“CraigTPE”]BUMP

Any information less than 2 years old?

I have a steady job with 3 years of deposit history I can provide. My bank balance never gets huge because I take money back to the US twice a year. I have a co-signer with good credit. Been turned down by Taipei Fubon (twice), First Bank and HSBC, all saying the same thing: To issue a card to a foreigner, the foreigner must be employed by a top 500 company in Taiwan with a title of manager or above.[/quote]

So … that would come to about 10 foreigners … okay, let’s say 15 …

I already talked about this in another thread but if you are applying with a bao ren (guarantor) then the problem is almost certainly with the bao ren’s credit and not you being a foreigner. My wife worked in the credit card department of a large bank and gave me some very interesting and useful information about how applications are handled (no, I didn’t get my cards through her - they refused me).

When you apply for a credit card with a bao ren the card might have your name on but isn’t really yours. Responsibility and risk belongs 100% to your bao ren and the bank will not even look at your documents except perhaps to check that you have an ARC. This is why even the most backward of local banks will happily spit out a card for you - with a valid bao ren.

If your guarantor has missed any payment within the past 6-12 months or has even just paid minimum/partial balance in that time then it will be very hard for them to get approval for any other card.

The solution is to apply with a bank that gives cards to foreigners without a guarantor. The most reliable are the wai shang institutions - Citibank, HSBC, American Express etc. What they are concerned about more than anything else is seeing a consistent amount of money being paid into an account on the same day of each month for at least 6 months prior to your application. They want to see a Taiwanese bank statement - not an employment contract, not foreign statements. If you don’t have this then don’t even bother applying. If you do have this and also have at least NT$300,000 on deposit you will definitely get a card with one of the above, possibly even with Chinatrust or another local bank. If you have the monthly income but nothing on deposit you might get a card but probably not with a local bank.

Oh, and once you have your card you will be part of Taiwan’s Glorious National Credit Card Goldtime Circle. Pay it off in full on time every month, do not maintain a balance and after 6-12 months your bank will give you any upgrade you want. Also remember that if you have even an inkling of staying in Taiwan long term, this record can make or break any future applications for mortgages or car loans. So don’t screw up.