Thanks to the improving economy, Kasikornbank may lower the minimum salary requirements applicants need to obtain credit cards, a spokesperson for the Thailand-based financial institution tells PaymentsSource.
The issuer might establish a monthly salary requirement of 15,000 baht (US$500 or 300 euros), down from 20,000 baht needed for most of the bank’s entry-level cards. The bank issues cards with the MasterCard and Visa brands.
The spokesperson would provide no timetable for a change, and notes the bank needs to evaluate its credit card-loan portfolio and market environment before lowering the salary limit.
“The economy is improving, and we expect that spending would improve to 25,000 baht per card per month from 15,000 baht currently,” he adds. The Bangkok Post newspaper reported last week the bank will keep the credit card interest rate unchanged at 20% per year, which is the maximum allowed by Thailand’s central bank.