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Some foreign banks in Thailand reportedly are tightening restrictions for credit card applicants in the face of the global economic crisis. HSBC Thailand, for instance, reportedly has raised its income requirements for applications, to 18,000 baht (US$513 or 407 euros) per month from 15,000 baht, according to the Bangkok Post. HSBC did not respond to a CardLine Global request for comment. The Bank of Thailand, the country's central bank, mandates that Thai credit card applicants have incomes of at least 15,000 baht per month, though issuers can set higher limits, the bank says in a statement. At least some Thailand-based issuers have not raised their income requirements. "For the moment, we do not have a policy to raise the minimum-income requirement, and it [remains] at 15,000 baht per month," a spokesperson from Bangkok-based Krungthai Card Public Co. tells CardLine Global. But Krungthai has taken steps to protect itself, the spokesperson adds. "Even though we have not increased the income qualifications, our approval rate [for card applications] has come down in order to have good portfolio quality," the spokesperson says. Thailand is not the only country where issuers have raised income limits for applicants. More issuers in the United Kingdom also are raising the limits, according to research from a UK-based financial-comparison Web site (CardLine Global, 19 Nov.).
