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winterain
Barker
Joined: May 29, 2007
Posts: 135
Location: Nanpu Bridge Basement
Status: Offline
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 Posted:
Dec 25, 2007 - 02:18 PM |
 
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| Post subject: Is it hard to apply for a local credit card? |
I'm here on a work permit for 1 year, earning slightly less than RMB 10k a month, and renting an apartment. Is it hard to apply for a credit card? I've asked some people and they said it's really difficult for expats to apply for a credit card unless you OWN a place here with the deed and all. |
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vivek123
Barker
Joined: June 05, 2007
Posts: 166
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Dec 25, 2007 - 02:26 PM |
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Luckily, my company took care of this for me. Ask your HR if they can help with this ... otherwise they are quite a lot of threads on getting a local credit card on this website - go through them if you haven't already.
It wasn't that hard for me to get one. |
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winterain
Barker
Joined: May 29, 2007
Posts: 135
Location: Nanpu Bridge Basement
Status: Offline
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Dec 25, 2007 - 02:49 PM |
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Andreas
Board Royalty
Joined: Feb 27, 2004
Posts: 6413
Location: 31 N 121 E
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Dec 25, 2007 - 04:27 PM |
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Why would you want a local credit card? I mean, instead of an international one? This does not seem to make any sense. |
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winterain
Barker
Joined: May 29, 2007
Posts: 135
Location: Nanpu Bridge Basement
Status: Offline
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Dec 25, 2007 - 07:36 PM |
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international credit card (visa/mastercard) with local bank is what I meant. |
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yinlin
Rocker
Joined: Feb 26, 2007
Posts: 643
Status: Offline
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Dec 25, 2007 - 08:54 PM |
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ermm.. i dont really understand what do you mean by int. credit card with local bank.
But you will be virtually impossible to apply credit card (not debit card) if you are not working for a large multinational company or having a shanghainese guarantor based on my experience.
not being sarcastic, i reckon they are targeting customers with much higher income even if they have changed the policy now.
my taxable income was close to 30k per month 1.5 years ago and it did not help me in applying local credit card with ICBC and China Merchant Bank at all. |
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winterain
Barker
Joined: May 29, 2007
Posts: 135
Location: Nanpu Bridge Basement
Status: Offline
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Dec 25, 2007 - 09:50 PM |
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lababillarde
Rocker
Joined: May 26, 2005
Posts: 736
Status: Offline
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Dec 25, 2007 - 10:15 PM |
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Winterain: No worries. I recommend you to check with Bank Of Communications. In fact I have just got mine from them 
They require you to have a minimum income of RMB 24000. If you're working for a Fortune 500, then a photocopy of your passport and company badge is all you need besides filling in the application form.
Good luck. Let me know if you have any questions. |
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lababillarde
Rocker
Joined: May 26, 2005
Posts: 736
Status: Offline
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Dec 25, 2007 - 10:16 PM |
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But just keep in mind that the credit limit won't be much if you're earning less than 10K per month hehe.. |
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jeffry3
Reacher
Joined: June 01, 2007
Posts: 220
Location: 中山
Status: Offline
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Dec 25, 2007 - 10:56 PM |
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did you manage to get one with bank of comm? mind telling me the procedure |
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winterain
Barker
Joined: May 29, 2007
Posts: 135
Location: Nanpu Bridge Basement
Status: Offline
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Dec 26, 2007 - 12:01 PM |
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think i'll just be a good boy, be more down to earth and spend what I earn.. |
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lababillarde
Rocker
Joined: May 26, 2005
Posts: 736
Status: Offline
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Dec 26, 2007 - 12:50 PM |
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@jeffry3: Yes, I finally did manage to get one with Bank of Comm., normally they ask me to submit a photocopy of my passport and the company badge I wear while at work; fill in the application form and wait for 1 month. (though my card was issued after 21 days!)
The procedure was pretty easy and straightforward. It'd be easier if you are working for a Fortune 500 company.
@winterain: I agree with you; in fact the credit limit they gave me was more than what I earn. My reason of getting a credit card is to shop some books from Amazon and some goodies for myself on eBay that aren't available in China. Pay my Flickr Pro accounts......that's it. I hate to spend MORE than what I can afford  |
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canuckian
Ranter
Joined: Aug 12, 2007
Posts: 499
Status: Offline
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Dec 26, 2007 - 01:31 PM |
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Different banks have different policy for the credit card application, but yes the majority require you to show them a property certificate registered under your name. Another alternative is to apply for a company's credit card, with your name on it. This is different than applying for personal credit card. Talk to your employer, they should have the experience to obtain a credit card through company's name. |
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yu888
Board Deity
Joined: Jan 25, 2003
Posts: 18044
Location: ZhongShanParkArea SH
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Dec 26, 2007 - 02:32 PM |
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hmmm, applying for a credit card is easy. the banks are ALL sending those poor employees out into the malls and metro walkways and even sidewalks to get people to apply, but alas as an expat, apply is as far as most get.
I think I will just keep my international cards for now and use a local debit card here. |
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winterain
Barker
Joined: May 29, 2007
Posts: 135
Location: Nanpu Bridge Basement
Status: Offline
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Dec 26, 2007 - 02:56 PM |
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canuckian
Ranter
Joined: Aug 12, 2007
Posts: 499
Status: Offline
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Dec 26, 2007 - 03:06 PM |
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| yu888 wrote: |
| I think I will just keep my international cards for now and use a local debit card here. |
Not unless you can live with the outrageously high conversion rate from the credit card company back home. Do you still receive detail billing from them every month? |
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yu888
Board Deity
Joined: Jan 25, 2003
Posts: 18044
Location: ZhongShanParkArea SH
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Dec 26, 2007 - 03:56 PM |
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yu888
Board Deity
Joined: Jan 25, 2003
Posts: 18044
Location: ZhongShanParkArea SH
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Dec 26, 2007 - 04:01 PM |
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Scojay
Raver
Joined: Oct 21, 2006
Posts: 383
Location: is inconsequential....
Status: Offline
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Dec 27, 2007 - 08:15 AM |
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Not only conversion rates but most USA banks add on a 2%-5% service fee.\! |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9907
Location: EOA Seminar
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Dec 27, 2007 - 09:21 PM |
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| yinlin wrote: |
ermm.. i dont really understand what do you mean by int. credit card with local bank.
But you will be virtually impossible to apply credit card (not debit card) if you are not working for a large multinational company or having a shanghainese guarantor based on my experience.
not being sarcastic, i reckon they are targeting customers with much higher income even if they have changed the policy now.
my taxable income was close to 30k per month 1.5 years ago and it did not help me in applying local credit card with ICBC and China Merchant Bank at all. |
A lot depends on which bank you are applying to. Bank of Communications is mounting an aggressive campaign to secure new customers. How long it will last, though, is anybody's guess.
Other banks take a much more conservative approach and make it exceptionally difficult for expats to be approved. If you own property, you stand a better chance, but even that is not a sure thing. |
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yinlin
Rocker
Joined: Feb 26, 2007
Posts: 643
Status: Offline
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| Posted:
Dec 27, 2007 - 10:55 PM |
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| Quote: |
A lot depends on which bank you are applying to. Bank of Communications is mounting an aggressive campaign to secure new customers. How long it will last, though, is anybody's guess.
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i tried couple of them 2 years back when i first landed in shanghai, seem like they always asked me the similar questions, where did you work? is the registered capital of your company more than 10million RMB? do you have property in china?
i am aware that HSBC had a JV with BOC at the end of 2006 to release a new credit card targeting china's growing group of young pro and executives. are you sure that they open the application for expats who are not working for oversea giants in china?
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Not unless you can live with the outrageously high conversion rate from the credit card company back home. Do you still receive detail billing from them every month?
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i m using int. citibank credit card (not sure the right expression?) in china and i have no problem with the conversion rate as it seems quite fair. I get online statement and i just use my online banking service back at home to transfer the outstanding amount, no service charge at all. |
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yinlin
Rocker
Joined: Feb 26, 2007
Posts: 643
Status: Offline
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| Posted:
Dec 27, 2007 - 10:57 PM |
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Not only conversion rates but most USA banks add on a 2%-5% service fee.\!
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at least citibank is not charging me for that. |
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answerer
Raver
Joined: Apr 26, 2006
Posts: 453
Location: Shanghai
Status: Offline
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Dec 27, 2007 - 11:45 PM |
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Using a Visa or Mastercard abroad automatically incurs a hidden 1-1.5% currency conversion fee. Your bank may also decide to add on a certain percentage or a fixed amount. Divide the foreign currency amt by the USD amt and compare to the going exchange rate. Most cards will be between 1.5-2.5%, but I've seen some crazy charges.
Supposedly, HSBC Premier Mastercard from the US has no foreign transaction fees, but I'm still waiting to see the fine print to see if they have any currency conversion fees.
Interestingly enough, using China Union Pay abroad gives you one of the best rates. |
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yinlin
Rocker
Joined: Feb 26, 2007
Posts: 643
Status: Offline
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Dec 28, 2007 - 12:13 AM |
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30-11 SHANGHAI HONG YI PRPERTY SHANGHAI CN RM 463.90
CNY 1,000.00
this is copied from my citibank online card statement. 1000 yuan for RM 463.90 and acceptable to me. I ever used China Union Pay abroad but i found out that it was not giving me better conversion rate and if i am not mistaken there is a service charge applied too. |
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SnappySammy
Board Legend
Joined: Nov 01, 2007
Posts: 10143
Status: Offline
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| Posted:
Dec 28, 2007 - 12:59 AM |
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| yu888 wrote: |
| winterain wrote: |
| Alas! The Buddha has spoken. |
Buddha? I know i am fat but am i losing my hair too!???  |
I think He was talking about a different Buddha. Perhaps the tall good looking Enlightened One...  |
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