Monday, September 28, 2020

KTC cutting credit card interest rate

Jul 30. 2020
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By The Nation

Krungthai Card (KTC) is lowering interest rates and usage fees from August 1, in line with the rate specified by the Bank of Thailand.

Annual interest and usage fee rates will be cut to 16 per cent for all KTC credit cards and adjusted to 25 per cent for KTC Proud revolving loans and KTC Cash installment loans.

Said KTC president and CEO Rathian Srimongkol: "[T]he firm is supporting the Finance Ministry and Bank of Thailand's policies to provide aid in the form of personal loans to card members who have been affected by Covid-19 in a full force and consistent manner, having covered over 3.5 million accounts for all KTC credit card, personal loan and car title deed loan members.”

KTC has also cut minimum payment rates for credit cards from 10 per cent to 5 per cent from April 2020 to 2021, 8 per cent in 2022, and 10 per cent in 2023.

Meanwhile, KTC Proud revolving loan customers currently have a minimum payment rate of 3 per cent, which is within the relief guidelines.

KTC said it has also provided relief for customers directly affected by the Covid-19 situation, for instance by switching them to long-term personal loans and cutting installment payments by 30 per cent until December 31.

As of June 30, about 4,000 customers have switched to long-term personal loans worth a total Bt300 million, with 90 customers opting for debt payment suspension, said the firm.

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