Banks chip in with new cards

As the new chip card system for debit and ATM cards is introduced across the country, existing magnetic strip cards are being phased out. Customers can ask their banks to change to the new chip debit card without paying the joining fee of Bt100. 

Banks are using the switch as an opportunity to target new customers. Under the second phase of the National e-Payment, the consortium banks will gradually expand the number of electronic data capture (EDC) units to 2 million from the current 300,000.

Thanachart Bank will highlight 0.75 per cent cashback for very purchase of more than Bt100 using its chip debit card.

Anurak Tantipipattana, senior vice president of TBank, said that the bank will promote the cash-|back debit card together with Freever savings account, with customers applying for the account exempted from an annual debit |card fee.

As customers enjoy both annual debit card fee waiver and cashback, the bank is targeting 500,000 cashback debit cards a year from a total of 2 million cards.

He said that the bank wants to enhance debit card spending while the cashback debit card will take advantage of the opportunity of increased EDC when the National e-Payment is implemented.

Siam Commercial Bank (SCB) is highlighting its S Smart debit card by adding wallet protection with maximum coverage of Bt5,000 if debit S Smart cardholders are victims of a robbery. The customers will have to pay an excess of Bt500 on any claim, said Phanporn Kongyingyong, head of Retail Segment.

She said that the bank is targeting new customers for the S Smart debit card and has reduced the annual card fee to Bt250 from Bt300 until July 31.

SCB is only bank offering the wallet protection to the basic |debit card, which in case of the customers require higher protection, the bank will recommend S Smart Plus, S Mart Extra Plus and S Smart Super Plus. But the annual fees will be Bt599, Bt999 and Bt1,599 respectively. The bank will introduce the S Smart debit card today and projects 200,000 new cards this year.

Kasikornbank will highlight its chip debit card as a lifestyle debit card, by offering a free online service for movies, e-books and music for the K-My Play debit card. However, an application fee/card replacement fee is charged at Bt150, up from Bt100 for the basic K-Debit Card, while the annual fee of K-My Play is Bt350 compared to Bt200 for the K-Debit Card.

For customers seeking insurance protection, the bank will offer the K-Max Plus Debit Card, which carries an annual fee of Bt650 and application fee of Bt150. 

All KBank debit cards can accumulate redeemable privilege points for every Bt25 spent. When the customers collect 1,000 points, they can claim Bt100 in cash. KBank expects at least 2 million new chip cards to be issued to replace old cards this year.

CIMB Thai Bank will highlight free SMS alerts to its debit cardholders when they use the CIMBT debit card for make purchases at merchants, while offering other lifestyle privileges in an attempt to attract new customers.

Krungthai Bank will highlight its chip debit card as the ‘smart’ shopping card by offering a maximum 50 per cent discount from participating shops with the KTB Shop Smart symbol. Customers will earn one bonus point for every Bt25 spent, to be used in the redemption programme. 

The annual fee is Bt200 but for customers concerned about having an accident it will offer the Shop Smart Pearl by paying medical expenses incurred from accident or robbery within 30 minutes of withdrawing cash from an ATM. It will also offer personal accident coverage, up to a maximum of Bt100,000. The card, however, carries an annual fee of Bt599. 

Krungthai Bank has, in fact, issued around 1.5 million chip debit cards since late 2014. Another 12 million magnetic strip cards issued by the bank can be used until the end of 2020.