Bangkok Bank courts the rich with no-forex travel card
Bangkok Bank (BBL) is targeting high-net-worth clients with a new travel card and a credit card strategy that prioritises assets over income to drive growth.
The bank is focusing its credit card strategy on high-net-worth individuals with assets under management (AUM) of at least 10 million baht.
BBL, led by executive vice-president Shoke Na Ranong, is now prioritising applicants’ AUM over monthly income when reviewing new credit card applications. The goal is to maintain and expand its affluent customer base, which already forms the bulk of BBL’s credit card portfolio.
“In the upper-income group, we’ve seen a stable non-performing loan ratio of just 2.3%, which highlights the reliability and spending power of this segment.”
Currently, BBL has 2.1 million credit cards in circulation. While the number of cards has remained flat due to broader economic factors, the bank expects a 4 to 5% growth in card spending this year, thanks to continued strong usage by high-income cardholders.
To strengthen its position in this segment, BBL has launched the Bangkok Bank Travel Card, a new multi-currency card aimed at affluent travellers. Released yesterday, November 18, the card allows users to pay in 150 currencies using either preloaded foreign funds or the Thai baht balance, with real-time exchange rates provided by Mastercard.
Although a newcomer to the travel card scene, BBL is targeting 100,000 issued cards within the first year. The launch is timely, as outbound travel by Thai tourists is expected to surge in 2025. According to the Thai Travel Agents Association, this rise will be fuelled by increased visa-free travel to popular destinations.
The Bangkok Bank Travel Card offers a range of premium perks. Cardholders are exempt from the standard 2.5% foreign exchange fee when spending abroad and can withdraw cash in foreign currencies at Mastercard-supported ATMs worldwide, according to Bangkok Post.
Users can also take advantage of real-time exchange-rate alerts and convert up to 11 foreign currencies via BBL’s mobile banking platform, Bualuang mBanking.
With travel bouncing back and spending by affluent customers on the rise, BBL’s strategic push to secure the high-income segment appears well-timed and tailored for growth.
Latest Thailand News
Follow The Thaiger on Google News:
