How to Apply for a Credit Card in Taiwan

It starts with a rejection. You thought you did everything right: a stable job, a decent income, a spotless credit score, yet the email from the bank read: “Application Denied.” Now, you’re left wondering what went wrong and how to make sure your next attempt is successful.
In Taiwan, credit card applications may seem straightforward, but the nuances can easily trip you up if you're unfamiliar with local banking systems. The first mistake? Rushing the process without understanding the criteria.

Unveiling the Basics

To begin, you need to know that Taiwanese banks are relatively conservative. This means they often scrutinize your financial background more carefully than banks in some other countries. Unlike Western systems where having a good credit score alone can get you approved, Taiwanese banks focus heavily on factors such as:

• Your current job: Are you employed full-time? How long have you held your job?
• Your income: Do you meet the minimum income requirement for the type of card you’re applying for? This usually ranges from NT$150,000 to NT$600,000 annually, depending on the card.
• Residency status: As a foreigner, being a permanent resident will greatly increase your chances. If not, you’ll need to prove you have stable ties to the country, such as long-term employment or ownership of property.
• Existing debt: Taiwanese banks are wary of applicants with existing loans or high credit card balances.

The Ideal Applicant

A key component to being approved for a credit card in Taiwan is understanding who the banks are willing to lend to. The ideal applicant typically meets these conditions:

1. Steady employment: Preferably with a company that is either local or internationally recognized. Employment history with companies that the bank is familiar with can work in your favor.
2. Long-term residency: While not a requirement, a long-term residency visa (or permanent residency) makes you a more appealing candidate. Temporary or short-term residents often face difficulties getting their applications approved.
3. Clean financial history: Your current financial obligations matter. If you already have loans, mortgages, or other debt, ensure you’re not close to the limit on them.
4. Income requirement: Check the bank’s income criteria for the card you want. Some premium cards require NT$1 million or more annually, but basic cards start at NT$150,000.

First-Time Applicants: What to Expect

If you’re applying for the first time, expect more stringent checks. Banks may require additional documentation, such as proof of income, tax records, and evidence of residency status. Without this, your application is likely to hit a roadblock.
A common mistake foreigners make is not having all their paperwork in order. Taiwanese banks are methodical, and missing documents can lead to immediate rejection.

Overcoming Rejections

What if you’re rejected, though? Don’t despair. A rejection isn’t the end of the line; it’s a learning opportunity. Here’s how to improve your chances next time:

• Analyze your application: Were you missing key documents? Did your income fall short of the minimum requirement?
• Rebuild your case: Address any shortcomings from the first application. This might mean applying for a different card with lower income requirements, providing additional proof of stability in Taiwan, or waiting until you’ve been employed longer.
• Choose the right card: Some banks offer cards tailored specifically for foreigners. These typically have lower income requirements but may come with higher interest rates or fewer perks.

Understanding the Application Process

The actual process of applying for a credit card in Taiwan involves several steps:

1. Choose a bank: Taiwan has many reputable banks, including Taishin, Cathay United, and E. Sun Bank. Research each bank’s offerings to find a card that suits your needs.
2. Submit an application online or in person: While online applications are common, some banks may prefer foreigners to apply in person to verify their documentation more easily.
3. Provide documentation: Standard requirements include proof of income (tax returns, salary slips), proof of employment (employment contract, company letter), and identification documents (passport, ARC, or APRC).
4. Wait for approval: After submitting, the bank will typically take 1–2 weeks to process your application and perform background checks. If approved, you’ll receive your card by mail.

Cards for Different Needs

Different cards cater to different spending habits, so choose wisely based on your needs:

• Travel: Many cards offer miles or travel points, ideal for those who frequently travel within Asia. The EVA Air co-branded card from Taishin Bank is popular among frequent flyers.
• Cashback: For everyday spending, look for cards that offer cash rebates on dining, groceries, and fuel. Fubon Bank’s cashback cards are known for their versatility.
• Student cards: Some banks, like Bank SinoPac, offer cards with relaxed requirements for students, which are perfect if you’re a younger resident or just starting your career in Taiwan.

Insider Tips for Foreigners

As a foreigner, the biggest challenge is often convincing the bank that you are financially stable. Here are a few insider tips:

• Get a co-signer: If your application is denied due to a lack of local credit history, consider applying with a co-signer who is either a Taiwanese citizen or a permanent resident.
• Open a savings account: Building a relationship with the bank before applying for a card helps. Start by opening a savings account and maintaining a healthy balance for several months.
• Apply in person: Though online applications are convenient, walking into a branch with all your documents in hand allows you to address potential issues on the spot. It also gives you the opportunity to ask about any special offers or promotions that might not be listed online.

What You Should Avoid

While the steps may seem clear, there are common pitfalls to avoid during the process:

• Applying too soon: Don’t apply right after getting your ARC (Alien Resident Certificate). Banks prefer to see at least six months of stable residency in Taiwan before approving foreigners.
• Ignoring small banks: While major banks are appealing, smaller local banks may have more flexible criteria for foreigners.
• Multiple applications at once: Applying for several cards within a short time frame can damage your credit score and lower your chances of approval across the board.

Navigating Fees and Interest Rates

Credit card fees in Taiwan are similar to those in other countries, but interest rates can be steep, especially for high-end cards. Be aware of:

• Annual fees: Many cards charge annual fees, though some may waive them for the first year.
• Foreign transaction fees: If you plan on using your card outside Taiwan, check the foreign transaction fee, which can range from 1.5% to 3%.
• Interest rates: The standard interest rate for unpaid balances is around 15% to 20%, depending on the card and bank.

Comparing the best options is crucial when applying for a credit card in Taiwan. Here’s a quick overview of popular choices:

Card Name	Minimum Income Required	Perks/Rewards	Annual Fee
Cathay United VISA	NT$150,000	1% Cashback, Discounts on Dining	NT$1,500
Taishin EVA Air Card	NT$600,000	Air Miles for EVA Air Flights	NT$2,500
Fubon Cashback Card	NT$300,000	1.88% Cashback on Purchases	NT$1,200
E. Sun Travel Card	NT$500,000	Travel Points, Airport Lounge Access	NT$2,000

2222:{Whether you’re new to Taiwan or just new to the world of credit cards, getting approved is possible if you know what steps to take. From picking the right card to avoiding common mistakes, this guide is your starting point to navigating the Taiwanese credit card system.}