The best revolving cash deals around

In a survey by The Nation, Siam City Bank (SCIB) offers the most attractive deal to those who are in dire need of immediate cash.

It charges 20 per cent per annum for holders of such cards, who must be employees with a monthly salary of at least Bt30,000 or civil servants and state workers with a monthly salary of at least Bt20,000.

They would receive this rate if they are between 25 and 55 years old and have been working for the same employer for more than a year.

If they are earning Bt10,000 monthly and are between 20 and 60, the rate is 24 per cent.

They also need to be working

in their position for a year to qualify.

Those receiving wages through SCIB accounts have a sweeter deal of paying 19 per cent a year. To qualify, this group need to earn just Bt8,000 month.

Customers who take out a revolving loan need to pay a minimum of 5 per cent of the due amount, which should not be less than Bt500.

TMB Bank offers the second-best revolving cash deal. Its Ready Cash charges 4 per cent on top of the bank's consumer product rate (CPR) at 18 per cent per year or 22 per cent for those who have a monthly salary of Bt20,000.

For employees of private firms who earn between Bt15,000 and Bt19,999 and entrepreneurs who have a minimum salary of Bt20,000, it charges 6 per cent plus CPR or 24 per cent a year.

K Express Cash by Kasikornbank imposes 20 per cent a year for revolving loans of at least Bt240,001.

It charges 24 per cent for loans between Bt80,000 and Bt240,000 and 27 per cent for amounts up to Bt80,000.

Under a recent promotion, borrowers who do not have a record of late payments will enjoy a reduced rate of 1 per cent a year for five years

For example, Jingjai withdrew Bt150,000 with its revolving cash card and he has paid on time in the first year. The bank then reduced his rate to 23 per cent in the second year. If he does not make any late payments in the second year, the rate will be cut to 22 per cent for the third year.

Those who qualify for this scheme must have a salary of at least Bt15,000 a month.

UOB Cash Plus charges 25.5 per cent a year for those who have a salary greater than Bt25,000 and 26.5 per cent for those

earning between Bt15,000 and Bt24,999.

AIG Just Cash charges 28 per cent for those earning between Bt10,000 and Bt29,000. Those earning more than Bt30,000 are charged 26 per cent.

For entrepreneurs earning less than Bt100,000 monthly, the charge is 28 per cent. Those earning more than Bt100,000 pay 26 per cent.

Unlike others, Standard Chartered Standby Cash charges a lower rate for customers who take out bigger loans.

Cardholders who take out amounts exceeding Bt100,000 are charged 7 per cent plus Standard Chartered Bank's minimum retail rate of 9 per cent, or a total of 16 per cent a year.

For amounts between Bt70,000 and Bt100,000, the charge is 11 per cent plus MRR or 20 per cent in total.

For amounts between Bt40,000 and Bt70,000, the charge is 24 per cent. Amounts under Bt40,000 are charged 28 per cent.

Other providers of revolving cash cards charge a maximum of 28 per cent per year.

Those who want to apply for the card are advised to shop around as they might obtain better rates during promotional periods.

For instance, those who apply for KTC Cash Revolve Card from now until this September will receive a special rate and credit usage fee of 9.99 per cent per annum.