CIMB Thai Bank (CIMBT) will terminate its credit card business on Oct 21 as its focus has shifted towards digital payment, says senior executive vice-president Adisorn Sermchaiwong.
Customers holding CIMBT credit cards will be able to use their cards until midnight Oct 20 and the bank has already notified its customers about the termination via notices, said Mr Adisorn.
CIMBT has over 20,000 active credit cards with outstanding credit value around 500-600 million baht.
The switch to digital payments is more in line with rising electronic payments among consumers and how the government is pushing various electronic payment channels, he said.
The bank will notify customers with outstanding credit card loans to make payments, with flexible payment methods available from the bank, said Mr Adisorn. For instance, customers who make quick payments on credit card loans can be given lower interest rates or an extended period for loan payment.