Affordable people encouraged to spend more through credit cards

BANGKOK, August 19 (TNA) - Campaigns will be soon launched to promote people's spending through credit cards in the rest of this year to help boost the Thai economy. Rungruang Sukkirdkijpiboon, Executive Vice President of Bangkok-based Siam Commercial Bank (SCB), told journalists on Wednesday that his bank will launch promotional campaigns to stimulate domestic spending through credit cards by three groups of affordable users, including those in the fields of health, food and home renovation. Rungruang said his bank also expects increasing spending through credit cards on long-term equity funds and retirement mutual funds late this year. Rungruang conceded the domestic economic downturn currently has heavily affected consumers' confidence, with their spending through credit cards having grown by only 3-5 per cent. Under the economic circumstance, Rungruang pointed out, spending through SCB credit cards had increased by only 3-5 per cent in the first half of this year, amounting to about 10 billion baht a month. According to the SCB executive vice president, the rejection rate against applications for new credit cards has risen slightly, standing at 60 per cent for the time being, as his bank has considered the applications more seriously due to the economic slowdown. Regarding a bomb attack at Ratchaprasong Intersection in central Bangkok on Monday night, the SCB executive vice president foresaw that the August 17 explosion should have only short-lived impacts on consumers' confidence, stressing that the main factor dampening the consumers' confidence is the continuing economic slowdown. (TNA)