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Thailand Elite Card Membership To Adjust Rates By At Least 50%
Published: September 1, 2023 at 7:08 pm
Thailand Privilege Card Co. (TPC), the company behind Thailand Elite Card, has announced an upward revision of its minimum membership fee. The new figure will see at least a 50% increase, reaching 900,000 baht from the current 600,000 baht, as part of the company’s broader aim to achieve an 8 billion baht annual revenue.
The company is undergoing a rebranding move. “Elite” will be removed from the four upcoming card classifications. This is a noteworthy shift since the program’s inauguration during the Thaksin Shinawatra tenure in 2003.
Yuthasak Supasorn, the Chairman of TPC’s board and the Governor of the Tourism Authority of Thailand (TAT), voiced his optimism about the future. He emphasized, “Despite the price revision, we remain competitive. We are steadfast in our belief that our customer base will remain loyal, even when considering alternatives in neighboring countries with similar long-stay visa programs.”
TPC is introducing its most exclusive membership tier, “Reserve”, at 5 million baht. This indicates a significant leap of 150% from the existing highest tier pegged at 2 million baht, which includes a 20-year visa guarantee. However, this elite category will have a limited reach, targeting only 100 invite-only members annually. Individuals interested in securing a Thailand Elite Visa have until September 15 to apply under the current price structure.
Manatase Annawat, TPC’s president, remains bullish about the Gold membership’s prospects, priced at 900,000 baht, mirroring the success of its predecessor, the Elite Easy Access, which stood at 600,000 baht. He is confident that enhanced privileges will offset the price hike, attracting more clients.
Highlighting the company’s financial journey, Annawat noted, “TPC’s recurring expenses for the revamped services will see a 50% increase, amounting to around 550 million baht annually.” After two decades in business, the firm has an impressive 31,500 members and contributed 50 billion baht to Thailand’s economy.
The current fiscal year looks promising for TPC, with earnings reaching 645 million baht in just nine months, outpacing the full-year profit of 627 million baht in 2022. Furthermore, TPC has settled its debt with parent company TAT, repaying 765 million baht against an initial 700 million baht received as registered capital.
With a robust cash flow of 12 billion baht, TPC is forecasting an 8 billion baht revenue for fiscal 2024, commencing this October with the debut of its rebranded membership cards.
For a comprehensive overview of the changes, such as the new membership tiers, rates, and added benefits and privileges CLICK HERE.
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