Declined credit card application

[the lynx]

I have to laugh at people who collect CCs for bragging rights only. I guess I ought to feel bad as I've only got 4. 2 for Singers and 2 for the US. And the two from the US I've been carrying since 1979. One of my Singapore cards dates from 1983.

And I have none. Which I ought to feel the lowest of the lowest for, eh?

Still I have merchants giving me problems when I try to use debit card. What's wrong with these people? I'm trying to pay them with real money! Directly!

[sundaymorningstaple]

Same thing that affect local employers with LoCs. Dumb.

[the lynx]

Same thing that affect local employers with LoCs. Dumb.

Here is one true story that just happened.

Tried paying for hotel room in Boracay using my debit card. After pingpong session of emails and international calls, the hotel rep finally said that they 'can actually' accept credit/debit cards instead of just TT.

(Squirrel, remember this hotel?)

My bank already blocked off a sum from my account to pay for that transaction. For the last 10 days, the hotel kept emailing and calling me, asking me for my money, which my bank has already blocked off. After another pingpong session with my bank, turned out that the Philippine bank representing the hotel still have yet to accept the amount.

And because of my bank's policy on uncollected debit card transaction, today the bank credited the amount back to my account, citing 'no response from recipient bank'.

Shucks, now I have to go through the same process over again if I still want a room to sleep in during my upcoming conference.

[sundaymorningstaple]

I rest my case.

[zzm9980]

So I just made an on line application with Citi Bank. They want my last 12 months CPF contributions which of course I dont have because a) I have only been here 3 months and b) I am not a PR so do not qualify for CPF.

Give them a letter from your HR stating you're a permanent employee and what your salary is. Or, in three months provide three pay statements. That's all you need.

Many locals do the same, as CPF caps at $5k a month and will give them lower credit limits if they only used the CPF clearance.

[ecureilx]

SMS: my case wasn't about bragging rights .. but .. well .. it did help me when the turd hit the fan ..

...(Squirrel, remember this hotel?)..

Not abnormal. While Philippines is great in BPO and all related services, they struggle to take care of their own local financial industry .. another case is a guy who pledged his 6 million peso house and wanted to mortgage it for 1 million peso, for some startup capital - after 6 months, still it was No-go from any of the reputed banks .. they are very risk averse ..

Many locals do the same, as CPF caps at $5k a month and will give them lower credit limits if they only used the CPF clearance.

per MAS regulations, foreigners must have a minimum of 60 K PA to qualify. A few banks have been quietly ignoring the rules, and if I believe the MAS circulars, well, MAS is on the way taking those banks to task.

If you earn a pretty figure of more than 60k PA, then the banks are free to decide ..

Above rule doesn't apply for SC/SPR

[sundaymorningstaple]

Obviously not all are, but when you see the guy with the accordion fold card holder who always has to let it slip to reveal dozens of cards, one has to wonder at the necessity of same. Heck, I find I only use 3 of my 4 and only two semi-regularly. The one I keep and don't use is my AMEX card which shows a membership date of 1979. It took 6 years to re-established credit after Federal Bankruptcy in the US in 1973 after Hurricane Agnes wiped my out of business prior to the new Bankruptcy Laws there. I keep it as a reminder of what can happen.

Of course I no longer fly enough to warrant the playing with various cards for air travel points but I can see the reasoning there.

[nutnut]

When I first got here, I applied to Citibank as per a friends recommendation, but they refused and wouldn't state why. I went to DBS and tehy gave me 3 cards for some reason, I don't remember applying for three, but at least I have Amex, Visa and MC!

Since then I have had letters saying I'm pre=approved for a Citibank card and calls to ask me to take one, I've refused out of principle, they didn't want me years ago when I got here... I don't want them now! (to be honest, I only need one card anyway!)

DBS were maybe good because I had my wage paid into my account with them, maybe go to your bank your wages go in to!

good luck

[v4jr4]

per MAS regulations, foreigners must have a minimum of 60 K PA to qualify. A few banks have been quietly ignoring the rules, and if I believe the MAS circulars, well, MAS is on the way taking those banks to task.

Now, my friend (EP holder) can get his POSB everyday card since his sister (PR) made one. POSB said that since she made a CC, someone else can make another credit card under her name. So he took it, and he got an auto-approval (or something like that). At that time, his salary is around 30K PA. Not even close to the minimum requirement, but I guess, the bank can approve it due to his sister's annual salary, which I believe, can touch 60K

[ecureilx]

per MAS regulations, foreigners must have a minimum of 60 K PA to qualify. A few banks have been quietly ignoring the rules, and if I believe the MAS circulars, well, MAS is on the way taking those banks to task.

Now, my friend (EP holder) can get his POSB everyday card since his sister (PR) made one. POSB said that since she made a CC, someone else can make another credit card under her name. So he took it, and he got an auto-approval (or something like that). At that time, his salary is around 30K PA. Not even close to the minimum requirement, but I guess, the bank can approve it due to his sister's annual salary, which I believe, can touch 60K

you are talking of supplementary card - i.e. the limit is controlled by the main card holders' limit ..

[v4jr4]

per MAS regulations, foreigners must have a minimum of 60 K PA to qualify. A few banks have been quietly ignoring the rules, and if I believe the MAS circulars, well, MAS is on the way taking those banks to task.

Now, my friend (EP holder) can get his POSB everyday card since his sister (PR) made one. POSB said that since she made a CC, someone else can make another credit card under her name. So he took it, and he got an auto-approval (or something like that). At that time, his salary is around 30K PA. Not even close to the minimum requirement, but I guess, the bank can approve it due to his sister's annual salary, which I believe, can touch 60K

you are talking of supplementary card - i.e. the limit is controlled by the main card holders' limit ..

Ah, yes

[sundaymorningstaple]

Doesn't count. Sister is liable for all charges.

[wwww]

Doesn't count. Sister is liable for all charges.

Yes the charges of both cards will appear on the same bill, the main holder is liable and an additional "spender" is added.

My wife has such additional cards from me...

[sundaymorningstaple]

So did mine. Once upon a time long, long ago.

[Steve1960]

Wow this generated a lot of discussion To answer or reply to some of the points raised.

OCBC gave me a debit card within a week of opening my account so that was not a problem.

The requirement for a credit card is due to my UK Corporate card being cancelled as part of the relocation and the company having no facility for providing a Corporate card here in Singapore (or at least not yet, they are working on it). I travel frequently and would obviously prefer not to use my salary to finance company business travel.

I can confirm Citi Bank just approved a credit card for me within 24 hours thank you very much for the advice on making that application. Who knows why or how I failed to satisfy OCBC!

Philippines I am very familiar with, my wife is Filipina. I have had no end of problems using UK credit or debit cards there and had a very similiar problem in Boracay myself a couple of years ago. Most of the UK card issues for me were related to 'chip and pin'. The UK banks just didn't like it when I paid for hotels, goods or meals with just a swipe of a card and a signature.

In hindsight I should have held on to my personal UK credit cards for longer before informing them I was leaving the country. Think I was a little naive this being my first International relocation