Credit Card Application Declined

Credit Card Application Declined – If you want to listen to me read this blog post, click the play button.

When I clicked publish on my June 19 post about getting a new credit card, all I had to do was wait for my shiny new card full of rewards to arrive. At the time we started planning an overseas trip I was looking forward to being able to use my new card to book flights etc and get my money back. AKA FREE DOSH!

Credit Card Application Declined

This is an update on the very long and ultimately fruitless journey I took to get a new credit card.

Credit Cards Not Being Authorized Online

OK. You may remember that after extensive research I decided on the BNZ card. I believed they offered the best rewards system on the market at the time. Over the phone, they also agreed to waive the $155 annual fee. I could keep going.

I walked into my local BNZ branch on a very cold day and was sat in the very warm office of a gentleman who claimed to be MY bank advisor. He advised me that if I could provide the relevant papers we could get started. Too simple!

Being the great salesman that he is, he apparently walked away and thought about it and sent me the following (poorly written) email:

If you brought your transactional banking to bnz with a credit card, we might consider a waiver of your annual credit card fee, but if that credit card was the only business you brought to bnz, unfortunately we couldn’t do that. do this.

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Oh, okay, so the deal actually got out of hand from my point of view. I have no intention of changing my other bank details and to be honest this email certainly didn’t move me to do so. This is the worst sales pitch I’ve ever seen! In addition, a very friendly and helpful lady had looked at him on the phone, who had already said that the fee would be waived…

So back to the phones I was on. Once again I was assured that they would waive the fee. So I hopped onto the internet and completed the application process there instead of driving to the bank in the cold again.

A week later I received a letter regretting that my application was unsuccessful. What, sorry, can I hear you right?

Called again to speak to many bank advisors who are “terribly sorry” but their online banking app didn’t take “my finances” into account. Of course not. I thought at the time that her online application never asked enough questions.

Credit Card Application Rejected Stock Image

“Don’t be afraid,” they said! All I have to do is go to the office with some supporting documents (three months bank statements, ID card etc) and they will take care of it. To be honest I was a bit bored of it all by now (every person I emailed or chatted with was friendly, I didn’t care what the other said), but I dutifully pulled it all together, and since I was doing a bigger city. I was there this week with a bank advisor. Oh, and for my pain and suffering in taking too long, they would be happy to offer me two years of annual subscriptions for free. After I pointed out that my pain was greater than they could comprehend, we ended the conversation by waiving the three-year fee. Big.

The lack of income due to my current early retirement then became a problem. I haven’t worked since March due to spending time with my mother and father who are both very ill.

I think that’s only fair, so we decided to use Mr. Saver as the main character on the map instead. But his income is probably TOO LOW for them to issue a card.

The fact that we’ve been paying off a variable income credit card in full, keeping balances low, avoiding other debt, and investing for fifteen years had exactly ZERO impact on our acceptance of our application.

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So I had already come to the conclusion that my big credit card chase was going to end badly, but I was still interested enough to see how it all played out. Finally, at the end of August, I received the following (poorly written) email:

After long discussions with our Credit Op team, they do not approve based on income and ability to operate. I explained your high ROI. You said I needed proof of that. I would be happy to explain to you over the phone how our affordability calculator works.

So there it is. They rejected me for a good reason: too little income. And I have to admit, on the surface it seems fair.

Having already shown them three months of bank statements, which is a very private matter, I am not willing to collect all the private details of our investments either. I just felt like I had enough now and the rewards I was chasing just weren’t worth it. Almost three months after my filing, I’ve lost count of the number of calls and emails. So I’ve completed my application.

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It took many years of denial, but it was a very interesting exercise and reassured me that we are on the right path to financial freedom.

Simply put, banks make money from credit card users who don’t cash out their cards. Since I was quite anxious not to take our banking to them, as well as our intention to pay the card monthly and collect rewards instead, we were probably never their target customer.

When you work in sales, you often have A, B, and C customers. You spend most of your time with A and hardly keep in touch with C; but there is hope that one day you can make money from it. I would probably be referred to as a D-customer!

If I had a mortgage to pay off, would that have made a difference because they would have seen my income pay for it – even if a credit card had put more financial strain on me? Definitive.

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It also sent me on an interesting side journey to developing my “credit score”. When you read an American blog, they regularly mention your credit score. In fact, they recommend that you get things from HP to build good credit. I am still checking what information New Zealand collects about my financial credibility.

In the end it doesn’t bother me in the least. I have another credit card with another bank and just had a look. I have $150 in rewards waiting for me…

I feel free to take or leave what BNZ offers or doesn’t offer me. For me, financial freedom does not mean following the decisions of other people. The day we paid off our mortgage, the bank couldn’t tell me what to do. I don’t want this post to be seen as mean to the banks. Indeed we NEED banks but I just don’t think the marketing hype that they have my best interests at heart is all there is.

The purpose of this blog is to research things that interest me in the hope that others will benefit from the information I gather. In conclusion, I said that there is a positive side to this….

It’s Like Churning Gods Don’t Like Me Anymore… : (

A Happy Saver subscriber informed me that they signed up for a new card and by asking the right questions…the annual fee was waived. That’s a great result and everything he said he had to ask! GO YOU GOOD THING!

I’ve heard about Zan since writing this blog post. He has created a New Zealand credit card comparison website which he thinks you and I might find useful. I wasn’t aware of this site when I wrote this post, but now that I’ve checked it out I thought it was pretty good. If you are looking for a card check out this one: www.creditcardscompare.co.nz

Follow me… Sign up now and receive my top 10 tips to help you start your journey to financial independence! Get regular updates on my latest blog posts and podcast episodes delivered to your inbox. PLUS I will connect you to other great blogs and podcasts I come across in the world of personal finance. Have you submitted a credit card application form with high hopes? Were those hopes dashed when you received the news that your application had been denied?

You swear by your current job that you can take on the credit card holder’s liability. But still you were rejected.

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“. You scratch your head trying to figure out the logic behind the rejection. The reason doesn’t make sense to you.

Yes, young man

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