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There are some websites that do not accept debit cards, but accept credit cards. I wonder why? This could be a reason why seniors need a credit card. With a debit card, the merchant gets paid imediately and with very low service charges incurred. A credit card payment would reduce the merchant’s income by 2% or so.
A friend tried to book a flight on Jetstar and claimed that his debit card was not an accepted mode of payment. I had to use my credit card to make the payment.Reply
Previously for seniors above 60 yrs old, banks used to allow credit cards if they deposit a collateral with the bank e.g. $10K in FD for a credit card with $6K or $8K credit limit. This is not a debit card, and you cannot withdraw the collateral as long as you want to hold on to the credit card.
Don’t tell me that the regulations have changed? Maybe the banks are scared that seniors will whack all their credit, up the lorry, and leave the banks with uncollectable bad debts?!?
The minimum $15K income quota is ridiculous in a country where there is no minimum wage, non-existent strong employee laws, structural unemployment for 40+ and permanent depressed wages. Not all people belong to the favoured elites who can move into retirement job as chairman or director in some GLC.Reply
Haha promoting SCB XtraSaver? I’ve been using it, quite a good deal if one doesn’t mind having min 6K ‘locked’ to enjoy the rebates. Not sure how long this will go on since it’s one of the better deals around – when more ppl have it the less incentive they have in continuing it since it’s a debit account.
But just wondering about the credit card rejections: is there a possibility for working adults being rejected due to having ‘too clean’ credit records – payment of all credit card bills on time and no rollover whatsoever etc…?Reply
I find it strange that someone over 60 would suddenly want to apply for a credit card. Usually people would have gotten their credit cards during their working phase of lives and carried on holding those cards they know so well.Reply
Again, simplicity is what we should seek as we aged so in fact we should be thinking of which card to give up as we cross 60 from our portfolio of cards garnered during the active working stage of our lives.
Then we will have less one problem concerning credit cards.
Having said this, sometimes I wonder why these supposedly brilliant people running the banks think.
During the most active period of my life when I was earning the most, my application to DBS for a credit card was rejected and when I appeal it was rejected again but when I was not earning anything when I retire I got even titanium credit cards with my name embossed sent to me without me even applying for them.
This is a strange world. My conclusion is that there are intelligent people but there are no intelligent organisations.