Thursday, April 15, 2010

Credit Card, Anyone?

So recently I was offered a credit card from a bank.

Ok, not really “offered”, but the representative asked me to sign up for it since it was free, blah blah blah, the usual sales pitch they do to get you to sign up for credit cards…

I already had one, so I didn’t need another one, but I thought, oh well, why not. So I signed up for it,

The representative said it would take a little while for them to do the basic required background check on me to see if I was eligible for the credit card.

I understood, of course, they’d want to see if I was earning enough money, or if I had any unpaid debts, or etc.

I was very confident that their background check would be very favorable for me, because I earn reasonably well, and I’d *never* owed money to my other credit card provider.


And I do mean ever. I’d had that card for at least a couple of years, and I’d always paid back every single cent every single month. Not the minimum amount, but the full amount. Every month. Never fail.

I seldom use my credit card, you see, and I put small amounts of credit on it, and I never spend money that I don’t have.

So I was kinda proud of myself, I felt as if I was like a model citizen, always paying back anything I owe. I was so sure that this second credit card company would definitely approve my application.

Imagine my surprise when they told me my application was declined!

I wondered what skeletons in my closet did they dig up while doing the background check that they would decline my application… I really was confused!

Then it hit me!

The exact reason why I thought they’d surely approve me, is the exact reason why they declined me!

They can’t make any money out of me!

Because I pay back every single cent I owe, rather than just the minimum amount, and allowing the rest of it to be subjected to the interest, they can’t make money out of giving me a credit card!

And in fact, I think they might even lose money because they wouldn’t even be charging me for the service! (Because the representative said no charge for first year, etc.)

Those banks are real crooks, I tell you. Not giving me a credit card coz they can’t make money out of me… *sheesh*

But then again, they probably figured I really didn’t need one anyway, and they’re right. LOL!

But they’re still crooks! Think of the amount of interest they charge us when we take loans from them, and then think about the amount of interest they give us when we put our hard earned money in their banks, for their use!