Denied a credit card

T

tripb

Guest
I applied for a credit card with my bank (Ulster Bank) last week and today received a letter stating that my application was denied because my gross annual income did not meet the requirements for the card.

I would understand this if I was making very little money but im making about €28k a year before tax and have very little outgoings - car loan, insurance totalling €400~ a month, 2 years left on that 23 months left on that loan. Still living at home so no rent or bills etc. though I pay my own way.

What I don't understand is how they can say no and give me that reason when a lot of people I know who make less money are given cards, doesnt make sense to me! Am I just unlucky or could there be another reason? Going to ring them tomorrow to enquire further because i'm stumped on it really.

I posted a few weeks ago worried about my credit rating but that is fine, no issues there so not sure how or why I am being singled out like I am by my bank - think its time for a change.
 
Their Zinc card might have a minimum salary requirement? Ask if they have other cards. I had an AIB credit card while at college earning significantly less than that!
 
If you applied for UB Zinc, it's clearly stated in the T&C's.

If you earn €30,000 a year or more, our Zinc card offers you increased spending power and a €40 reward.
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see [broken link removed]
 
It's fairly clear from [broken link removed]-you must earn €30,000 or more for a Zinc card.

There are loads of other cards, including standard Ulster Bank Visa and MCs that don't have such a requirement.
 
CCOVICH said:
There are loads of other cards, including standard Ulster Bank Visa and MCs that don't have such a requirement.
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And if you clear your bill each month before interest accrues and once any transaction charges that affect you such as foreign currency margins etc. are reasonable then one card is the same as the next. Check out IFSRA for a (partial?) list of cards and charges that apply. Obviously €40 stamp duty applies to all of them.
 
Not always. The Zinc card has free travel accident insurance included (for what it's worth).
 
It was just a standard card application though, at least as far as I can remember - this is the first I have heard of the zinc card.

I'm going to New York in 2.5 weeks time so wanted a card to load it with cash instead of carrying $2,000 in my wallet on the way there! Balance would be paid off in full every month as I would not spend more than I could afford, it would be more for convenience than anything.

Is there another option? I will ring tomorrow to see if somehow it was a Zinc application and if I can get it changed but if it is not is there any way that I could have a card in time for my trip? Any bank that has a quick turnaround on these things?

Thanks for the replies.
 
MBNA are quite quick with issuing cards however if you do go to them and are successful in getting a card DO NOT default on any payments as they are so quick to record late payments etc on your ICB and you don't want that.
 
Try getting a card from AIB, I got mine when I was earning about the same as you are now.

They seemed to issue it quite quickly once all the paperwork was done.
 
Also note the lack of protection you would have against fraud if you 'load' your credit card with cash for your trip.

The bank will only cover what was taken off your credit amount and will not cover any extra cash that you had lodged into it. You can see lots of discussion on this if you do a search.
 
Do not under any circumstances 'load your card with cash'. Just use the credit on it, and pay it straight back when you return. There are far too many risks as SNB said above.

G
 
gotsomenow said:
Do not under any circumstances 'load your card with cash'.
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Some "circumstances" will be that the terms and conditions of the card may mean that the card is still protected from fraud even if it is pre-loaded (covered many times on AAM). Check the conditions of your card before making a decision.
If in doubt the default should be to avoid pre-loading, but it isn't always a necessary avoision.
 
SNB said:
Also note the lack of protection you would have against fraud if you 'load' your credit card with cash for your trip.

The bank will only cover what was taken off your credit amount and will not cover any extra cash that you had lodged into it. You can see lots of discussion on this if you do a search.
Click to expand...
This is not necessarily the case with all cards. It depends on the terms & conditions of any specific card. Obviously there may be a risk here but you need to weigh it up and make an informed decision for yourself. To totally dismiss the idea of preloading cash as one poster did earlier makes no sense to me.
 
can you put the cash on your atm account and if its Plus on the back you can withdraw the money as you need it over there
 
Thanks for all the advice guys.

Just off the phone with Ulster Bank (after being sent from department to department) and turns out it was a Zinc card application, now I have to submit a new application for a standard card!

At least they gave me the right reason, but going to be a push to have a card in time for my trip. If this one is denied then i'll take it as a sign and not apply ever again!
 
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