02-28-2006, 04:12 AM
For a long time, my wife and shared a Citibank Platinum Visa. We each had one in our own names. It got pretty ridiculous when RBC took them over and increased our interest rate from 8% to 20%, so we cancelled it and transferred whatever balance we had to my wife's employee credit card. She works for another Canadian bank and her interest is whatever the prime rate is.
This left me without a credit card for a couple of weeks. This was not a big deal because I rarely need a credit card. I think I've used one maybe twice in the past two years. I just like to have one for emergencies.
So I got a call from my bank, saying that I was pre-approved for a credit card with them. I had never previously held a credit card with my own bank. I was definitely interested because I don't like going out without a credit card, just in case. I let the sales guy drone on about the features and benefits of the card he was trying to sell me, until it came down to the yearly fee. I wanted a new credit card, but he was trying to sell me one with a yearly fee. I don't use a credit card nearly enough to justify paying $120 per year for it.
I told him this, and he suggested another credit card plan. It had a higher interest rate, but no fees. This was what I wanted, so I told him to sign me up.
He told me upfront that I was pre-approved for this card with a $6,200 credit limit. How does one get pre-approved for a credit card with such a huge credit limit? I was astonished. After a couple of more questions, which were limited to the exact spelling of my name and my address, the deal was done.
He then asked me for my gross income. Apparently this was to determine the exact credit limit I would be allotted. I'm not comfortable telling people how much I make, so I told the guy I make $15,000 per year. He paused for second, and said he would have to put me on hold. Damn, I thought, now he thinks I'm messing with him and I'll have to go down to my bank and apply for a credit card in person.
30 seconds after being put on hold, the bank guy says I will be getting my new credit card within 7-10 days. He also says that my initial credit limit will be $10,000 :wacko:
I was pre-approved for a credit card with a really high limit of $6,200, and I ended up getting a credit limit of $10,000 after telling him I only make $15,000 per year. Is this is as insane as I think it is?
(I plan on calling my bank to lower the credit limit to something reasonable for emergeny usage as soon as I get the credit card. $500-$1,000 is enough for me)
This left me without a credit card for a couple of weeks. This was not a big deal because I rarely need a credit card. I think I've used one maybe twice in the past two years. I just like to have one for emergencies.
So I got a call from my bank, saying that I was pre-approved for a credit card with them. I had never previously held a credit card with my own bank. I was definitely interested because I don't like going out without a credit card, just in case. I let the sales guy drone on about the features and benefits of the card he was trying to sell me, until it came down to the yearly fee. I wanted a new credit card, but he was trying to sell me one with a yearly fee. I don't use a credit card nearly enough to justify paying $120 per year for it.
I told him this, and he suggested another credit card plan. It had a higher interest rate, but no fees. This was what I wanted, so I told him to sign me up.
He told me upfront that I was pre-approved for this card with a $6,200 credit limit. How does one get pre-approved for a credit card with such a huge credit limit? I was astonished. After a couple of more questions, which were limited to the exact spelling of my name and my address, the deal was done.
He then asked me for my gross income. Apparently this was to determine the exact credit limit I would be allotted. I'm not comfortable telling people how much I make, so I told the guy I make $15,000 per year. He paused for second, and said he would have to put me on hold. Damn, I thought, now he thinks I'm messing with him and I'll have to go down to my bank and apply for a credit card in person.
30 seconds after being put on hold, the bank guy says I will be getting my new credit card within 7-10 days. He also says that my initial credit limit will be $10,000 :wacko:
I was pre-approved for a credit card with a really high limit of $6,200, and I ended up getting a credit limit of $10,000 after telling him I only make $15,000 per year. Is this is as insane as I think it is?
(I plan on calling my bank to lower the credit limit to something reasonable for emergeny usage as soon as I get the credit card. $500-$1,000 is enough for me)