I don’t understand BNZ’s logic in determining credit card limits.
I am currently a student who is financially supported by my parents, I have had a joint credit card with my mum for 4 years (Because I couldn’t get a card under my own name). This year I decided I didn’t want to pay the joint card fee anymore so I decided to apply for a card under my own name, and also I wanted to change to a cash back credit card.
The joint credit card I have with my mum is solely used by me and paid off on time every month by me, but BNZ will not take this into consideration. I also have savings in the bank which are greater than the credit limit I want.
After speaking to a banking advisor and going through my application this was passed on to the credit card people who declined my application. I rung back after finding out about it being declined and spoke to a different banking advisor that agreed with my based on my situation I should get approved, but after passing this on to the credit card people the best they were able to offer me was a $500 limit, and say they will be able to reassess in 3-6 months’ time.
Over the 4 years that I have had my visa, I have paid over $50,000 on time and I believe this should be taken into consideration. Shouldn’t the people that process credit card applications take into account the ability of someone to repay the credit card (history and savings) rather than one factor that can determine their ability to pay (income)
Both the banking advisors that I contacted were very helpful, the problem I have with BNZ is the people that determine the outcome of an application.
So starting next week when my new card arrives I will have 2 credit cards, one with a $500 limit, that will hopefully have its limit raised and my joint card with my mum that I will have to use when my other card is getting near its very low limit. All so that 1 day BNZ will increase my limit. The one good thing is they are waiving the annual fee on my cards.