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Money matters

Too old for a credit card

No, really... it does!
But does it matter more in Malta than at home?

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Too old for a credit card

Postby wasozed » Fri 21 Jan 2011 16:03 GMT

we opened an account with HSBC when we came, just to have some euros handy as it were, ATM etc. However we discovered that the quickcash card is not as acceptable generally as debit cards are elswehere. So thought would apply for a credit card. Applied on line and was asked to call in at the branch. I was flabbergasted to be told that I could have a card, but as I was over 65 I would need security ! for instance 500 euro limit credit card would require 600 euro frozen in my account as security. As Victor would have said "I dont believe it". NJeedless to say there was inconclusive discussion about the reasons for this. "It is the regulation" Government regulation "No" just regulations. I checked with BOV have the same rule, except that they apply it to "foreigners" as well.I find it difficult to grasp that a bank which advertises how easy it easy for an impecunious student to get a credit card and yet an old codger with a afew bob stashed away is virtually refused one. As far as I was concerned what they were offering was not a "credit" card.
cheers..Ed
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Postby boogiewoogie » Sat 22 Jan 2011 09:08 GMT

OIM :brickwall: You wouldn't credit it would you? :mrgreen: I'll get me coat.
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Postby pumabob » Sat 22 Jan 2011 09:22 GMT

Smacks of ageism to me, but that doesn't help ease your frustration.

There are other alternatives mentioned elsewhere ref 'prepaid' credit/debit cards from the UK which might suit your needs, especially if you just want to have a 'cash reserve' available. Ours are backed by Mastercard and I use it everywhere without any problems. Even use it to pay our monthly GO bill by direct debit.
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Postby gozomark » Sat 22 Jan 2011 09:31 GMT

The Maltese banking system is very conservative, run more like the UK was 20-30 years ago (ie if you need to borrow money, then you aren't a good risk...)

They often ask for large deposits on mortgages, and I've heard Maltese also being asked for guarantees on credit cards similar to what they asked you for.
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Postby boogiewoogie » Sat 22 Jan 2011 09:52 GMT

And Malta isn't in the doo doo the way the UK is I guess so there are benefits to being conservative. A bit like the old adage "it takes money to make money" in Malta you are saying it "takes money to borrow money". If you bank offshore do they give you credit cards?
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Postby gozomark » Sat 22 Jan 2011 10:01 GMT

boogiewoogie wrote: If you bank offshore do they give you credit cards?


Generally no, - they tend to offer either instant access and/or fixed rate accounts. However, there is atleast one who does - I've started a thread

offshore banks that offer credit cards
http://www.britishexpat.com/expatforum/ ... 0700#58507
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