Half a league, half a league,
Half a league onward,
All in the valley of Death
Rode the six hundred:
‘Forward, the Light Brigade!
Charge for the guns’ he said:
Into the valley of Death
Rode the six hundred.
A poem by Lord Alfred Tennyson. Funny! This was the first thing that crossed my mind when i decided to write about this topic …
In the list of top 5 things humans can’t live without, i will definitely list the credit cards. A credit card can be the ultimate savior. Perhaps its one of the most useful piece of plastic. But if you put aside all it’s materialistic boons you can see that later on, it becomes a part of you. It has a very dark side (ooh!) – an undeniable fact, because today or tomorrow we will eventually get seduced by the pocket-sized plastic!
Even with all your psychological reasoning (more like restraining your shopping neurosis), you try to resist the temptation to own a credit card but you still end up getting one. The reasons are many. It can be age-old satanic urges or it can be because you got tranced by the mesmerizing personality of credit card sellers or maybe got it as a freebie with a new salary account or else opted for it due to other benefits. By benefits, here i mean the EMI option (equated monthly installment option) for products sold online.
Well..we too fell for credit cards.Our reason being the benefits of an EMI option and the ease of online shopping, which is 0% processing fee, 0% interest, cash on delivery, blah blah blah…
A month ago my husband opened an account with a premium-rated bank. He also applied for a credit card to avail this EMI option. He deposited 10,000 rupees as the initial amount for opening the account and submitted all the documents from address proofs to salary documents to the bank. He was told to wait 2 weeks.
Two weeks? neither him or i could wait! We were so excited and restless, each day was dragging. We were dying to get our hands on the new gadget.
After two impatient weeks, i called the bank to find out the status. Obviously, they did not have a single clue about it! Its obvious because you don’t actually get a definite answer from one person.
Anyway, they provided me with another number of the sales department. Totally bugged but optimistic, i punched in the new number and repeated the same question.
Oh, it’s a miracle! The being at the other end happened to answer my question. However, the happiness did not last long. The application for the credit card got rejected.
Well, he did not drop the BOMB yet!
In truth even he was in disbelief. I asked why it was rejected. The reason the bank stated was ridiculous (main branch of the bank). It seemed my husband was not creditworthy, which was not true.
According to Oxford Dictionary (online), creditworthy means, “(of a person or company) considered suitable to receive credit, especially because of being reliable in paying money back in the past.”
There could never be an issue of creditworthiness, that we were certain. Besides, the bank (Bangalore branch)had initially confirmed his eligibility for having a credit card with a card limit of more than 1 lakh.
To my further disappointment, the sales personnel had no idea why they said so. He assured that he would ring us up as soon as he crosschecked the status. After a maddening week, my husband finally got the call. He was told that the application was rejected because my husband earned only Rs. 10,000.
“That’s the bomb I was talking about!”
The bank assumed that the initial amount in the account was the salary he was earning (even after giving all the salary details !). How bright was that? Not kidding, the personnel’s explanation had us literally gaping in shock for some time.
Was it a ridiculous idea to not give approval? I don’t think so…but disturbingly sly, if it is so.
Weren’t they convinced ? Well, why shouldn’t they?
Were they just lazy to check only the new bank account? That’s more likely!