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credit card company wants "bank guarentee"

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  • 16-07-2014 1:28pm
    #1
    Registered Users Posts: 4,362 ✭✭✭


    So am applying for a new credit card, its more for the benefits than anything else, over the year they are worth much more to me than the cost of the card, Amex platinum.

    Anyway they have a convoluted application process part of which is a bank guarentee. The way it was explained to me was the bank would guarentee to pay my bills if I defaulted on them!

    I asked repeatedly if I was hearing him wrong and he insisted that nope, it was a normal request.

    Now I can understand Richard Branson not wanting to send in a bank statement and his bank saying "Yeh, hes good for it" But for ordinary Joe like me???? Anyone come across this before?


Comments

  • Registered Users Posts: 5,122 ✭✭✭homer911


    From what I recall, AMEX cards have no limit. I'm not surprised they are looking for some sort of guarantee

    Why on earth would you want an AMEX card? Many shops refuse to accept them because their commission is way higher than VISA/Mastercard


  • Registered Users Posts: 25,447 ✭✭✭✭coylemj


    OP, they clearly haven't the balls to tell you to PFO but that's basically what it amounts to.

    Agree with previous poster, Amex cards are very unwelcome in most stores. It was revealed in a very public fashion a few years ago when a senior Amex exec. was posted to London from the US so he relocated there with his wife. She went into a Laura Ashley store in London, made a purchase and offered her Amex card whereupon the sales assistant told her that the Amex card was acceptable but asked her if she had any other card in her wallet - the implication being that the staff were trained to only accept Amex as a last resort!


  • Registered Users Posts: 18,990 ✭✭✭✭Del2005


    €550 annual fee, along with the €40 stamp duty, for a card that very few places except. Must be some great benefits!


  • Registered Users Posts: 4,362 ✭✭✭whomitconcerns


    well there is unlimited priority pass (airport lounge access) for 2 people with 2 guests which costs 800euro plus 27euro per guest normally, I am travelling a good bit for work and this is a major advantage. Also Hotel chain premium memberships, gets you upgrades and things, again stay a lot for work and otherwise so always nice.

    VERY comprehensive travel insurance worth about 100quid and there is others. The card itself is kind of a meh thing..as I have a company AMEX and know what its like to get it accepted/rejected as often as each other. Not planning on using it much.

    Your right I do get the impression its part of their PFO scheme, and sure if it is well no harm in the application, if not then will see how that bridge is crossed.

    Was curious though if anyone had come across this before?


  • Registered Users Posts: 3,654 ✭✭✭Enduro


    Hi OP,

    Recently my OH went through the same process for the same reasons (She lost her unlimited lounge card when Danske closed her account). Also ran into the same problem, so we basically laughed at the request and abonded the process. We happened to be in a meeting with our bank the following week about other issues, but mentioned this request to them and they agreed that the request was laughable, and that there was no way that they would give such an undertaking.

    So, in summary, we're also of the opinion that they either don't want, or will never get, any business from normal punters. Very strange stuff.

    Has anyone managed to get an Amex card in the last few years (excluding company cards)?


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  • Registered Users Posts: 4,362 ✭✭✭whomitconcerns


    thanks for that, really helpful, discouraging :P but helpful.

    Funny thing is that on the phone he said last 3 months bank statements...and when I said guarentee he said oh yes that may have changed for Irish customers!
    Enduro wrote: »
    Hi OP,

    Recently my OH went through the same process for the same reasons (She lost her unlimited lounge card when Danske closed her account). Also ran into the same problem, so we basically laughed at the request and abonded the process. We happened to be in a meeting with our bank the following week about other issues, but mentioned this request to them and they agreed that the request was laughable, and that there was no way that they would give such an undertaking.

    So, in summary, we're also of the opinion that they either don't want, or will never get, any business from normal punters. Very strange stuff.

    Has anyone managed to get an Amex card in the last few years (excluding company cards)?


  • Registered Users Posts: 62 ✭✭Dubliniensis


    thanks for that, really helpful, discouraging :P but helpful.

    Funny thing is that on the phone he said last 3 months bank statements...and when I said guarentee he said oh yes that may have changed for Irish customers!

    I applied for an Amex card in 2010 and got (and still have) one. I was asked for a bank reference/guarantee at the time. I gave them the name of my contact in BOI (I'm a regular personal customer) and once they had received the form from the bank they said it wasn't enough to make a decision on my application. I was then asked to provide my last 3 payslips. I got the card 2 weeks later.

    The benefits if you are a frequent traveller are very good. Customer Service is top notch. I've had my wallet stolen in Dubai and I had a replacement card FedExed from the UK within 24 hours. BOI said a replacement card would be waiting for me when I got home!!

    As regards acceptance...Tescos, M+S, decent restaurants, department stores, hotels all take it. You'd be surprised how often it is accepted...


  • Closed Accounts Posts: 21,730 ✭✭✭✭Fred Swanson


    This post has been deleted.


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