CREDIT CARDS: Only rejections for the pensioners

2008/09/18

CREDIT CARDS: Only rejections for the pensioners
By : S.P. Batu Pahat

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I AM a senior citizen receiving a decent pension. While I am grateful to the government for looking after most senior citizens in the country, I cannot say the same of the banks.

I have a credit card and I use it carefully. I can also generally say that the older citizens are good "paymasters" and I believe I am one of them as I have never incurred any interest or surcharge on my credit card monthly payment.

Unfortunately, my card was approved umpteen years ago when one had to pay annual fees for credit cards. I have no problems with my card but to continue paying RM75 yearly is a waste of money. Every year, I appeal to them to exempt me from the fees but the reply has always been in the negative.

I decided to apply for a credit card that does not entail an annual fee. With the many banks "begging" us to take up such offers with lifetime free perks, I applied for one from a major bank that had won eight awards for being an excellent bank.

My pension is more than the minimum annual income requirement. I am 59 and am certain they could have checked my financial background and come up with nothing negative. Sadly, I received a short note from the bank informing me that they had rejected my application.

I take it that senior citizens are no longer useful and our purchasing power is minimal. Or is it a ruling that credit cards should not be given out to persons above a certain age?

I would be grateful if Bank Negara can explain where senior citizens stand when applying for credit cards. With airline tickets going cheap through online bookings, don't senior citizens have the right to own credit cards so that they too can see the world in their twilight years?

It was reported recently that Japanese senior citizens played an important role in boosting the country's faltering economy. Sadly, the financial institutions in Malaysia don't think so.