$10k salary but bank offers $100,000 limit !!! --- Eric Tan

[Summer]

http://www.straitstimes.com/STForum/Story/STIStory_770431.html
Published on Feb 25, 2012

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RECENTLY, I was shocked after Standard Chartered Bank approved my application for two credit cards, offering a credit limit of $100,000 for the cards.


The limit was surprising because my salary is between $10,000 and $11,000 a month.


I am concerned because I was under the impression that banks have a stringent credit evaluation process for card applications.


Add this $100,000 credit bonanza to the limits of other cards I hold, and I am suddenly transformed into a person with enormous borrowing bandwidth. I am uncomfortable because having so much credit is a temptation to buy things I cannot afford.


When I logged on to the bank's online portal to raise my concerns and to seek an immediate reduction of the credit limit to between $20,000 and $30,000, I was told to write to the bank's headquarters.


The requirement is baffling because it gives the impression that the bank is trying to discourage me from practising financial prudence and wants me to accept its credit limit.


Certainly, the bank may have been trying to exercise caution by getting me to prove my identity by writing in. But if I could log on to its portal with a PIN and password, and authenticate myself with a one-time password, and use the secure mailbox services within the portal to make a request, how could I possibly not be the credit card holder?


Why must the bank rely on snail mail to facilitate my request?


While I know some may welcome the bank's generosity, I belong to the segment of credit card holders who believe that we must be able to repay what we buy on credit.


Eric Tan

 

[Summer]

/



Sufficient to bury him when he becomes jobless ...

 

[Narong Wongwan]

I thought MAS laws state credit limit not more than twice of monthly income?
They relax the rules again?

 

[looneytan]

Another kukupok who does not know how to manage own life

 

[Char_Azn]

I thought MAS laws state credit limit not more than twice of monthly income?
They relax the rules again?

IIRC, I think that only applies to certain income range. Those with 10K income considered high income and doesn't apply to them

 

[halsey02]

Years ago, you could rely on the scottish "jew" to run Chartered later SCB, since Thumb Are Sick became a shareholder, it had gone to the rocks...with ah nehs crawling all over the establishment...

It is a computer error, Eric wa suppose to get $20,000 but the out sourced FT in a faraway place called Mumbai, Chennai or Pondickerry, keyed in wrongly as $100,000...it is a honest mistake, please don't spent the $100,000 Eric or you will be shifting dung in a faraway land called - India!

 

[cleareyes]

http://www.straitstimes.com/STForum/Story/STIStory_770431.html
Published on Feb 25, 2012

/
RECENTLY, I was shocked after Standard Chartered Bank approved my application for two credit cards, offering a credit limit of $100,000 for the cards.


The limit was surprising because my salary is between $10,000 and $11,000 a month.


I am concerned because I was under the impression that banks have a stringent credit evaluation process for card applications.


Add this $100,000 credit bonanza to the limits of other cards I hold, and I am suddenly transformed into a person with enormous borrowing bandwidth. I am uncomfortable because having so much credit is a temptation to buy things I cannot afford.


When I logged on to the bank's online portal to raise my concerns and to seek an immediate reduction of the credit limit to between $20,000 and $30,000, I was told to write to the bank's headquarters.


The requirement is baffling because it gives the impression that the bank is trying to discourage me from practising financial prudence and wants me to accept its credit limit.


Certainly, the bank may have been trying to exercise caution by getting me to prove my identity by writing in. But if I could log on to its portal with a PIN and password, and authenticate myself with a one-time password, and use the secure mailbox services within the portal to make a request, how could I possibly not be the credit card holder?


Why must the bank rely on snail mail to facilitate my request?


While I know some may welcome the bank's generosity, I belong to the segment of credit card holders who believe that we must be able to repay what we buy on credit.


Eric Tan

Most people keep their mouth shut when they get such a higher credit limit. This guy choose to shoot his mouth off.

I wonder if he has any frds and can he keep secrets.

 

[Char_Azn]

OK found it

(2A) Subject to paragraphs (2B) and (2C), a card issuer may permit any amount to be charged to a credit card or charge card that would result in the cardholder’s —
(a) aggregate outstanding amount exceeding his maximum credit limit; or
(b) total outstanding unsecured amount exceeding his overall credit limit,
if the cardholder has an annual income of at least $120,000 (or its equivalent in foreign currency) or his total net personal assets exceed $2 million (or its equivalent in foreign currency).
S

http://www.mas.gov.sg/resource/legislation_guidelines/banks/sub_legislation/Banking%20%28Credit%20Card%20and%20Charge%20Card%29%20Regulations%202004.pdf

Obviously Monthly income $10K = Annual income >= $120K

 

[maxpark]

A friend's sister also recieved $100k credit limit, if I recalled correctly, from CIMB last year for her credit card.

She also quite shocked as salary around $12k.

 

[moolightaffairs]

monthly fix pay 10k. but with bonuses added in and divide by 12 mths x2, maybe around 100k. thats why the high limit?

 

[tanakow]

What is wrong with these people? You need the govt to do everything for you? Can you just call the bank to reduce the limit. Next time your wife wants to suck your cock, are you going to ask the govt for direction?

 

[laksaboy]

I earn a fraction of that, and I get *more* than $100K for my credit card limit.
I'm not a spendthrift, I pay my bills punctually. Maybe that contributed to the bank's decision.

I don't understand exactly what's the purpose of his complaint. If he feels more safe with a lower credit limit, surely he can request the bank to lower it. Banks *thrive* on consumer debt. If he spends too much and racks up a hefty debt, the banks would love it.

And what's wrong with snail mail? We live in the second decade of the 21st century, now you want to act all high and mighty, and ditch the paper trail? Or you want to save the trees?

Seriously, Eric Tan, shut up.

 

[kingrant]

When I first read it, I also wondered wtf was he complaining about? So the bank gave him a higher credit limit than he was comfortable with. So what? It didnt mean that you have to spend up to that limit! Really, he is like those Singaporeans who always need a nanny.

I earn a fraction of that, and I get *more* than $100K for my credit card limit.
I'm not a spendthrift, I pay my bills punctually. Maybe that contributed to the bank's decision.

I don't understand exactly what's the purpose of his complaint. If he feels more safe with a lower credit limit, surely he can request the bank to lower it. Banks *thrive* on consumer debt. If he spends too much and racks up a hefty debt, the banks would love it.

And what's wrong with snail mail? We live in the second decade of the 21st century, now you want to act all high and mighty, and ditch the paper trail? Or you want to save the trees?

Seriously, Eric Tan, shut up.

 

[Logisex]

When I first read it, I also wondered wtf was he complaining about? So the bank gave him a higher credit limit than he was comfortable with. So what? It didnt mean that you have to spend up to that limit! Really, he is like those Singaporeans who always need a nanny.

He wants to tell the whole world that he has a $10k salary and is also very good at managing his finances.

 

[Unrepented]

Having a higher default credit card limit is not always good because if there is credit card fraud, the exposure is higher. Anyway, if the issuer is a good bank and if he has good credit rating with that bank, he can always up the limit with just a phone call 24/7. Not advisable to use damn bloody slow bank services when overseas, up limit gotta wait for officer to report to work.........sigh.......airplane fly off leow.

When I first read it, I also wondered wtf was he complaining about? So the bank gave him a higher credit limit than he was comfortable with. So what? It didnt mean that you have to spend up to that limit! Really, he is like those Singaporeans who always need a nanny.

 

[byleftcan]

When I first read it, I also wondered wtf was he complaining about? So the bank gave him a higher credit limit than he was comfortable with. So what? It didnt mean that you have to spend up to that limit! Really, he is like those Singaporeans who always need a nanny.

Well said. I thought higher credit means good, more flexibility and now it becomes the bank and MAS' fault.. Dumb whiner.

 

[OverTheCounter]

Most people keep their mouth shut when they get such a higher credit limit. This guy choose to shoot his mouth off.

I wonder if he has any frds and can he keep secrets.

No, this sort of guy certainly has friends -- but what exactly are those friends he keeps, i'm sure we all know.

 

[scroobal]

Besides the fact that this guy needs someone to hold his hand, I am concerned with what banks do when regulations are loosened. A lot of people struggle with handling loans. Some are forced by the spouses and families to spend. I remember that when MAS decided sometime in deregulating the autoloan market, it led to many buying cars especially weekend cars. I am also concerned when performance motors introduced balloons which does not serve anyone's interest but them.

SCB is managed by FTs and they have little concern if this country and its people progress. They meeting their growth interest by such liberal issue of loans is an issue.

 

[kulgai]

He wants to tell the whole world that he has a $10k salary and is also very good at managing his finances.

Exactly my sentiments. He cant wait to shout out loud that he earns $11k a month. Big deal.

 

[streetsmart73]

What is wrong with these people? You need the govt to do everything for you? Can you just call the bank to reduce the limit. Next time your wife wants to suck your cock, are you going to ask the govt for direction?

hi there


1. aiyoh!
2. that is the problem with people nowadays.
3. must be regulated by its grand masters.
4. do this do that, don't this don't that!
5. why can't the same sheep check & monitor its spending?
6. just daft, daft and more daft!
7. this is exactly what its grand masters want: more daft sheep.