SAGA Platinum Credit Card

Fastflys

Having read Martin’s email tips, advising that Saga’s new Platinum credit card is now commission free for purchases worldwide I decided to apply.

Monday 12th April, I received a letter from the Allied Irish Bank [AIB] stating that:

“We have considered your application in detail and regret that it is not possible to offer you a credit card at this time”.

“Our decision has been carefully made, based on a fair and impartial review of the information you have supplied as part of your application and information received from Equifax, a credit reference agency, in conjunction with our lending policy”.

Until now I have never had a credit card application refused. I have a 100% perfect credit history and have an Equifax account via Capital One’s credit card scheme. In March I checked and printed out my entire Equifax credit history and found nothing remotely suspicious. My wife and I own our property outright [mortgage free], have no outstanding loans or debts and have a joint income in excess of £65,000 per annum. Our bank accounts are always in credit and our credit card accounts are all paid in full by Direct Debit each month.

I contacted AIB for an explanation and was informed that my application had been refused because a credit history check with Equifax showed that I already have 4+ credit card accounts. AIB’s policy is not to offer a SAGA platinum credit card account to anyone who already has 4+ credit card accounts.

AIB’s credit card policy is flawed as it is not how many credit card accounts a person has but their ability to repay said accounts in full and on time each month that should colour their decision making process. My comments fell on deaf ears.

I was informed that if I were to close one of my credit card accounts, AIB would approve my application and issue a SAGA platinum credit card. Blackmail by another name!!

I also brought to AIB’s attention the fact that nowhere on SAGA’s website, particularly their Platinum credit card application page does it state that you should not apply for this credit card if you already have 4+ other credit card accounts. This crucial information should be prominently displayed, a fact totally lost on AIB’s staff and subsequently staff at SAGA when I informed them of this debacle.

I have requested that AIB put in writing to me that they have, at my request cancelled my application on the grounds that when I applied I was not aware of their 4+ rule and also confirm that my credit history has not been negatively impacted. AIB have stated that they are willing to do so.


:money:*** A message for Martin ***:money:
Can I assume that when you or your team researched SAGA’s/AIB’s Platinum credit card account details, at the time of adding it to your “Money Tips Email” you or your team were also unaware of AIB’s 4+ credit card account rule? If so, will you be taking up this issue with SAGA/AIB?

moonrakerz

Sorry - but I don't really see why you are complaining, other than from a sense of hurt pride.

Any card issuer can formulate whatever policy it wishes as to who it issues a card to AND LENDS ITS MONEY TO !

You have stated that their policy is not to issue to those with "4+" cards already. I note that you say you have "4+" cards: - 5 ?, 10 ? 20 ?
The policy is not "flawed". If you pay all your other credit card accounts on time that is not for SAGA/AIB's information - that is YOUR personal information - you would be the first to complain if another card issuer told AIB that you had £x,000 on it !! The only thing they can do is make judgement on the number of cards you already have.

You go on to say that this information should be "prominently displayed" - what else would you like them to publicise ? How much you can be in debt ? Have you ever been bankrupt ? That is why they carry out their own checks.

I hardly think that them asking you to close one of your existing cards counts as "blackmail" !!!

Farway

It may be 4+, but from a lenders point of view it is "available credit", they are not to know that you will go out on Friday with your 4+ credit cards and buy a Ferrari, or world cruise with them, thus leaving you owing say £80,000 and no means to pay it back

[Deleted User]

I also think the fact that you pay off your cards in full each month might have been against you,after all they make little money from people who do that.
But why if you have 4 cc`s already i assume with zero balance do you want/need another one anyway?

Savvy_Sue

Presumably it was for spending overseas.

We have cards which are primarily kept for that purpose.

moonrakerz

Savvy_Sue wrote: »

Presumably it was for spending overseas.

We have cards which are primarily kept for that purpose.

One card for money back or similar
One card for 0% balance transfer
One card for use overseas

What are the (undefined) others for ?

Savvy_Sue

Obviously I can't speak for the OP, but I also have one card I use for work or other expenditure which I'll be claiming back from someone, and another which is held jointly with one of my sons so I don't really use it, just pass the bills on to him.