Getting a new credit card is so easy it's scary

az2wp0sye65487

I have a balance on a credit card and I'm being charged around 18% interest. Not in a position to clear it all in one go for a while so I decided to look for a new card with an introductory offer of 0% on balance transfers for X months.

Googled credit cards from my smartphone, put in a few details on a Avant Card's website and I got an email asking me to click a link and upload (photo would do) proof of ID and a bank statement. It was so easy to take 2 photos and upload them....

Got an email a couple of days later saying "congratulations your new card is on its way" (with a limit 3 times the amount of my current card!!)

I didn't realise that the card would just issue without having to sign anything or even speak to anyone.

I'm a little shocked & slightly uneasy at how easy it was

368100

Salvador Incalculable Duster wrote: »

I have a balance on a credit card and I'm being charged around 18% interest. Not in a position to clear it all in one go for a while so I decided to look for a new card with an introductory offer of 0% on balance transfers for X months.

Googled credit cards from my smartphone, put in a few details on a Avant Card's website and I got an email asking me to click a link and upload (photo would do) proof of ID and a bank statement. It was so easy to take 2 photos and upload them....

Got an email a couple of days later saying "congratulations your new card is on its way" (with a limit 3 times the amount of my current card!!)

I didn't realise that the card would just issue without having to sign anything or even speak to anyone.

I'm a little shocked & slightly uneasy at how easy it was

Thats how MBNA got on before the crash. Given avantcard are still collecting a lot of those bad debts you'd think they'd know better.....but typical mentality, short term gains earn the bonuses, not long term prudence.

az2wp0sye65487

I actually called them to confirm. I dont particularly want credit limit as high as they gave me (over €10K).

I've was then told that they could give me 9 months interest free for the balance transfer rather than the previously stated 6 months

:eek:

CeilingFly

That's the credit card model - issue aa many as possible, do some security checks (decline those that pay off in full), offer high limits and low minimum payment terms.

At 22.9% apr and money market rates at 0%, you can afford a few non payers and still make a substantial profit.

Good model, high rates, but not extortionate (such as littlewoods 39.9%).

drunkmonkey

10k isn't a target, careful with it but it can come in handy if managed correctly.
Take as high a limit as they'll give you doesn't cost extra. If it was with your normal day to day bank would be even better as you have a bargaining chip for the future.

jimmycrackcorm

You still need personal responsibility. The high interest rates on CCs make them a money spinner and the frat of destroying your credit rating minimizes the bad sent potential.

az2wp0sye65487

Oh I know the high limit isn't a target. In fact the plan is to divide the current balance by 9 (the amount of months interest free) and have it cleared before the interest kicks in. Then a decision shall be made around whether I even need a credit card.

All I was getting at here is how simple it was to obtain a credit card.

drunkmonkey

The Boom is back baby!

You'll be glad of a few empty 10k cards when it all implodes again and the bank refuses you a loan.