Hi all,

Anyone encountered that application got rejected and they asked me to put in FD then only they "may consider" my application. My salary not going to my MBB account.

Called Pledge FD with MBB minimum 30K for validity till you cancel the card. Branch can be anywhere you want and the card to collect is there too.

I never encounter this with card application. But I did for Hire Purchase & Mortgage loan.
Doesn't make sense for me for this request.

Yea, same as me, make no sense at all and they even mentioned "may consider" my application if I do so.

Also the best part is I just got a new Hire Purchase (HP) from Maybank few months ago. For HP approval process, they do asked for bank statement but not for credit card application and they just simply reject and ask me to lend them money to get their credit card service, ridiculous right?

By the way I know this is call pledge FD, what a beautiful word, but I feel like better to use layman terms here, put in FD, place a FD, lend them money.

wrong, it works both ways. the money u put in FD will be ur credit limit.

Need your further elaborate, wrong in what sense? Both ways, u mean is I lend them money and I get interest from them, that I know, but I don't see reason to lend them as their interest is not highest.

FD amount = credit limit? What kind of procedure, I got a credit card credit limit of 99k from another bank that I don't even have a single cent in that bank, either saving or FD.

wrong in ur understanding that it only benefits the bank. both ways means u put money in the FD (or lending as u say), while u get to use the credit facility. diff banks have different procedures, and perhaps u may even be more successful if u try applying online via email.

that by the way it the meaning of pledge FD for credit card. it's different from the usual credit card application.

Ok, this the part that also in my initial question why Maybank has such logic that to they want to keep our money (or want us to lend them money in return giving us so-so interest) in order to use their credit facility and this is the first time I see this. I had Maybank credit card years ago and I had cancelled long ago as well, that time when I applied the card, they didn't ask for FD and I also don't much money with them.

How about new customer without any money with them at all, are they also asking them to put in FD to get the credit card? That's what I want to know from others.

EDITED: oh yea, I tried online application (through maybank2u) and also through branch, same result.

This post has been edited by kinseong: Jan 17 2020, 01:05 PM

there is such thing if one is desperate enough for the credit card for whatever reasons. public bank also has this.


normal CC application - in short no.

pledge FD for CC application - is for those who are rejected (for whatever internal reasons) yet would like to use the credit card facility (for whatever reasons).

Ok, another bank to avoid and not wasting my time.

Normal CC application - you mean other type of Maybank credit card?

I asked for reasons which they refused to give any, if they want any supporting to my financial background like bank statement, I will gladly provide. But not at all, reject, don't give any reason, ask to pledge FD, don't you see what I see as illogical in their application process?

To make it easy for you.

Normal CC application means like how any other normal person apply for a credit card - you fill up the forms and provide the required documents. the bank will process it internally and decide based on their SOP to approve or reject ur application.

as for your situation, if you desperately want this particular credit card, you can first try to apply via email - filling up the form and provide the required documents. if still fail, you may pledge FD to get the credit card. if you do not wish to do so, then apply from another bank.

Why do u want their cc? What’s your current Status?
What’s your credit score? How is your payment pattern? What’s your overall credit limit etc.

Do a quick check on those and look through why is the rejection.

All applications are subjected to banks’ approval. They can choose not to lend u the facility if they deem you’re high risk. And u mentioned that you’ve high credit limit. That could be one of the factor that you ‘use up’ the possible risk limit banks could give you. Lowering them may help.

Good luck.

My financial is not a problem at all and i'm very confident, paid all credit cards and loans on time, never miss. They approved my HP few months ago already u can know how is my financial situation, they aren't that stupid.

Want to get Maybank is because a lot merchandisers offer 0% interest fees installment, why would I pay full amount where I can keep my money and pay bit by bit every month.

So if they deemed me as high risk is not making any sense, they don't provide reason. To me, they are purely want to hold our money (pledge FD) before even provide you their service, aren't this like we "pay" to beg to get their service, in another way.

Hire Purchase is a different loan cause it is secured (got collateral). Reason they ask you to put FD is so that the Credit card facility becomes secured as well. (standard is unsecured - no collateral).

There is something in your finance history that is making them do this. Get a CCRIS report from BNM at least to see.

Too rich like you also one of their concern when they want to approve your application high credits limit, high commitment, too much outstanding maybe? Spent Rm25 ringgit and check the CCRIS report. Maybe you can figure out.

He really has too much self entitlement just for paying loan and credit card on time. Most people who have a sense of financial responsibility does that. You dont get any privileges for paying on time because that's the borrower responsibility.

You can have your self entitlement all the way u want.

One person can be earning 30k a month, which is great. He applied for bank A and B for cc and got 150k credit limit each. Now this is double great.

But when he applied for bank C, the bank prolly gonna give 20k credit limit. Now, bank C isn’t stupid either. It’s the concern and risk involved. If every bank allows 150k limit and the cardholder went all in Genting then who’s gonna pay?

Check your credit health. Speak to a pfc and take their advice. But pls Don’t argue your way through.

Pls don’t be offended. Just my cheap worthless view.

😊

That's definitely not true. You get a relative privilege compared to those who DON'T pay on time in terms of application.

Not a guarantee of course, and previous posts have talked about possible reasons why still can be rejected. But to say that paying on time is not worth anything in application for credit is just false.

Why compare those who is irresponsible on their finances? So that you would feel more privileged?

Privileged means special rights.. I dont see anything so privileged because paying on time is the basic requirements.

If one cant even get the basic right, why would anyone consider offering their credit facility to this person.