Fixed Deposit In Place Of Pay Slip
February 22, 2008 – 2:48 pmA friend told me that Public Bank has a credit card that does not require us to show our pay slip. As far as I know, ALL credit card issuers will require us to provide a copy of our monthly pay slip to proof that we are earning X amount of money per month. If not mistaken, the lowest monthly income to qualify for a basic credit card is MYR1500.
Frankly, if a person is earning MYR1500 and has to support a family and self, and put children to school, MYR1500 is not enough. And you want to tempt them with credit cards?
Anyway, Public Bank, I was told but I have not check up with them yet, has a new product whereby we pledge a lump sum of money as fixed deposit and there is no need to show any pay slip. Well, when the bank has a lump sum of money as collateral, why do they even need to know how much you are earning anymore?
If we do default on our monthly credit card bill, then they can just deduct the outstanding money including interest from our fixed deposit collateral. They are already holding our money, isn’t it?
Hello and welcome to my blog. I would love to receive your comments! If you wish to be updated on new content, do subscribe to my RSS feed on your feed reader or via email. Thanks for visiting!
Related 'MUST READ' posts:
