Are Retirees being discriminated against by St George? If so, they should say so. Other posts show that other older persons are rejected giving rise that St George is discriminatory.
I applied for this card through Point Hacks on 12 July and was rejected instantly by whatever program St George use to assess/screen applications. I have never been rejected for any loan, credit card or loan application before and I have a credit score which places me in the top 5% (or so it told me when I did a check a week ago).
I applied for this credit card because renewal was due on my main Visa credit card which used to have a bank issued companion Amex card attached, which was withdrawn. However, the card fee for the Visa card was $250 with only a 0.5 earning rate per dollar spend – not a good deal.
Ok, my circumstances perhaps are a little unusual, but not that unusual. I am retired (70 plus years of age) with an indexed Government pension for life of nearly $80,000 pa after PAYG tax, own outright our house, have an investment/lifestyle property with an outstanding balance on an investment loan of only $67,000 (equity over $300,000 in the property – it pays its way) and with my wife have around $400,000 sitting idle in savings accounts. We also own over $30,000 of shares. We have no debts other than the small investment property loan. For our stage in life I would see us as comfortable. Our gross income is over $100,000.
My interpretation of what I was told when I enquired about reason for rejection was that their assessment said my living expenses were too high a proportion of my income. Well they are high, but the majority are discretionary (travel, dining, gifts etc). Their assessment does not take this into account, or the substantial readily available moneys we have in reserve (around $400,000) to meet any extraordinary costs. At my age, I am quite happy to spend nearly all the superannuation/pension that comes in, given we have substantial liquid reserves.
I do not bank with St George, so perhaps that was a factor. Or perhaps St George can’t be bothered with the older generation who are retired. After reading some other comments on this website, I see that other older people have faced the same problem.
My real concern (other than the shock and embarrassment of being rejected, which will be a temporary feeling after alleviation by a few good reds) is that now that I have been rejected for a credit card, how will it impact on any future application for a card and my credit rating?