Plastic money not for all

While officials of credit card companies remain tight-lipped about the practice, stating that all approvals and rejections are done from the companies’ headquarters located elsewhere, a number of agents (those who fill application forms for credit cards) categorically stated that they have been instructed not to entertain applications from certain sections as past experience has shown that a majority of defaulters are from these groups.

Said Anmol S, an advocate who practices in the High Court, “I was not issued the card when I informed the agent that I was a lawyer. The explanation given to me was that lawyers, doctors without an allopathic degree and lower ranked policemen are not issued cards because they form the majority of defaulters.” Another resident of the city also said that his credit card application was rejected on the ground that he was a reporter.

Mrugesh Shah, an agent of a credit card company, said the bank normally does not issue cards to policemen below the rank of an ACP, lawyers and other self-employed people. “Yes, we normally do not fill application forms of these persons, including reporters,” he told The Indian Express

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Another agent who did not want to be identified added, “Past experience has shown that these sections have not paid back the money they spent.”

Premal Modi, an official of a credit card company, stated that it is just a policy decision taken by the bank that is being implemented here. He did not elaborate.

Your application may also be rejected if the area of your residence is “blacklisted” — that is if it is in a lower-middle class locality like Isanpur, Vatwa, Ghatlodia or Sola Road.

Credit card company officials, though preferring not to be quoted, agree that this has been the standard practice with all credit companies and is more or less a policy decision. They, however, added that in case of professionals (doctors, chartered accountants, company secretaries and others), the degree certificate is sought and in case of self-employed persons, an income tax certificate is required.

Plastic money companies, it seems, feel the most safe with salaried-class persons, having a reasonably high income, but also issue cards to professionals and businessmen provided they are satisfied by the documents submitted by them.

Almost all major credit card companies have practically flooded the city with agents in the past few months who have been urging people to file applications for a card. A number of discount schemes have also been announced by the companies.