Monday, April 13, 2015

Lloyds Bank refused to give a credit card to an old woman

According to the media, a 75 old year lady was declined her request to issue a credit card by Lloyds Bank.

She has been a customer of Lloyds Bank for several decades, and has no history of overdrawn. She decided to have a credit card after her husband passed away. Her main interest was in the great protection on the purchases.

However, Lloyds declined her request for the reason of her age. A spokesperson told that this decision was composite of several factors, not based on only the age.

The Telegraph: 'Lloyds Bank said that at 75 I was too old for a credit card'

In general, it is obvious that the older age can be a risk of a bad debt. Based on this view, hesitating to permit a credit card for an old person is understandable. On the other hand, elder people get the pension regularly and are less likely to indulge in reckless spending activity. In this meaning, the elderly is safer.

In the UK, getting a credit card is much more difficult compared to in Japan as far as I have heard. The entrance investigation seems strict. So, many people use the debit card instead of the credit card. However, most of the debit cards do not equip privileges such as purchase protection she wanted to gain. The situation is similar in the US.

I feel it is a little strange that getting a credit card is difficult in such countries in which credit cards are very frequently used. In contrast, some Japanese are not accustomed to using a credit card, and some are fond of carrying a large amount of cash. I had also seldom used a credit card in shopping in Japan.

Basically, digital payment and loaning are a different matter. Current credit card services contain several aspects such as digital currency, online payment, loaning, insurance, and ensuring social status. Paypal, Bitcoin, and other payment methods are gradually encroaching the role of the credit card partially. However, these modern methods will not substitute the status of the credit card. In the near future, the credit card will remain as simply "the credit" itself.

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