[Leanne]

I am applying for a credit card with the bank for $2500. I was told that because I am on the WTR visa, they would have to put a hold on $2500 in my savings account until I become a permanent resident. And I've got quite a bit of money that I've put in the bank with them. Is this hold for a credit card normal?

Thanks
:)

[IanW99]

I am applying for a credit card with the bank for $2500. I was told that because I am on the WTR visa, they would have to put a hold on $2500 in my savings account until I become a permanent resident. And I've got quite a bit of money that I've put in the bank with them. Is this hold for a credit card normal?

Thanks
:)

They did check that we had sufficient funds to cover the credit limit when we asked for the credit card, but there was no mention that we would need to keep the funds at this level.

At the time, we didn't even have that much money in the account and the credit limit was NZ$5K IIRC.

Of course, this may all be a new rule.

If you aren't happy with this then I would suggest you talk to them about it and point out the amount of money deposited with the bank, and if still not happy then go and talk with the competition.

Ian

[Leanne]

Thanks Ian!

[Caroline and Dave]

We had to put $10,000 on ours for the first year and we had PR but now they have allowed us access to it. This was because we work for ourselves.

[James 1077]

If you have the cash anyway then why not get a Westpac debit visa? That way it isn't a credit card but has all the benefits of one.

You'll need a Westpac account but they do fee free ones and I think the annual fee for the debit visa is $10.

[BkyMonster]

Or the Loaded cards from Kiwibank? Prepaid, reloadable Visa cards if you just need something to buy stuff online. Haven't tried them yet, but curious.

[kanatakiwi]

Hey Leanne,
yes you can take your business elsewhere! Kiwibank is NZ owned, which is kinda cool.
Hope you are feeling better, and found a clinic.
KK

[PeteS]

Have you spoken to the Migrant banking section at the bank you are applying to? This will be somewhere at the banks head office, not at a local level. We had this kind of trouble when we first got here and a few phone calls later all was ok and we got our cards. We pointed out that the bank had spent a lot of time and money to get immigrant bank accounts and then they don't give the immigrants the full banking facilities. If they really mess you around, find another bank.

[M-Squared]

BNZ has a good Migrant Banking department. 0800-ASK-BNZ (plug...). :D ;)

[Leanne]

Thanks everyone! I guess it's time to go and start calling around. Good idea about a prepaid visa card as well - never even thought about that one.

[urban78]

Hi Leanne,

One thing I noticed about banks here (from recent personal experience), is that if you can't get through with one, go see another ;)

When I first got to NZ with PR, I applied for a credit card and got declined due to "nil credit history" even though I had a job ect but 3 months later the same bank offered me one with a nice credit limit so go figure :uhoh :laugh

All the best,

Jen

[Gar1]

Hi Leanne,
When I first got to NZ with PR, I applied for a credit card and got declined due to "nil credit history" even though I had a job ect but 3 months later the same bank offered me one with a nice credit limit so go figure :uhoh :laugh


Sounds familiar,
Our first bank pre-approved a mortgage for us, but then declined our credit card application for much the same reason as you.

We took our business elsewhere.:exit