Applying for a New Credit Card - Which of These Two Tactics Would Work Best?

GOCAT9 on 11/04/2018 - 22:38
Last edited 11/04/2018 - 22:57 by 1 other user

I want to apply for a credit card in my wife's name only so that she can get complimentary travel insurance whilst overseas. Currently, she has (and has never had) no credit cards at all as she uses supplementary cards on my account. She is not employed! To help get her over the line, a few months ago I set up a single account in her name to receive fortnightly rental payments from a tenant (about $300 p.w.). That would give her two last monthly statements showing this regular income. Also, about the same time (at least two statements back). I took $100k from a mortgage offset account in my name and dumped it in her account to make it appear she had some cash reserves etc. If she gets approved for the card, I will rip out that $100K and send back to the offset account. To get approved for the card she needs to be approved for a $6k credit limit.

So my question is: Do you think that there would be any GREATER chance of getting approval if we went into a branch of the bank and did it 'manually' with the help of an agent, or just do it online? Would/could it make a difference?

Financial

Comments

  • tsunamisurfer on 12/04/2018 - 13:08
    +2

    Shouldn't we encourage the OP to go for such a silly expensive strategy?

    The more money banks make from other people the less they are to close opportunities for Ozbargain people use to work the system.

  • jhmtaylor on 12/04/2018 - 14:00

    If you read the insurance policy you will find that it covers your family members if you purchase the travel using your card.

    • Kenb0 on 12/04/2018 - 15:17
      +1

      They have very specific wording on this. Usually it covers only spouses and dependents and only if they're travelling with you as the cardholder. Just something to keep in mind.

      Believe OP wanted wife covered when she was travelling separately which she won't be if OP had purchased the travel for her using his card. If she had purchased the travel for herself using her supp card however, she would be.

      • GOCAT9 on 12/04/2018 - 15:42
        +2

        ******NEWS FLASH************NEWS FLASH************NEWS FLASH************NEWS FLASH******

        Kenb0, what you said here is what I thought also, the primary card holder had to travel with the supp card holder for the sup card holder to also get cover…….

        *********************HOWEVER*************************

        Some other members opined that the supp card holder would be covered if travelling alone if the eligible spend for activation had been satisfied……………….SO………………..

        I checked it out with ANZ. They told me that if my wife has a supp card (they call it additional card), then she WILL be covered by travel insurance, if EITHER card has a spend of $250 or more towards her travel expenses (flights, accom, car etc).

        So, for $10 pa I can get her an additional card and then she does not have to apply for a card in her name only.

        IT STILL TOOK MY ORIGINAL POST FOR ME TO MAKE THIS CHECK AS SUGGESTED - THANK YOU!!

        I am almost certain that this was not always the case as I read somewhere that the primary cardholder had to be traveling with the supp card holder for the supp cardholder to be covered. Either this changed with ANZ or it applied to another brand card.

        MORAL: check with your card issuer 'just in case'

        • boomramada on 12/04/2018 - 15:45

          Cool story, now can you transfer your 100K to my account for two months?;)

        • GOCAT9 on 12/04/2018 - 16:19

          @boomramada:

          Right, great idea, just send me your account details for that!!!

        • Dangit on 12/04/2018 - 16:22

          @GOCAT9: Done! :P
          * currently awaits the 100k*

  • lainey13 on 12/04/2018 - 19:45

    Let me introduce you to an amazing concept… ANNUAL MULTI TRIP INSURANCE. you pay a few hundred dollars a year once. And you're covered for the whole year!

    • GOCAT9 on 12/04/2018 - 22:13
      -1

      Yes, that's an amazing concept indeed!, but I just saved a few hundred dollars EACH and EVERY year. I just signed her up for an additional card on my ANZ. That means she gets covered even when travelling alone, as long as we do eligible spend (just $250 towards travel costs)- that costs me just $10 each and every year.

      According to independent credit card travel insurance reviews, the ANZ one is one of the best apparently.

      Now, I could do the same with another card at the same time also. Nothing wrong to be covered by two or more policies AT THE SAME TIME. in THE EVENT OF A CLAIM, IT IS THEN POSSIBLE TO PICK AND CHOOSE BETWEEN THE TWO AS TO WHICH GIVES THE BEST BENEFIT FOR THE PARTICULAR TYPE OF TRAVEL INSURANCE CLAIM YOU NEED (woops, sorry capitals…). Yes, that IS legal! Just don't submit same claim to both!!

  • Geryatric on 12/04/2018 - 20:24

    Annual family policy

  • maxall on 12/04/2018 - 21:24

    Bank credit card policy may change anytime, we cannot keep up… don't bother

    • GOCAT9 on 12/04/2018 - 22:07

      In my experience, ANZ only change their's about once every two years- not hard to keep up with! That's why I keep a copy of the latest PDS in the cloud at all times, accessible from anywhere, anytime.

    • GOCAT9 on 12/04/2018 - 22:16

      so might ANY insurance policy!!

  • points4life on 13/04/2018 - 01:09
    +1

    You went through a lot of trouble for nothing… Amex for example tests income based on the total household income. Moving 100k around will make zero impact. By overcomplicating things you will only reduce your chances of getting her approved. Keep it simple.
    Also as a sup card holder and spouse of main card holder, chances are she's covered already even when traveling solo.

Login or Join to leave a comment
Login Join