Work for an airline, finance or realty co? Then no credit card for you..
Yeah, sad but true…
It seems just a few months ago when credit card companies were fawning over employees from these very sectors, offering cards, personal loans et al. However, with the change in the overall economic scenario, they are now adopting a hands-off policy when it comes to approving new applicants from the airline, finance and realty business.
As per the law, banks are prohibited from denying cards on the basis of profession, but there are numerous loopholes the bank can exploit. In fact, banks are even known to reject applicants staying in certain localities in different cities.
However, just as they are denying cards, banks would do well to keep the credit limit in check and monitor repayment schedules of existing customers, lest this gives way to a mountain of debt on account of inability to repay dues.
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