Just when I was going about minding my own business, my banker called to ask if she can have two minutes of my time. Respectfully, I agreed because I was curious what she wanted. I have never received a call from her other than when I was applying for a home loan. Since we concluded that transaction, I felt like we did not have a connection. On occasion she did not even action request I had asked her to do. It was indeed a surprise to hear from her.
From her introduction, I could see she already wanted something from me:
- She called me a prestigious client
- Offered me a credit card of N$20 000 which was already pre-approved ( funny how this amount is my savings threshold)
- She was just asking if its alright if she can go ahead with the application.
What surprise me is that I never applied for a credit card ( so I am not sure what she meant that it was pre- approved) and I really did not need one. So I turned down an offer with a lie (God forgive). I mentioned something along the line of we already make use of a family credit card ( not sure if such even exist).
This reminds me of the article I wrote about credit cards. If you do not know how credit card works, (please read it here) as we covered some basics around credit cards. We have also had some feedback from our readers about the use of credit cards.
Just like me, bankers can offer you all sorts of money that you really do not need. I do not blame them, they are in the business of selling bank products.After I turned the offer of a credit card down, she offered a personal loan. Which I respectfully turned down as well.
What is my take away from this experience?
- Accepting money you do not need will make you get into debt you have not planned. I need to buy a fridge and a washing machine ( read it here) and if I get a credit card I might just end up spending money from the N$20 000 monthly limit.
- Be ware of hidden fees in bank offers. Credit cards have various benefits which if looked at impulsively may make one think its a bonus. Yes, it can be but are you ready for additional initiation as well as monthly management fee and steep interest rates?
- Learn to stay away from temptations. Do not take a personal loan just because someone is offering you one. Let you decide when you need the money.
Be mindful of what people offer you especially when they start seeing your income levels as well as your spending pattern. They normally target people with a decent income level and low debt because that could potentially mean you are a less risky client.
Do you really need that money or simply just want it?
Think about it