Applying for credit card, confusing letter

13 posts in this topic

Posted

I don't quite get what they're telling me or asking for in the parts I've underlined in red. I know they want a copy/scan of my id (passport and driving licence should do), but I can't tell if they need more. In the second marked text, are they asking for my previous address? That's what it sounds like.

post-8795-13543013581642.jpg

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Posted

Sounds like the commercial database told them that you live somewhere else.

I suggest you send them:

  • a copy of your passport, and
  • a copy of your Anmeldebestätigung

and tell them your last address (maybe that's the one the commercial database had?).

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Posted

Yeah, good point on the Anmeldebestätigung. What more do you know about this commercial database? Is it international? I lived in America for several years (and had a credit card there), and still have a credit card back in the UK, but I've never had one here. No idea which previous address to give them :(

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Posted

They mean the most recent one before your current one - technically, that's what "previous" means (as opposed to "past").

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Posted

The first highlighted sentence says that they noticed differences between the data you provided and the data they found when checking yours through mysterious credit agencies (?? Schufa?).

And yes, the second bit means that they want your previous address - if there is/was one (=falls vorhanden).

They apologize and ask you to use another payment method until things are sorted out etc.

OOps, sorry, lots of replies simultaneously.

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Posted

They only want your previous German address.

You haven't moved since you got here?

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Posted

I did have a previous German address, before I went to America, so I guess they've found that one :) Weird that when I came back here and opened a new bank account at a new address, that didn't get passed on to the database.

Thanks!! :D

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Posted

I applied for and have been approved for a German credit card, but have to send back the signed contract (with a very large reputable bank). Naturally I do my due dillegence and do a reasonably thorough read-through of the contract terms and additional information. Most of it is quite straightforward and what I expected.

However, in the additional information (Europäische Standardinformationen für Verbraucherkredite), there's a bit that confuses me, and I want to make sure that it's not just my non-native German:

Von Ihnen zu zahlender Gesamtbetrag

Betrag des geliehenen Kapitals zuzüglich Zinsen und etwaiger Kosten im Zusammenhang mit Ihrem Kredit

xyz EUR.

Bei dem Gesamtbetrag handelt es sich um die Summe aus dem Nettodarlehensbetrag und den Gesamtkosten. In diesem Fall setzt sich der Gesamtbetrag damit zusammen aus:

Nettodarlehensbetrag: abc EUR

+ Sollzinsen: def EUR

+ Sonstige Kosten: ghi EUR

GESAMTBETRAG: xyz EUR

Die Sollzinsen und sonstige Kosten (Gesamtkosten) werden nach § 6 PangV berechnet. Die vorstehenden Angaben zu den Sollzinsen sowie dem Gesamtbetrag erfolgen unter der gesetzlichen Annahme, dass die Kreditlaufzeit ein Jahr beträgt und der Kredit in zwölf gleichen monatlich wiederkehrenden Raten zurückgezahlt wird.

Does this mean that they want me to pay up front 1200 (von Ihnen zu zahlender...) as a guarantee, which they'll pay back after 12 months of service? This is not mentioned in the contract, by the way. If not I'm assuming that this is some sort of example calculation?

There's a reason why I'm doing this---to be able to make online payments in EUR without the double-exchange-costs and uncertainty of using my non-EUR credit cards---so I'd be willing to shell out short-term collateral, but I'd like to know if I'm misinterpreting it.

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Posted

I don't want to attempt to understand that (and likely misinterpret it), but I can tell you that the Amazon.de branded card I got (which is managed by Landesbank Berlin) had no such up front payment. Upon receiving the card, I got a €30 rebate that I could use on my next Amazon payment. The card (if I recall correctly, was free for the first year, and €20 per year after that). So I figured I got 2.5 years free (or 1.5 years if the first year isn't free). In 2 years I'll decide if it's worth keeping. I've been happy with it so far. No more long list of tiny (mp3) amazon transactions appearing on my bank statement, just one payment for the CC. Like you, I wanted a German based card (rather than use my UK card(s)) for the reduction in exchange fees, but also because it's good to have a card with 'this' address here. Too many problems trying to buy things with a UK based card and a German based delivery address.

My thoughts about your German text - are you sure it's not just telling you about the fees involved in not paying your card off in full each month? LBB are certainly keen on people not paying off in full, which certainly isn't "the German way" (or at least the Schwabian way). Seems like they're keen on people racking up debt, yes for the obvious interest reasons, but I thought German banks were better than that. I even had a call from them saying "are you really sure you want to keep paying it off in full each month?".

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Posted

That's what I thought, but the context is not at all clear, nor why they'd choose xyz as the amount to exemplify. I plan to pay it off every month, but I want some buffer against, e.g., work not paying me back in time for travel expenses, which of course would cost *me* interest but could head off other tightness.

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Posted

Ah! This appears to have to do with the PangV, which seems to require an annualized calculation of the interest to be displayed. So perhaps it is not collateral. The FAQ attached says:

Sind Sicherheiten zu bestellen und gegebenenfalls welche?

Nein, es sind keine Sicherheiten vorgesehen.

Sicherheiten seems to mean collateral, so they aren't asking me to pony up a guarantee.

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Posted

Does this mean that they want me to pay up front 1200 (von Ihnen zu zahlender...) as a guarantee, which they'll pay back after 12 months of service? This is not mentioned in the contract, by the way. If not I'm assuming that this is some sort of example calculation?

No, they don't want any upfront payment. It's just to make sure you understand that there will be fees on top of interest you have to pay. That is legally required standard information.

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