“Tolerance” banks in granting credit cards to university students

Students of students complained of the leniency of banks in granting credit cards to their children, university students who work alongside their studies, and receive salaries not exceeding 3000 dirhams, or in marketing bodies in the commission system, and they have no fixed monthly income.

For their part, two banks said that banks target all groups, as long as the conditions required to grant cards are met, noting that parents should educate their children so that they do not bear financial burdens that do not fit their income.

The students of students explained to «Emirates Today» that marketing representatives in specific banks have ways to complete such transactions, depending on a salary certificate that the student attends from his own workplace at a value of 5,000 dirhams.

They emphasized that the record of their children with the Etihad Credit Information Company is still free because they did not deal previously with any banks, and this is also in the interest of the student, as it gets the bank’s approval quickly.

They added that these banks do not require an account statement of the student’s income that works alongside his studies, and is satisfied with the salary certificate only, although among them who do not have a monthly salary, but a commission only obtained by every period, whenever he can achieve the marketing goal, whether real estate or others.

They demanded strict controls on banks regarding the confirmation of the student’s ability to pay, as young people at this age stage have no sufficient awareness, and they tend to imitate their peers.

For his part, the banker, Tamer Abu Bakr, said that “the salary certificate is an official document that some banks are satisfied with, in addition to the documents of identity and the valid residency, and others,” stressing that “banks are learning credible for each customer, but new employees and students who work part -time usually have no problems in that, they do not have previous dealings with banks, so that they appear in their credit report.”

He added: “As long as the customer attends a certificate of salary documented at the required salary, some banks are satisfied with them, while others ask for an account statement for the last three months.”

He continued: “There is an important role for parents in educating their children at the beginning of their work after graduation, or during their studies so that they do not bear financial burdens that do not fit their income.”

For his part, the banker Mustafa Ahmed said, “The mission of the marketing employee selling cards, and this is his primary work and targets all employees, as long as their monthly income allows this, that is, at least 5,000 dirhams, equivalent to 60 thousand dirhams annually, and what happens that some customers – in agreement with the Human Resources Department in his company, which is often a private party – attends a salary certificate with a value of more than his real salary, such as the salary of 3000 dirhams For example, he attends the use of 5,000 dirhams, and this often happens with new employees in the private sector, or university students who work alongside their studies, and they have official work permits. ”

He added: «The responsibility in these cases is common to the work authorities that must not be granted a salary certificate except with the real value that the employee receives, in addition to the bank that should not be satisfied with that, but rather to request an account statement from the client’s salary bank for a period of at least three months, to determine the reality of the monthly income.

He noted that many stumbling blocks in the cards product specifically come from this gap that employers and banks should pay attention to, because the repetition of the stumbling of the employees of any private company, affects its credit classification and removes it from the lists of banks for the authorities whose employees are allowed to take funds or loans, and on the side of banks, the Central Bank’s instructions must be taken into account that the customer does not download burdens that do not fit his income, and also on them, To spread awareness of how to use credit cards properly, and away from them in the event of an inability to pay, pointing to the importance of parents to monitor their children as well, and to inform them of the consequences of borrowing unnecessarily, and the danger of the beginning of practical life with debts and loans.

• Marketing representatives in banks who have ways to complete the card granting transactions, depending on a salary certificate attended by the student from his employer at a value of 5,000 dirhams.