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Let me ask you this –

If you were the bank / credit union manager and I came to you for access to a large sum of money (via a credit card), but could not show how I was able to repay that money (because I’d only been working for myself for a short time) – would you lend it to me?

Your credit union managers’ response is not the result of the GFC. There are some people who can show you how the Global Financial Crisis was caused by people borrowing money, but who had no means to repay those loans. Oh, yes – they had good intentions – but the fact is – they couldn’t really repay it.

It all comes back to risk. Customer loyalty really doesn’t come into it.

So – the bank that is prepared to take the risk that your business might fail, and you won’t be able to repay the money – will give you that credit card and whatever else you wish – but you will pay the penalty by paying high fees.

Now, anybody that knows me well, will know that banks are not my favourite institutions but you have to remember that they’re a business also, and just like you, they’re there to make money. (their business is selling money) Regardless of how long you’ve been a customer – they have a duty to their share-holders to make sure that the money they lend (via credit cards, or loans) is repaid.

And while we find it terribly unfair sometimes, it doesn’t hurt to put yourself in the shoes of the bank and if you wouldn’t lend it to you (because you can’t see a good history of business repayments) – then why should they?