I did a search for 'Collateral' but nothing of use came up so apologies if i am covering old ground.
I arrived in mid October and have been employed from Day 1. I bank with BMO and today applied for a Rewards World Elite Mastercard (I easily meet the earning requirements) but was told i need to put up 125% of the credit limit as Secured collateral.
I have a number of UK Credit cards all with zero balances and good credit history (including some Mastercards) and have an Equifax report from early October to prove it.
Is there any way around this collateral requirement or to reduce it? The BMO worker said it would need to be in place for ever as i was not a Canadian Citizen, is this true?
I understand the banks' appetite for risk here are much lower than in the UK but i feel this requirement is rather extreme
TIA
I arrived in mid October and have been employed from Day 1. I bank with BMO and today applied for a Rewards World Elite Mastercard (I easily meet the earning requirements) but was told i need to put up 125% of the credit limit as Secured collateral.
I have a number of UK Credit cards all with zero balances and good credit history (including some Mastercards) and have an Equifax report from early October to prove it.
Is there any way around this collateral requirement or to reduce it? The BMO worker said it would need to be in place for ever as i was not a Canadian Citizen, is this true?
I understand the banks' appetite for risk here are much lower than in the UK but i feel this requirement is rather extreme
TIA