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Old 25.03.2011, 10:24
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Sign a general deed of pledge for a credit card?

I recently signed up credit suisse's bonviva silver package and am waiting for my FOC credit cards - then I was told that because I'm holding a L permit (though I have an unlimited contract and I've given them a copy and they have no problem with my income), I need to sign a general deed of pledge before the card company can issue the cards.

The pledge basically says that I grant the bank all rights to my assets in the bank and in the event there's a failure in payment, the bank can claim from my asset w/o my consent. It also allows the bank to hold my asset for 3 months upon card termination. And it extends to future obligations like mortgage, etc.

I find this very very strange for a credit card application. does anyone here has the same experience? should I sign this? Thank you very much in advance for the help.
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Old 25.03.2011, 10:27
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Re: Sign a general deed of pledge for a credit card?

Well I have to assume they have had their fingers burnt in the past.
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