I decided the SDFCU (State Department Federal Credit Union) Premium Cash Back card would be ideal as my "standard" card... 2% rebate applied at any amount to my balance, no foreign transaction fee and a real chip-and-pin.
So I applied.
They pulled Experian (757) and sent the DocuSign e-mail for me to read and approve numerous disclosures.
And they added "Please provide your 2017 and 2018 completed and signed tax returns to include all pages"
I have had a credit card with them for nearly 6 years. I've had no issues with them. Indeed, they periodically increase my credit limit and offer to lend me money for 6 months at 0% interest and no fee.
So instead of returning PDFs of my taxes, I asked them if this was just to verify my (large, but accurate) reported income to set the credit limit or if was an absolute requirement to get the card.
And they answered "All Self Employed, need 2018 and 2017 signed Tax Returns. All pages with Schedule C and D."
Now I understand completely that they can ask for whatever they want and turn me down for nearly any reason. But I also can decide it's just too intrusive to get a credit card. I did not have to do this 6 years ago to get my current credit card with them.
So I'm stewing about this. I'll update when something changes.
I’m in agreement with the others on this one. Two years of tax info? Come on. CCs are supposed to work for YOU, not the other way around.
Sorry they’re playing sooo hard to get!
I would cancel the app and be stuck with one HP. That is too much for a simple CC when you already have history with them. Just my $.02
Just repeating what most of the other folks chimed in.. Paystubs are one thing, but complete tax forms for 2 years after already having an established relationship... I'd pass on that... One of my CU's pulled the same stint on me for a CLI and I just withdrew my app... Deciding on moving the goalpost and a proctology exam for an established customer... No bueno...
I wonder if SDFCU would consider just moving some of CL from my current card ($14k limit) to the new one instead of extending additional credit.
If the concern here is verifying that my income supports the ability to pay, it would seem that keeping the same total exposure wouldn't require such a verification.
But I realize just because it makes sense to me doesn't mean it fits their policies...
As someone who is self employed I also get this request from time to time. I also refuse for CC. Loans yes.
i have also got the request for the IRS form (to verify income with the IRS). Again, I refuse for CC’s.