I know it has been asked a lot of time, but it is still a reasonable question to ask. As I am not getting why bunq is not providing credit/loans. Some say it is Morphium, but some also need to have these possibilities.
If I rent five cars in the months, I must have a lot of money on my account, just to deliver the deposit for the car. Which I get back again but the money is gone for some time.
If I order a lot of stuff online, because I’m living outside the big city, I sometimes also need to send something back again. I have to pay in advance for all these things, and other customers from other banks have the opportunity to use a normal credit card for these kind of transactions. They and I use the “in month free credit” for that. In the end of the month i can see in the transactions how much I have to have on my account. I think that Bunq can deliver Something nice here with the app that it won’t be overseen or maybe a automatic transaction.
But as I read, bunq doesn’t want that - why ? Isn’t it my decision how to handle the money ? Isn’t it my decision to work with loans and credit cards ?
It’s nice to have a lot of money on the bank account, but I use that money to invest in ETF, Robo’s or stocks, rent, pay my mortgage on the house etc. I don’t want to have thousands on my bank account which I can’t touch because of the above reason, it’s waste of money.
When I have to hold 10000€ as backup in my account for 10 years, I am losing 2189,94 € plus inflation. Conservative calculation with 2% per anno. Realistic would be 5-8% - but I don’t want to start a discussion about investing now.
It is a lot of money just laying around for something I sometimes use, and which is a normal use in other banks.
That is simply why I am not the main bunq user. If the above problem can be fixed, I am in immediately.
I use bunq a lot, but not for all my banking work, mostly because of the above. I pay a lot with it, but I always need to fill up with bank transfer or my credit card.
I think I’m not the only person having that problem, so why not starting up a talk for a real credit card or a realistic monthly overdraft with a fair pricing. Banks are taking 8-20% in arranged overdraft or in german dispositionszinsen, they earn a lot of money with that. I think this can be lowered down to 1-4%, when delivering bunq the right bank collateral. It could be a percentage of a average balance, another bunq bank account which gives you higher interest, which then will be used for these kind of transactions etc as a bank collateral account. Or a securities loan....
Let’s discuss the possibilities and what you think about that.
Please do not write: bunq doesn’t do that - as I know that right now.