If the norm is derived from an inner product (as, it would appear, in your case), there is the following standard geometric argument for the latter inequality.
Consider the following self-evident fact: \Vert x + ty \Vert^2 \ge 0, where t is a parameter. Now, the left-hand side is a quadratic function in t, i.e. a parabola, but the inequality says that this parabola has to lie above the x-axis (with at most one real zero).
(If it were to have two real zeros, there would be a distinct interval where the parabola would go below zero, thus contradicting our initial inequality).
The determinant of the quadratic function above is just \left<x, y\right>^2 - \left\Vert x \right\Vert^2 \left\Vert y \right\Vert^2, and expressing the fact that the parabola has no two distinct zeros is done by saying that this determinant should be smaller than or equal to zero, which is the inequality you need.