Monday, February 22, 2016

Secured Credit Card - Applying for RCBC Instacard

After being rejected by BDO for a VISA credit card application (despite the years I've had my savings account from them and the Php100k plus money in my account), and the tiring application process I have to endure for credit card applications (think, requirements, payslips, ITR's, filling up application forms) for three other banks aside from BDO, and the time it will take for an approval, I finally decided to settle in applying for a secured credit card.

A secured credit card is similar to that of a regular credit card, the only difference from a regular one is that a secured credit card needs a hold-out deposit/money/collateral. You will be able to enjoy what regular credit card users get - installment schemes, discounts, reward points, etc.

In my case, I decided to apply for RCBC's Instacard program since their website recommend doing so when I was automatically declined from having their own regular credit card. I've had the same experience when applying online for HSBC and Citibank since I do not have an account with them much lest a principal holder of a regular credit card from other banks but only RCBC recommended applying for a secured credit card upon rejection for a regular card. Here's a screenshot:

This hurts. Haha!

You will then be redirected to this page when clicking  on the link to learn more:

Enticing. :)

100% Approval sounds really really enticing, doesn't it? I then went to the nearest branch I know which is near Farmer's Plaza to apply for one bringing with me a couple of valid IDs, ITR, payslips, and a certificate of employment so I was surprised when what they asked was a copy of a proof of billing which luckily I have one with (I intend to pay the bills but somehow ended up applying for a secured credit card.). They also asked for two valid ID's and a picture. I didn't have a picture of me but they said it was fine. For the official requirements, here a screenshot from their page:

I was then asked to fill up an application form,and sign a Deed of Assignment. I started a time deposit of Php10,000 which I intend to raise within the next few weeks to increase my credit limit. The process was surprisingly quick. I arrived at the bank at around 3:30 PM and was finished 30 minutes earlier. I was then told that the card should arrive within two weeks to my preferred mailing address.

For now, I wait.


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  2. Thank you for sharing such great information. It was very informative and has help me in finding out more detail about Credit Card Apply!

  3. Feeling sad im already applying instacard because until now i did recieve my instacard since march until now wala pa din gusto ku n tuloy iback out yung apply ko😠😠!!

  4. Sorry for the late reply. I hope you already received your card. :)


Be kind! :P