Secured Credit Cards - BPI Express Start No More.

3 months of no posts. Sorry, I have been busy with Netflix lately and Game of Thrones season 7 really sucked that I didn't post my spoilers (will blog about that later though. :)

Anyway, looking back at my posts here and here, I'm surprised to know that it has been more than a year since I availed of this program from BPI.

My BPI secured credit card started February 2016. With a hold out amount of 100k, I was given a gold mastercard, which at that time only sole purpose is to secure myself a 3 year multiple entry visa to South Korea. Fast forward 1 year and 8 months later, I'm glad to blog about that it is already a regular credit card! Yey!

It happened September 2017. Ideally, you should wait for at least a year to have your hold amount be released and your card to be reviewed for retention. I believe a year is enough for BPI to review your credit card usage and payment history for them to deem you worthy of a regular credit card. Through unavoidable circumstances, I waited another 6 months to have my funds be released.

Here's my profile:

- BPO employee for 5 years at the time of request
- 50% credit limit monthly usage
- Full and on time payment history
- Zero balance at the time of request

My hang ups:

- Nature of employment - there's always this stigma of BPO employees not having a stable work tenure
- Annual salary - I would not disclose but I believe I do not meet the requirements of a gold card
- Horror stories I've read in forums on how hard it is to have your funds be released

Anyway, if I remember it accurately, I applied to have my funds be released and the card be retained last September 4, 2017. I went to my branch of account and brought along a valid ID, my latest ITR, three months payslip, three months statements of account from a non BPI credit card of at least 1 year, and a proof of billing. Yes, I am ready! LOL. A representative from my branch of account, Annapolis (which is a very lovely branch, and not a busy one) took all of the documents I have brought except for the proof of billing (which, later on would be a bad idea). I was given a form to fill up and sign, and... that's it. Very easy no? I was then told to wait at least a month although I conditioned my self to two months because of the horror stories.

Fast forward a week later, I was called by the representative to submit a proof of billing. Wait, didn't I brought it along and was told that it wasn't needed? It took every bit of restraint and willpower I have not to lash out after hearing this. Since I was at their mercy, I just politely informed them that I will forward it to them the same day. At that time, I also received a letter dated September 8 from their credit department asking for the same document.I just took it as a positive thing that at least my request is being processed swiftly.

Fast forward another week later, I received another call from my branch of account happily informing me that my request for my funds be released and my card to be retained was approved! Yey! A bit of the downside, my credit limit was lowered to 55k but it's a no biggie for me. I'm just glad that a bank, particularly BPI, trusted me to handle a regular credit card.

See, no horror story. What a relief. I guess it varies from one branch to another. I'm just glad that my experience with BPI Express Start was a smooth one, and hopefully this post may help others in one way of another. :)