Secured Credit Card - Letting go of RCBC's Instacard

Just in:

Dear Branch,

Good Day!

In line with issue reference number XXX, please be informed that branch may now release the hold out deposit of Mr. XXX for his Instacard account with card number XXX. Account was cancelled last April 18, 2017 and already completed the required 60 day holding period. The account of client do not have any outstanding obligation.

Thank you.

After reading so many horror stories about how people went through hell and back for their hold out amount to be released, I am so relieved that I didn't went through countless follow ups, calls and emails. All I did was to call RCBC's hotline, state my request, and patiently wait for 60 days clearing period to be over. Thank you RCBC!

My profile:

Php10,000 hold out amount
100% credit limit
Used for a 12 months installment purchase
Occasional usage, about twice in a month
Fully paid before due date
Was given a regular Gold RCBC credit card on my 10th month

With that, it's adios from me for RCBC's Instacard.

Secured Credit Card - RCBC Instacard - One Year Later

Update: Just got an email that my funds have been released! Yey!


Time really flies too fast.

I can't believe that in a matter of weeks, my Instacard from RCBC would turn one year old. It seems only yesterday that I've had my faith tested and have finally gotten my card.

The Bad

Since I only opted to have Php10,000 as my hold amount, I was given a Blue Mastercard with the same credit limit. Yes, it was 100% in my case but I'v read elsewhere that some were only given 70% to 80% due to the remaining amount acting as a maintaining balance of their RCBC account.

Usage wise, I wasn't able to fully utilize this card because of it low credit limit. A big chunk of it was used to pay for an officemate's phone in 12 months installment. I also had another secured credit card with BPI with a much higher hold out amount and therefore a higher credit limit. My Instacard just stayed on my wallet for most months of the year.

Since I'm still yet to request for the hold out amount release, I am hoping it would be a smooth one. I will update this coming March.

The Good

My Instacard was treated like a regular RCBC credit card in cases where I need to swipe it, even though I was not able to fully maximize its features. It's also  great that they have this notification feature where every swipe you make, you will know via a text message or an email.

They also have minimal waiting time when contacting their customer service hotline. Well, at least for me, and when compared to BPI's customer support which really sucks big time.

The Best

I'm not really sure if this was because of my on time and in full monthly payments, or the fact that I have applied several times for a second card, but I was given a Gold Visa card this January even though my card is less than a year old. The credit limit is substantial, and I am now able to use their Unli 0% feature wherein you can have any transactions be converted into 3 months installment.

Thank you RCBC!

Secured Credit Card - Getting My RCBC Instacard

Update: Funds are now released! Yey!


Finally! I got my RCBC Instacard! After deciding to apply for one last February 22, and having my qualms about it not being able to be converted into a regular credit card, my Instacard arrived at my office address yesterday, March 30. That gives about a month or so from application to approval to delivery. Not bad.

What is Instacard?

Instacard is a Secured Credit Card (SCC) from RCBC. SCC means you have to place a time deposit for a year and you’ll be automatically given a RCBC credit card of your choice, subject to time deposit amount range.

In my case, I opted to place a Php10,000 hold out amount. This means that the card I would be getting will have a credit limit of Php10,000 as RCBC offer 100% credit limit unlike BPI's version of it (Express Start) which only offers 80% - 90% of your hold amount. The good thing with BPI though, is that you can have it converted to a regular credit card after a year of usage (subject for approval of course). This information actually the reason why I also opted to open one with BPI.

Anyway, of all the cards that I applied for last February (I applied for eight, 2 were SCCs, got declined by 3, got approved by 1, while the remaining two have yet to do their credit investigation), this was the one that got delivered the latest. I've already got my PNB Essentials Mastercard, and my BPI Gold Mastercard (secured) so receiving this card is some sort of anticlimax for me. I have yet to decide whether to use this regularly or just keep it for emergency use. Since this is by far, the one which has the lowest credit limit, this I suppose would be the least used card.

'Til next update.

Secured Credit Cards - Testing My Faith in RCBC's Instacard

Image from dreamstime.com

Just last February 22 (Monday) I applied for RCBC's Instacard. Basically, it was a smooth experience. I went to the bank, deposited Php10,000, filled up some forms, and was asked to wait for two weeks. That's what I'm doing at the moment. While waiting, I Googled more about RCBC Instacard program and that's when I knew about long processing time, late delivery of the card, being unable to withdraw the hold amount, and similar horror stories.

I personally do not care about those. For me, as long as you are are using the card and paying for it responsibly, there should not be  a problem getting your hold amount back. What made me think twice about my application was when I learned that one cannot convert an Instacard secured credit card into a regular credit card, Sad, no? Even after several months of being a good payer will not grant you a regular one. For me, this is deal breaker since of course, every one needs some sort of upgrade at a certain point, right?

Still thinking on what to do now. :(

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.

What is 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.