Infographic: Secured Credit Card

As a follow up to my post, I came across an infographic from iMoney way back from March 2015 which I believe is still relevant at the moment except for Metrobank's Save and Swipe program and Unionbank's secured credit card. I believe those two are not being advertise publicly and you have to visit a local branch or at least open or have a savings account with them. Worry not, here are two more banks where you can apply for a secured credit card. 

Security Bank's Fast Track Programme

Required Deposit for Hold-Out: Php 15,000

Limit: 80% of the hold-out amount

Conversion: No

More information here. 

Asia United Bank (AUB) Secured Credit Card

Required Deposit for Hold-Out: Php 25,000

Limit: 80% of the hold-out amount

Conversion: No

More information here.

BPI - More information here.
RCBC - More information here.

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. :)

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.

Extended! Multiple Entry Visa for BPI and BDO Cardholders and How To Get Yourself One

There was a time that I thought that gaining a single entry Korean visa is impossible, let alone a multiple one. I've also always thought that with way to much Koreans in the Philippines, it is really unfair that we Filipinos are given a hard time entering their country. Thanks to BDO and BPI, more Filipinos are able to get multiple entry visa for being a Gold or higher credit card holder. Yes, getting a credit card is still quite hard for some Pinoys but if you have the will, BDO (and BPI) have the way. :)

Here's some tips on how to get at least a Gold credit card with BPI and BDO.

1. Get a secured credit card. 

I for one did this trick. See my blog post here. In a nutshell, a secured credit card is a type of credit card wherein you have a hold amount as a collateral for the card. It functions like a normal credit card and is also eligible for the promotion. As of writing, you need at least Php75,000 credit limit. This means that your hold out amount should be at least Php94,000 as BPI promises a credit limit of  80%-90% of your hold amount. To make sure that I meet that point, I kissed my Php100,000 goodbye for a year.

BDO on the other hand is a different story. It is not that well known but BDO offers a secured credit card, they just don't have it publicly announced. You have to go to your branch of account and hope that a manager knows about it. It may mean opening a time deposit account. To have a gold credit card, its credit limit should at least be Php50,000.

2. Ask for a credit limit increase

This is applicable for those who has a regular credit card with BDO or BPI but in a lower tier. As soon as your card turns 6 months, you can request for a limit of at least Php75,000 for BPI and Php50,000 for BDO. Pray hard for it to be granted then request for a card upgrade to Gold. This was how my friend got his Gold BDO card. He was luckily given a Shopmore card with Php50,000 limit. He immediately requested for an upgrade upon receipt and after one month, went on to successfully secure himself a three year multiple entry.

This Credit Card promotion was introduced  way back in 2015 and is extended up to December, 2019! You can check it here in the Korean Embassy’s announcement section.

Cheers!

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 - My Journey to BPI Express Start

Aside from applying for RCBC's Instacard, I also applied for BPI's version of a secured credit card - BPI's Express Start.

Unlike RCBC's Instacard, BPI's Express Start can actually convert your secured credit card into a regular credit card after establishing yourself with good credit standing for a year or so.
Although your credit limit is only 80%-90% of your holdout amount versus RCBC's 100%, the prospect of having it converted into a regular credit card seals the deal for me.

So last February 25, I applied for a Blue Mastercard secured credit card. Initially I opted to place Php25,000 as my hold out amount. This amount would have my credit limit to Php20,000 or above. However, after reading something on the internet (which I would tell in the near future) made me change my mind and instead, I opted to place Php100,000 and request for a Gold Mastercard secured credit card.

Come March 10, 2016 (3 days after I received my first regular credit card from PNB), I received a text from BPI that my BPI Express Credit Card application was approved and the card should be delivered in 3-5 days time. I was not overly excited since I already have one regular credit card from PNB but nevertheless was happy as I will have a gold secured credit card with a higher credit limit.

March 11, 2016 - I got another text from BPI that my new card is on its way and I should expect 10 working days to arrive. Well, it arrived the same day but I was not at the office to receive it. Luckily the messenger left it to the guard to whom I left an autorization letter. Good job, BPI! For now.

The thing is, I was really hoping for a gold one as it would serve a bigger purpose in the near future but when I checked my Express Online account, I was dismayed that BPI have only given a Blue Mastercard. I immediately went to the bank and asked why this was the case. Is this because I originally applied for a Blue Mastercard and when I decided to apply for a Gold, the representative who assisted me just whitemarked the check on the Blue tickbox and then check the Gold tickbox?  Not even the manager know why I was given a Blue Mastercard considering the hold out amount I placed. She guessed that in order for me to have the Gold Mastercard, I may have to increase my hold out amount to Php150,000. I told her that I initially read somewhere that Php50,000 was enough as a holdout amount for a gold card. She then escalated my case to her superiors and inform me that she would call me for an update.

March 12, 2016 - I decided to call 89-100 just to confirm what the minimum hold out for a Gold Mastercard should be. The representative I talked to informed me that a Php75,000 credit limit is enough for a gold Mastercard. Since I have a Php90,000 limit, he advised me to visit my branch of account and request for a conversion.

March 15, 2016 - Coming from a graveyard shift, I visited my branch of account and asked for a credit card conversion form, filled it up and was told to wait 3-5 business days to be processed.

Dang.

It's a waiting game again for now.

Secured Credit Cards - Applying for BPI's Express Start

Image from www.bpicards.com/

After I applied for an Instacard and having reservations about their program, I decided to apply yet again on another secured credit card program this time with BPI's Express Start. The thing is, after learning that RCBC's Instacard do not up upgrade your secured credit card into a regular credit even after several months of being a good payer, I've decided to go to a similar program that rewards its clients for being a responsible card user.

Having an ATM Savings account in BPI Family Savings Bank, I decided to give it a try yesterday. Before doing so, I've read several blogs and noted that it is generally better than RCBC's Instacard program. Armed with my ID's and an additional deposit amount, I went BPI Family Savings Bank P. Tuazon branch (the one in front of Ali Mall). I initially went to one of their cash deposit ATMs and placed Php 13,000 so my hold out amount would be Php25,000. I then went to one of their representatives  and asked about the BPI Express Start program. The representative, in fairness, knew about the program but the way she handled or assisted me lacks the "eagerness to assist" attitude. I don't know if it because it nearly lunch time when I got there and there's so many forms to fill up which could delay her break, or the fact that I am just applying for a secured credit card with a low hold out amount meaning I'm not one of the elite customers who should be prioritized.

Being a customer support representative the past 3 years and 8 months, I understand the effect of having a great customer service which I didn't feel when I entered the place. Don't get me wrong, I am not expecting a grand welcome with red carpet and marquee and the like. Hehe. A simple smile, or a simple gesture like appreciating my interest in applying, and then asking me to wait while they finish the one ahead of me, would do. Sadly, nothing.

So when the representative asked me to photocopy my ID's (indeed I read in a blog that some BPI branches do not have photocopying machines or they just don't let you use them), I didn't return and instead went to look for another branch. Good thing I found one in Annapolis, across the Gateway Mall, Aurora Boulevard exit. I believe the branch was recently opened or renovated because everything just looks brand new.

I entered and I was instantly greeted with a warm welcome by a representative and was asked what I would like to do. Nice. I informed her of my intention to apply for a secured credit card was quickly assisted. She first informed me of how it works and handed me several forms to fill up. Since I already have an ATM Savings account with one of their branches, I was told that I no longer need to open one with them.

Just like applying for an Instacard, the process was smooth and quick, I chose to have Php 25,000 hold on my account and applied for a Blue Mastercard.

Here are the requirements:

1. Must be at least 18 years old
2. Must have a business or residence contact number
3. Completely filled out and signed Express Start Application Form (Available at the branch)
4. Completely filled out and signed Deed of Assignment (Available at  the branch)

It is important to note though that unlike Instacard whose credit limit is 100% of your hold out,  Applicants for BPI's Express Start may only  get a credit limit of up to 90% of his hold-out deposit amount. I also read that it is also rounded to the nearest five so a Php 10,000 hold out may have PHP 9,000 limit if you are lucky and at the worst, Php5,000. To increase it, you just increase your hold out amount.

After filling up the necessary forms, I was told to wait for 5-10 banking days for the application to be processed.

Again, I will wait.

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.