Secured Credit Cards

[doooonna]

To all those who are under the Express Start Program (Secured CC)

1. Gaano katagal *** process ng application from the time na nahold *** deposit niyo? According kasi to 2 phonebankers na nakausap ko, 3 days lang daw usually. Sabi naman sa banch, 2-3 weeks. More than a week has passed na and wala pa rin pumapasok kahit application sa account ko Hindi naman ako nagmamadali but ayaw ko naman mag-antay ng hanggang 2 weeks tapos wala pa din pala nangyayari.

2. If TD *** hold-out how do I request for an increase sa CL? Magoopen ako ng another TD account?

Thanks!

[darkreize]

How much do I need to deposit to BPI or HSBC in order to get a secured credit card?

Are they going to determine my credit limit depending on how much I deposit?

Are they going to hold on to the deposit and give it back to you after a year with a full fledged credit card?

Sorry, I have lots of questions.

Thanks in advance for the answers.

[0711658]

How much do I need to deposit to BPI or HSBC in order to get a secured credit card?

Are they going to determine my credit limit depending on how much I deposit?

Are they going to hold on to the deposit and give it back to you after a year with a full fledged credit card?

Sorry, I have lots of questions.

Thanks in advance for the answers.

For BPI 10K minimum holdout, usually 80% of holdout yung credit limit mo. ie. if 10K holdout, 8K yung CL. Hanggat secured pa yung CC mo, di mo pwede galawin yung naka hold. After a year pwede mo iapply to convert your secured to unsecured, pag ok saka pa lang marerelease yung hold amount mo. Pero subject to approval pa yun.

For HSBC savings, I think 12k minimum hold amount, 80% of that din yung CL.

[darkreize]

For BPI 10K minimum holdout, usually 80% of holdout yung credit limit mo. ie. if 10K holdout, 8K yung CL. Hanggat secured pa yung CC mo, di mo pwede galawin yung naka hold. After a year pwede mo iapply to convert your secured to unsecured, pag ok saka pa lang marerelease yung hold amount mo. Pero subject to approval pa yun.

For HSBC savings, I think 12k minimum hold amount, 80% of that din yung CL.

^ Thanks sir.
What would be the requirements aside from the deposit?
Same ba sa normal CC? Mas madali ba maappove pag secured?

[PaperKrane]

Originally Posted by 0711658
For BPI 10K minimum holdout, usually 80% of holdout yung credit limit mo. ie. if 10K holdout, 8K yung CL. Hanggat secured pa yung CC mo, di mo pwede galawin yung naka hold. After a year pwede mo iapply to convert your secured to unsecured, pag ok saka pa lang marerelease yung hold amount mo. Pero subject to approval pa yun.

For HSBC savings, I think 12k minimum hold amount, 80% of that din yung CL.
^ Thanks sir.
What would be the requirements aside from the deposit?
Same ba sa normal CC? Mas madali ba maappove pag secured?

I applied for one kanina, sa BPI and I asked for a BPI Edge with the mini Edge card, na sabi naman nung nag-assist sakin is pwede naman daw and sure yung approval since may collateral naman yung bank.. Yung requirements eh mas konti kesa sa normally asked for a regular CC, I just brought with me a 1x1 pic, 2 IDs na sila na nag-photocopy, and yung Php 10k na holdout.. Yun lang! tapos 3 weeks daw processing, and tatawagan na lang ako ng BPI CC dept for other infos..

[darkreize]

I applied for one kanina, sa BPI and I asked for a BPI Edge with the mini Edge card, na sabi naman nung nag-assist sakin is pwede naman daw and sure yung approval since may collateral naman yung bank.. Yung requirements eh mas konti kesa sa normally asked for a regular CC, I just brought with me a 1x1 pic, 2 IDs na sila na nag-photocopy, and yung Php 10k na holdout.. Yun lang! tapos 3 weeks daw processing, and tatawagan na lang ako ng BPI CC dept for other infos..

Wow thanks. Makapagapply nga din.

Nagapply ako dati sa BDO with full requirements and may deposit naman ako sa kanila na atleast 30k and hindi naman sila nagreply. So I'll try and get a secured card first then build up my credit history from there na lang.

[darkreize]

Sorry for the double post, di ko na maedit yung nasa taas eh.

Yung features ba ng secured CC same as a regular CC? Like pwede mo gamitin for installments and deferred payments?

Kung hindi I'll stick with my 2 debit cards na lang pala.

[Charlie_StCloud]

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[reilied]

Sorry for the double post, di ko na maedit yung nasa taas eh.

Yung features ba ng secured CC same as a regular CC? Like pwede mo gamitin for installments and deferred payments?

Kung hindi I'll stick with my 2 debit cards na lang pala.

Same lang ang features ng secured CC sa regular CC. Yes. You can use it sa installments as long as kaya ng CL mo yung installment. Ito yung unang pinaggamitan ng secured cc ko. I don't know about deferred payments though. But as far as I know, same lang ang features nila.

After 6-1year of building credit history, paconvert mo (after 1 year) or apply ka ng bagong credit card sa other banks. Higher ang chances to get approved. Hehehe

[deeperdigger]

I used to have a secured card from HSBC. I initially deposited 10,000 and was given 80% credit line. Everytime i add to my savings, the credit limit also increased.

I cancelled the card at the time when I needed cash. I never paid a single fee for the use of the card (I requested for the annual fee to be waived).

At the time I was using the card, I enjoyed rewards such as SM Gift Check through rewards points system) and a free watch (HSBC then had a free Timex watch promo for new cardholders).

Good thing about secured cards is that the limit is dependent on how much you put on your savings.

[doooonna]

I used to have a secured card from HSBC. I initially deposited 10,000 and was given 80% credit line. Everytime i add to my savings, the credit limit also increased.

I cancelled the card at the time when I needed cash. I never paid a single fee for the use of the card (I requested for the annual fee to be waived).

At the time I was using the card, I enjoyed rewards such as SM Gift Check through rewards points system) and a free watch (HSBC then had a free Timex watch promo for new cardholders).

Good thing about secured cards is that the limit is dependent on how much you put on your savings.

Bakit sabi nila parang 6 digits daw 'yung deposit if HSBC? Kailan ka nag-apply for this one?

[darkreize]

Same lang ang features ng secured CC sa regular CC. Yes. You can use it sa installments as long as kaya ng CL mo yung installment. Ito yung unang pinaggamitan ng secured cc ko. I don't know about deferred payments though. But as far as I know, same lang ang features nila.

After 6-1year of building credit history, paconvert mo (after 1 year) or apply ka ng bagong credit card sa other banks. Higher ang chances to get approved. Hehehe

Thanks. I'm thinking of moving my savings from BDO to BPI.
Nag-apply ako ng CC sa BDO ng March kasi may deposit ako dun na 30k 1 year na di ako nagwiwithdraw.
Until now di parin sila nagrereply or tumatawag.
Baka denied na kasi BPO ang work ko, pero sinabi ko naman na regular ako. pfftt.

[exec]

I remembered my friend told me a few years ago that she got her credit card by savings account of P10,000 or time deposit of P10,000..(I am not sure).

How can I get this credit card through savings account or time deposit

BPI has a lot of names! like BPI family,savings,etc..Which bank will I go to?

[SuperOnyx]

^Go to BPI and inquire about BPI Express Start. Also, try backreading this thread or refer to this post by webniac -- http://www.pinoyexchange.com/forums/...1#post21547207

[0711658]

Has anyone tried having their Secured CC converted to a Regular CC before the first year?

I want to try after I pay full for this month. If i-refuse nila, I'll threaten to have it cut nalang, pero retain pa yung Time Deposit until matapos yung 6 months term niya. Think it'll work?

[katya_ph]

how soon can you cancel/convert your secured card?
may termination fee ba?
nakukuha ba kaagad *** cash na nakatime deposit pag nacancel na sya?

[ayamiharu]

got denied. sabagay student lang ako with a part time job. naiinis ako kasi yung mother ko na wala talagang trabaho e palaging inooferan ng mga credit card companies. wala syang savings account except yung BPI na Payroll na buwan buwan tumatanggap ng pension ng namayapa kong ama. 6 thou lang laman non every month. ako yung Savings ko with BPI umaabot ng 50 thou kada buwan including allowances from my mother in law. bakit ganon? dahil ba 22 lang ako at 49 na sya?

[synovial_19]

kahit pala secured CC nadedeny pa?

balak ko kasi magaaply next month ng BPI secured cc.. . May work naman ako kaso sa BPO industry.

[SuperOnyx]

^Sir/ma'am according to Bankard's website, guaranteed approval sila sa InstaCard. Check this out:

http://www.rcbcbankard.com/programs/...ard-instacard/

Hope it helps.

[rosannarose]

i received a new bpi card, its has the same limit with my secured card. is it possible to have 2 different secured cards under the same customer no.?