Secured Credit Cards

[onyxguapo]

^It's possible. I believe BPI was first to implement shared credit line for their cards.

[ice_913]

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.?

i think its a link card and its possible. i have a secured credit card also from bpi and its 9 months already. last month, i applied for a new card but i was informed by them that i already have a secured credit card so they cannot issue a new one for me but they offered a link card to my secured one but i opted not to.

[rosannarose]

i think its a link card and its possible. i have a secured credit card also from bpi and its 9 months already. last month, i applied for a new card but i was informed by them that i already have a secured credit card so they cannot issue a new one for me but they offered a link card to my secured one but i opted not to.

i see. so if ur planning to apply for a regular card they will not be able to grant it until you will cancel your secured card?

[johnplmc]

ayamiharu,

it seems na masyadong risky ang profile mo kaya ka siguro na denied.

Siguro din kasi wala ka pa work, even though may hold-out deposit ka sa kanila. Paano mo mababayaran yung utang kung wala kang regular source of income? kaya siguro ganun...

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?

[ice_913]

i see. so if ur planning to apply for a regular card they will not be able to grant it until you will cancel your secured card?

i guess so. but the recommended thing to do is to wait for 1 year then request for conversion of the secured card into an unsecured one. the csr i've talked to said, that the limit may or may not increase subject to evaluation.

[homebaseinvestor]

Dumaan ako s security bank kanina ang inquired kung meron sila Secured Credit card, mukha n naman tenured yun napag tanungan ko s new account pero she looks confured and doesn't know what is a secured CC. I would prefer to ask people here at pex for sure they know better. Meron b sila secured credit care? Thanks s mga mag re reply.

[raphael09]

meron.. ang tawag sa secured credit card nila eh "Sure Card"
80% din ang credit limit

[KuyaDanny]

PExers are more knowledgeable than bank employees about bank products? Kailan pa nagkaganoon?

[onyxguapo]

^Welcome to PEx KuyaDanny.

[undomesticatedme]

May CI pa po ba yung Sure Card?

[undomesticatedme]

Lurker, and read a lot of your very informative posts. Thanks PEXers.

Just out of curiosity now that I have a family of my own, excuse my "Maalaala Mo Kaya" post here, but back in 2003, Standard Chartered issued almost everyone in our call center (this was before call center agents were frowned upon by banks and probably the reason why this is now so) each a credit card. We were less than 6 months in production then, most of us still fresh from college, I was an undergrad, and I was 19. Needless to say, I was at the age of being totally wreckless and my credit standing meant nada to me at that point. First job, and just a few months into working and I get a credit card. I decided to SPLURGE. Long story short, I maxed out my card (35K CL), couldn't afford to pay everything off, and since the interest/charges were piling up faster than I could clear the balances, I decided to just stop paying. Wrong move, I know. It's now 9 years after and I am definitely paying the price of that costly mistake.

I am not expecting nor am I even hoping to get an unsecured card. Not at this rate because I'm sure I got blacklisted. However, I want to rebuild my credit standing. As I said, I have a family now, and I do know the importance of being responsible for my finances. And seeing this thread has somehow given me hope that I can still do it through the use of a secured credit card. I know it's not going to clear anything, but I wanted to somehow build my credit rating. I already took the first step of contact SCB so that I can pay off my previous debts, but it's been 3 months and I heard nothing from them regarding my balances and how to pay. Probably cos it's been 9 years? I don't know. But anyway, will this unpaid credit card debt affect my chances of even getting a secured credit card? I am aware from previous posts that BPI conducts CI so I know my chances with that bank are slim even though I have a savings account with them. I was just wondering if there is any chance at all that I will be turned down by all banks because of this unsettled balance?

Thanks for anyone's input.

[freelancer_babe]

@undomesticatedme - yep it will still affect your chances of getting a credit card again.

so you're entire balance with the SCB is not yet settled? i think nine years is not such a long long time for a bank to forget, unless there has been quite big change in management (which is unlikely to happen). why not try calling them via a hotline, or do an actual branch visit? sending email is not usually the best way to deal with most Philippine-based businesses.

once you have that settled, try applying for secured credit cards with other banks in additional/aside from BPI.

remember too, that you can also build your credit-worthiness some other way, such as maintaining a fat bank account for several months to a few years (and eventually get your first credit card from that same bank), getting a checking account going (and never issue bouncing checks) and even get personal loans approved in banks (but of course, pay the dues religiously).

[JamesAnnjo]

Hello, newbie here. I tried opening kanina sa Metrobank Colon (Cebu) ng Secured Credit Card. I think di alam nung teller kung ano yung secured credit card. When I explained to her about it, sabi niya na dapat may account daw ako sa Metrobank, and when I told her that meron akong account, sabi niya na di lang daw dapat 2k ang laman, dapat raw at least 30k yung ADB ko.

Inexplain ko siya about dun sa time deposit as collateral, tapos sabi ko pa na 100% approval yun, tapos sinabihan ko rin siya na di masyadong scrutinized yung application if secured credit card, sabi niya sakin na pareho parin daw yung process when you apply with a regulard credit card. So nagtanong ako sa kanya if hindi 30k yung ADB mo what is the alternative, sabi niya sa akin na magpresent daw ng ITR, Payslip, etc.

Pinapunta niya ako sa ibang brach Metrobank (Fuente Osmena) para dumeretso dun sa Metrobank Card office ata, and since na-confuse na ako sa mga instructions niya, I decided na sa RCBC nalang mag-open. Instacard nila. Buti pa dun mabilis lahat, in just 2 hours natapos ko lahat. ID lang hiningi sa akin tapos yun na. 2-3 weeks daw ang processing. Excited na to receive my card, however, I will still have to wait or 2-3 weeks. Ok na yun at least 100% ang CL mo. :-)

[cyrilbrian94]

Hi Guys! I'm planning kasi to open a secured credit card, san ba mas maganda magopen, BPI or Metrobank? Tsaka may age requirement ba sa BPI? sa Metrobank kasi when I asked, pde na raw ako since I'm turning 18 sa October. TIA!

[freelancer_babe]

I would prefer BPI over Metrobank, kasi mas OK ang service ng BPI overall.

I-isang card lang ang gusto ko sa Metrobank, yung M free mastercard nila, kasi nag-iisang credit card lang yun sa Pinas na walang annual fee. Pero di lahat inoofferan nito - usually yung mga existing depositors na nila (with huge amount of money sa bank accounts nila sa Metrobank) or yung mga may magagandang credit history sa ibang banks.

[cyrilbrian94]

^Noted, salamat! BPI na lang talaga since meron akong Savings account sa kanila, how about conversion into a regular card? sabi kasi sa Metrobank, subject to approval lang daw after a year, wala na silang hinahanap na source of income etc., na sa bpi ganun, kailangan may income ka, e student pa lang ako. Pero sabi nila, pde daw nila i release yung hold out mo pag maganda records mo.

[freelancer_babe]

Pag secured credit card, dapat hindi ka na hinahanapan ng income.

Baka akala ng BPI regular credit card lang ang inaapplyan mo? Tell the customer service that you want their secured credit card and you have funds available for hold-out deposit.

If things are difficult for you with BPI, then you are just left with Metrobank na lang. Most here think that BPI is strict.

But why do you want a credit card already as a student? Why not get a credit card later after you have gained a few years of work experience? Remember that you will need to pay an annual fee for the card too if they won't waive it (lately, this seems to be the case for many card users), and the fee isn't cheap - anywhere from P1500 to P2500 per year.

Can you just apply debit card? I think these cards are more suitable to your situation. It's generally easier to get one because the age limits for applying these cards are low (some cards are available for minors as young as 12 years old). Plus there's no annual fee/minimal annual fee to worry and I think most of these cards don't really require you to specify your BIR TIN. They work a lot like credit cards - as long as they carry either the VISA or Mastercard label.

[SuperOnyx]

I-isang card lang ang gusto ko sa Metrobank, yung M free mastercard nila, kasi nag-iisang credit card lang yun sa Pinas na walang annual fee. Pero di lahat inoofferan nito - usually yung mga existing depositors na nila (with huge amount of money sa bank accounts nila sa Metrobank) or yung mga may magagandang credit history sa ibang banks.

Actually meron pang isa, yung The Travel Club Platinum MasterCard by Allied Bank. Ang advantage nito over Metrobank M card is that it earns rewards points plus, just like a regular card, it's available for anyone who wishes to apply.

Please refer to this thread for more info: http://www.pinoyexchange.com/forums/...1#post63235733

[freelancer_babe]

Actually meron pang isa, yung The Travel Club Platinum MasterCard by Allied Bank. Ang advantage nito over Metrobank M card is that it earns rewards points plus, just like a regular card, it's available for anyone who wishes to apply.

Please refer to this thread for more info: http://www.pinoyexchange.com/forums/...1#post63235733

Ayos sana dumami pa ang mga no annual fee card. Para lahat na ng bangko sumunod na.

Teka it's platinum mastercard nga pala. Is it targetted sa very high income earners? I can't find any info doon sa link sa mismong Allied Bank (part of their website is down) at pati doon sa link na binigay mo.

Also, this can't be done on a secured CC arrangement?

[SuperOnyx]

^Hindi naman, 120k lang ang annual income requirement nya. Yung sa akin nga 20k lang ang credit limit.

Ang alam ko walang secured CC ang Allied Bank.

Sana nga madami ang mag-switch dito para gumaya ang ibang banks na mag-issue ng no annual fee CC.