Secured Credit Cards

comments, suggestions, experiences. thanks


  • KuyaDannyKuyaDanny Moderator PEx Moderator
    If you cannot get a credit card by conventional means, a secured card is a good way to start. Ideally, you should only have a secured card for a few years, during which you should be able to demonstrate that you can use your card properly (ie, staying within your limit, and paying your bills when due). When you have accumulated a good experience with the account, have it converted to a regular credit card.

    The only drawback I see with a secure credit card is that you need to put up money as security. Your money is tied up and unusable for as long as you have the credit card. Of course, it will earn interest, but maybe this is not necessarily the best use of your funds.
  • metropolitanmetropolitan the truth hurts, does it? ✭✭✭
    most issuers will not waive the annual and joining fee for secured credit cards like Metrobank, Equitable and UnionBank
  • bankerIIbankerII Member
    an unsecured credit card is too much a temptation for most CC holders based on feedbacks I get on CC problems, thus, a secured one could be a good "training ground" on how to handle credit.

    You may also want to evaluate your cost of funds.

    Another good alternative is the debit card w/c I find more useful and practical. ;)
  • ~shalala~~shalala~ kebs ko PExer
    different strokes for different folks.

    i have 3 CCs and no problems with payments and all. if you think that a secured card is good for your spending needs, why think twice? :)
  • chappy86chappy86 you have a choice! PExer
    thanks kuya danny.

    what banks has the best offer for you money...
  • chappy86chappy86 you have a choice! PExer
    ano ba requirements ng secured credit card?

    do i need to have a work?
    i do have savings...

    help naman dyan! thanks
  • webniacwebniac Member PExer
    in my case, nag BPI Express Start program ako.. bali ang kelangan mo lang ay pera na pwedeng i-time deposit sa BPI, in my case 15K pina time deposit ko, tpos 10K yun credit limit. ok na rin yun credit limit, kasi convenience naman habol ko hindi yun limit. ito pala yun first credit card ko, rejected kasi ako sa citibank tska sa regular card ng bpi kasi nung nagapply ako mga 5 months palang ako nag wowork, tapos first job ko pa kahit na 19K na yun sweldo ko. :)
  • bluesoda00bluesoda00 Salamat po!!! PExer
    it may not be one of the most attractive ways to invest your money but it teaches the power to discipline yourself. dahil alam mong hard earned money mo iyon kaya di mo hahayaang mawala yun para lang ipambayad sa utang mo. unlike regular credit cards that lurk you to spend more because of higher credit limits, religious ka nga nagbabayad puro minimum amount due naman. wala din. yung slef discipline may be there but not consistent - to many, lalo na yung natural na maluho sa katawan...
  • jay372011jay372011 Member PExer
    If you were rejected by citibank 5x and union bank 1x (approved na daw! just deposit 10k sa branch nila- ano kaya un!:rolleyes: denied pa din un in my book!:bop: :angry: :angry: :angry: ) like me; a secured credit card is a very good way to start. Just make sure you pay on time and then after a year puwede ka na magpalit ng status to a regular card. BPI ang first card ko - started secured - pero sinarado ko na din eventually. :mecry:
  • monarchrisingmonarchrising Better in Person PExer
    Would credit card/banks easily offer credit cards to employees of other banks... Hehehe...
  • monarchrisingmonarchrising Better in Person PExer
    Is it something like this PS Bank Money Card?
  • jay372011jay372011 Member PExer
    Monarchising - yes i guess so if you are a regular employee of a bank - why not? Im not familiar with PS Bank but ang alam ko BPI and Union Bank. Secrued Credit is also good to build up your credit standing with the banks so when you purchase a car or a home at least they have something to check or base on the approval or denial of your loan.
  • bluesoda00bluesoda00 Salamat po!!! PExer
    psbank money card is a perosnal revolving loan. at kelangan me existing credit card ka to avail this.
  • harukatenohharukatenoh Member PExer
    Sino na po dito ang nakakuha ng secured cards? Sabi kasi sa akin magdedeposit ako ng 10k (metrobank) o 12k (HSBC) tapos bibigyan daw ng credit card. Yung pinaka deposit mo na ang collateral. Tinawagan ko kasi yung Metrobank at HSBC, sabi nila may parang investigation pa daw bago sila mag-issue ng secured card :confused: May nadedecline pa ba dito? Iniisip ko kasi may deposit ka na nga na parang collateral mo na. Lastly, pwede ba nila i-hold na yung deposit mo kahit na declined ka (if ever totoo) sa investigation nila para bigyan ka ng secured card?
  • metropolitanmetropolitan the truth hurts, does it? ✭✭✭
    Kung saan mas maraming payment channels and methods na convenient sa iyo, yun ang kunin mo.
  • keenerkeener Moneymaker PExer
    walang kwenta yung sa hsbc. had mine for two years... i cut it and transferred my business to metrobank.
  • blueberrycheeseblueberrycheese six feet under PExer
    speaking of secured CCs, meron din daw ang BPI. any feedbacks po on BPI din? and update on metrobank or unionbank secured ccs?
  • haptop86haptop86 Member PExer
    share na man kayo ng experiences nyo for those people with such thing. hehe

    gusto yung sa HSBC dahil may rebates sa gas purchases kaso *** hindi alam ng agent nila yong program... power vantage daw...

    dito ko nabasa ang mga infos... dagdag kayo ha.

  • francis42francis42 Member PExer
    yup, meron pong secured credit card ang bpi.... i got mine 2 yrs ago(ndi kasi ** maaprove ng regular application, wala ** landline sa home that time)...

    18k *** timedeposit q and 10k ang naging credit line q. dinagdagan q na time deposit q pero ndi nila inincrease line q (sabi kasi nila increase amount in td= increase line), pero ok ***. may metrobank cc nmn ** (supplementary)

    then this year i applied for standrd char cc, and naapprove ** in less than 2 weeks, without needing to submit any documents *okay*

    the good thing is nung nakuha q bpi cc q ,may libreng jeans from f&h and sa standchar may free shirt from giordano nmn...*okay* at marami narin ** nareedem na meal courtesy of bpi cc :):):)
  • mariaburtonmariaburton i love airline promos! PExer
    hello francis 42, inde ko mahanap *** secured credit card site ng bpi and unionbank, inde ko kasi alam *** specific name ng card na un... please help

    m trying to compare the different ccs e. thanks



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