Utang | BDO Simple (SIC), BOC Cash (CIC) & PSBank Flexi (FPL) Cards : FAQ p.1

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  • mychard995mychard995 Member PExer
    edited August 15
    INFORMATION.
  • rhai7489rhai7489 rhai0704 PEx Rookie ⭐
    edited August 15
    INFORMATION.
  • michaelmpmichaelmp Member PExer
    edited August 15
    INFORMATION.
  • travel2987travel2987 Bananas! PEx Influencer ⭐⭐⭐
    edited August 15

    BDO Simple Installment Card – What to know?

    December 9, 2016 | MareeyaAside



    What I always loved about BDO is their perks and privileges, since high school days, I already dream of having a BDO Rewards Card. I don’t know why, I just loved the idea of earning reward points for every purchase I made. I think because it acts as a consolation for every funds I lose for all the expenses made. Pam-palubag loob ba. 

    So the first time I landed a job with a qualified salary to apply for a credit card, it is BDO that first comes to my mind. I hoped to apply for a BDO Shopmore Mastercard due to it’s perks during sale day in SM supermalls specially in the Department Store such as 10% rebate, 10% discount on top of the existing discount, additional SM Advantage points on top of the regular advantage points.

    I underwent the normal process of applying via credit card on the BDO webpage, I fill up forms, received a call from the agent, submitted documents, received a call again. then received a call again. What I can say is that you have to be patient in answering calls and repetitive questions, ginusto ko to eh. haha.

    One of the calls i received was the agent offering me to apply for another card on top of my application for BDO Shopmore mastercard, the agent said that the feature of the card is you can cash advance the 100% of the credit limit, and the credit limit was still of your choice. she asked me on how much would I want my credit limit to be, I answered, hesitating, “for approval pa naman yan di ba?” then i said i want Php 100,000 as my desired credit limit, not expecting but half- expecting that it would be approved. harhar.

    The timeline of the application can be found at the end of this post, but to cut the story short, my Shopmore application was disapproved and my Simple Installment Card was miraculously approved, sadly that the credit limit was only Php 20,000 php.

    I usually do not pay the whole price of my outstanding balance, I mostly pay slightly above my minimum due to further budget my finances. And what I love about BDO Simple Installment is that I almost do not feel the finance charge of my unpaid balances

    What i liked about BDO Simple Installment Card:

    • VERY low monthly interest fee (almost negligible).
    • Low annual membership fee: Php 1,000 only
    • full credit limit cash advance
    • Very easy cash loan process, all you need to do is to bring your card to any nearby BDO branch along with 2 valid IDs, fill up cash advance form and wait for the release of your money. you can do this multiple times a day as long as your credit limit permits. though the minimum amount of cash advance is Php 10,000.00
    • very low cash advance interest rate. check here.
    • Accepted anywhere a BDO credit card is accepted.
    • Very accommodating customer care even via email.
    • Mobile application that lets you track your expenses, payments, credit limit and outstanding balance.
    • Very accessible payment centers
    • 0% installment on almost all merchants that accepts mastercard.

    What I dont like about BDO Simple Installment Card:

    • No reward points
    • Low credit limit (my gross annual income was lot above the minimum required)
    • Not entitled to avail BDO Rewards card
    • Annual fee not waived for the first year, it is billed the next cycle after you activated your card.

    Purchases:

    • Small airconditioning unit at Robinson’s Appliance Center – 12 months 0% installment
    • Uratex double foam at Robinson’s department store – 6 mos 0% installment at buy now pay later promo scheme.
    • Worth Php 6,000.00 of anything at Robinson’s Dept. Store also under 6 mos. 0% installment.
    • Meals on malls, meals, meals, and meals again.

    The timeline for my application was

    • May 25, 2016 – applied on the webpage
    • May 26,2016 – received a call
    • May 26, 2016 – emailed documents
    • May 26, 2016 – received a call again
    • May 27, 2016 – received the final call
    • May 31, 2016- BDO Simple Installment Card Approved via email notification
    • June 1, 2016 – ^received a call for Shopmore mastercard – declined for I have not received an email of approval
    • June 17, 2016 – BDO Simple Installment Card deivered at home address.

    * I am not affiliated and is not paid for this review. This blog is purely of personal experience and opinions.

    Source: https://iyageezee.wordpress.com/2016/12/09/bdo-simple-installment-card-what-to-know/

  • julimuel19julimuel19 Member PExer
    edited August 15

    BANK OF COMMERCE

    CASH INSTALLMENT CARD

    Life Made Easy.

    Avail 100% of the approved credit limit anytime and enjoy low-interest rates at fixed installment terms.
    Easy way to get cash by visiting any Bank of Commerce branch nationwide for the over-the-counter
    cash withdrawal.

    • EASY AND RELIABLE CASH LOAN
      Lets you borrow cash anytime. Spend the cash on anything and pay in easy payment terms.
    • HIGHER CASH LOAN LIMIT
      Avail 100% of your approved credit limit. Minimum loan amount of Php20,000 per transaction.
    • CASH LOAN RE-AVAILMENT 
      Option to re-avail of cash loan anytime as the credit limit is replenished upon posting of payment. No need to re-apply.
    • EASY WAY TO GET CASH
      Over-the-counter cash withdrawal from Bank of Commerce branch nationwide.
    • EASY INSTALLMENT PAYMENT TERMS
      Option to pay at low monthly effective interest rates payable in 12, 24 and 36 months.
    • HOW TO AVAIL OF THE CASH LOAN
    1. Call Bank of Commerce Customer Care to activate your BOC Cash Installment Card.
    2. Visit any Bank of Commerce branch.
    3. Bring and present your active BOC Cash Installment Card and 1 valid government-issued ID.
    4. Accomplish the Cash Installment Form. Fill up pertinent details including desired loan amount and term.
    5. Receive your Cash.

    APPLY NOW.

    https://www.bankcom.com.ph/personal/cash-installment-card/
  • julimuel19julimuel19 Member PExer
    edited August 15

    EastWest Bank

    Revolving Credit Facility – What to know?

    https://www.eastwestbanker.com/info/businessloansFAQ.asp
  • froshie1froshie1 Member PEx Influencer ⭐⭐⭐
    edited August 15

    PSBank Flexi Card – What to know?


    PSBank Flexi/Money Card is the first and only collateral-free personal loan product with the flexibility of a revolving credit line and a fixed term loan. It provides customers access to day and night banking from hundreds of ATM machines.
    Revolving credit is a type of credit that does not have a fixed number of payments. The amount you can borrow decreases or increases depending on how much you have repaid. In a term loan, one is required to make periodic payments usually over a certain fixed period. With PSBank Flexi/Money Card, you can choose between 24 and 36 monthly amortizations.
    Prime Rebate

    Prime Rebate allows advance or excess PSBank Flexi Loan payments to earn rebates.
    This will effectively shorten the loan term, give clients a discount on your total loan amount, or even both.
    * The rebate is automatically applied to all new and existing term loans. The client does not need to register or enroll to get the rebate.
    * Rebates earned from advance/excess payments are computed on a daily basis – including weekends and holidays, starting on the date the payment is posted, and credited every due date.
    * Rebate is applicable to advance/excess payments for the total term loan amortization due
    How does the PSBank Prime Rebate work?
    Make an Advance Payment
    For example, when you pay five (5) days before your loan’s monthly due date, you will actually earn a rebate on a daily basis from the day your payment was posted to the day before your loan’s due date.
    Make an Excess Payment
    If you pay in excess of the amount required on your due date, you will earn a rebate on a daily basis from the date of posting up to the day before the next due date.
    ...................................................................................................................................................
    Product Features
    Credit Facility Revolving Credit Line and Fixed Term Loan
    Loan Amount Minimum of PhP20,000; Maximum of PhP250,000
    Loan Term 24 or 36 months
    Minimum Monthly Repayment 5% of the Total Amount Due of Revolving Loan availments or Interest Due or PhP500, whichever is higher + monthly amortization of the Installment Loan Availments.
    Interest Rate 2.5% interest rate for the Revolving Loan; 1.75% add-on rate for the Fixed Term Loan.
    Form of Payment • Over-the-counter at any PSBank branch nationwide
    • BancNet ATMs nationwide and BancNet Online for clients who have deposit accounts in these banks
    • Via PSBank Remote Banking for enrolled and activated PSBank accounts
    • Client-initiated deduction/debit from PSBank deposit account only
    Accessibility • Revolving Credit facility may be availed of from PSBank, Metrobank, Megalink, Expressnet, and BancNet networks nationwide and Maestro-Cirrus ATMs worldwide Term Loan facility may only be availed of from any PSBank ATM
    • BancNet Point-of-Sale (as debit card)
    • PSBank Flexi/Money Card Checks
    Release of ATM Card • Delivered via courier to place of work
    Turn Around Time 5 days
    Annual Fee PhP1,500 or 1% of the approved credit line whichever is higher.
    ATM Service Fee PSBank ATMs: PhP20.00
    Metrobank ATMs: PhP22.50
    BancNet, Megalink, ExpressNet ATMs: PhP30.00 per withdrawal; PhP1.00 per balance inquiry
    BDO & Cirrus ATMs: US$3.50 + PhP20.00 per withdrawal; US$1.00 per balance inquiry
    Credit Line Validity Renewable yearly
    Maximum Withdrawal per day PhP50,000 in all PSBank and Metrobank branches
    Checkbook For approved credit lines PhP50,000 and up, clients get one FREE checkbook upon request.

    For approved credit lines less than PhP50,000, clients can request for a checkbook at a standard cost of PhP165.00.
    Statement of Account You are advised of your account details via:
    • Paper Statement of Account (delivered to your preferred mailing address)
    • PSBank Remote Banking - Statement of Account in PDF and Loan Account Summary are available for downloading
    • Email
    PSBank Flexi/Money Card Activation Hotline You may call Customer Service at (02) 845-8888 anytime, any day.

    ...................................................................................................................................................
    Qualifications
    Citizenship : Filipino
    Residence : Philippines
    Age : At least 22 years old to 54 years old
    Source of Income : Employed or self-employed
    Work Tenure : At least 2 years permanent work status with 1 year tenure in current employer if employed or 3 years profitable in the same business if self-employed
    Monthly Income : At least PhP15,000 gross monthly income if employed
    : At least PhP30,000 net monthly income if self-employed
    Others : A cardholder (must for self-employed)
    : With residential landline or mobile number, business landline and email address

    ...................................................................................................................................................
    Documentary Requirements
    • Completely filled out PSBank Flexi/Money Card application form.
    • Photocopy of any of the following identification cards: Company ID, SSS, GSIS, PRC, Driver's License, Passport or TIN (plastic card type), Firearms License, NBI Clearance, Integrated Bar of the Philippines ID.
    • Photocopy of latest BIR form 2316, 2306, 2307 or 1700 for employed applicants.
    • Photocopy of latest BIR form 1701 or 2317 for self-employed applicants and Auditor's Report and Financial Statement with BIR Stamp.
    • Original copy of the latest credit card billing statement (with the client as the PRINCIPAL cardholder).
  • lunedilunedi Monday's child-fair of face PEx Rookie ⭐
    edited August 15
    PAGHAHALINTULAD:

    Anyway, I'm going to make a comparison between PSBank Flexi Loan card and BDO Installment card, for the purpose of viewers to have more options. 

    Disclaimer: For additional information, please be sure to check both of their Table of Fees and T&C. 

    I decided to make this comparison because in my group, there were comparisons made between PSBank Flexi Loan and BDO Installment Card. Nung marami sa amin naaprove ng Flexi Loan card, ang daming nag cocomment na "ang taas naman ng interest rate ni PSBank kasi 1.75% samantala kay BDO it's less than that" so napapa "oo nga noh" sila at nagsisisi na why they ever availed this Flexi Loan. I have this friend who has both PSBank Flexi Loan and BDO Installment Card, nakapag withdraw na siya sa Flexi Loan niya. Then nung dumating na BDO Installment card niya, she can't get over the non-waivable Annual Fee/Processing Fee/Renewal Fee ni PSBank na P1,500 whereas P1,000 ang AF kay BDO Installment card at waivable pa daw. 

    Disclaimer: I do not have a BDO Installment Card so for those who have it, please feel free to correct me should there be any misinformation/misconception/misunderstanding. They will be appreciated :) 

    My friend also told me na kay BDO Installment Card ay pwede daw mag request ng CLI every 6 months, she already called the CSR daw. As far as we both know, merun din CLI si PSBank Flexi Loan pero annually and it depends kay PSBank kung magbibigay siya ng CLI. 
    She told me that she will preterminate her loan by September and request for cancellation of her PSBank Flexi Loan card. She just doesn't like the 1.75% interest per month no matter how many times I told her na may prime rebates naman. She has ranted to me on many occasions about this that lead me to look up BDO Installment Card's fees and charges. Even the other people in our circle have regretted getting a PSBank Flexi Loan. 

    To the majority, yes may kataasan talaga ang interest rate na 1.75% interest per month. There are definitely other banks who offer lower interest rates. 
    However, this PSBank Flexi Loan is good for emergency cash. No need to reapply. And merun naman prime rebates. :)

    You don't have to use this card if you don't like its rate, you can have it cancelled. 

    I'm personally not affected with the interest rate kasi maraming beses na akong nadeclined sa credit cards and loans from other banks because I work in the BPO industry kaya thankful ako sa kung anong bank ang mag aapprove sa akin ^_^ I have limited options to choose from because of so many denials. 


    Pinagkunan:
    Pahina 5 ng sinulid ng Utang | BDO Simple Installment (SIC), BOC Cash Installmemt (CIC) & PSBank Flexi (FC) Cards
  • mychard995mychard995 Member PExer
    edited August 15
    PAGHAHALINTULAD:
    TERM LOAN COMPARISON 

    PSBank Flexi Loan 
    It offers only 24 and 36 months na parehas 1.75% interest rate per month.

    However, it does have a revolving credit line which is 2.50% interest rate. You pay the minimum amount. Wala siyang term. 
    Revolving credit is a type of credit without a fixed number of payments. The amount you can borrow decreases or increases depending on how much you have repaid. https://www.psbank.com.ph/content/personal-banking/loans/psbank-flexi-personal-loan-with-prime-rebate.

    5% per month or a fraction thereof shall be added on each unpaid installment or minimum amount due from its due date until fully paid

    BDO Installment Card
    It has more terms to choose from. 6, 12, 18, 24, 36 months. It has a monthly effective interest rate at 3% (many have overlooked this). Add-On Interest Rate/Month na nasa 1.30% or less depende sa term. 3% interest if no payment was made, or if payment made was lower than the total outstanding balance or if may Cash Advance as per https://www.bdo.com.ph/sites/default/files/pdf/FC_Installment-Card.pdf (VERY UNCLEAR SA AMIN YUNG CASH ADVANCE). 
    Pinagkunan: 
    Pahina 5 ng sinulid ng Utang | BDO Simple Installment (SIC), BOC Cash Installmemt (CIC) & PSBank Flexi (FC) Cards

  • julimuel19julimuel19 Member PExer
    edited August 15
    PAGHAHALINTULAD:

    OTHER FEES AND CHARGES (Disclaimer: Please check their website for additional info, naka down sa akin si BDO website at this type of typing so I'm only relying on a few screenshots saved from my phone)

    PSBank Flexi Loan
     Php 20 withdrawal sa PSBank ATM machine
    Php 27.50 withdrawal sa Metrobank ATM machine
    Php 30 withdrawal BancNet-member Bank and ExpressNet 

    Annual Fee/Processing Fee/Renewal Fee: Php 1,500 (non-waivable) 

    Pretermination Fee: FREE

    Per Annum %: since wala kaming makita sa entire site at pati dito https://www.psbank.com.ph/rates we're assuming na wala (additional input will be appreciated)

    BDO Installment Card
    Still need clarification kung merun sila withdrawal fees. Bago magdown ang BDO site, my friend and me couldn't find on the Installment Card page, sabi din ng friend ko wala daw kasama sa Table of Fees and Charges.
    However, may nakita kaming Cash Advance Fee sa page which says

    "Cash Advance Fee* 5% of amount withdrawn of P300, whichever is higher"

    "*Effective Interest Rate (EIR) for Cash Advance will vary depending on the amount of transaction made within the statement cycle. If you don't pay the full amount, it will incur additional charges on the next cycle date."

    This is unclear for us, na bakit may Cash Advance Fee ang BDO Installment Card, we do not know if yan na ba ang ichacharge kapag magloloan na (inputs will be appreciated).

    Annual Fee: Php 1,000 (waivable daw according to CSR, still need additional inputs) 
    Processing Fee: Php 300 (unclear din sa amin to, kung annual ba to, or kada magloloan)

    Pretermination Fee: FREE

    Per Annum Interest: 26.27% or less depende sa term (still unclear with this one also like kung kasama na ba siya sa monthly amortization, both me and my friend haven't tried using the BDO Online Loan Calculator yet so wala kaming masabi, still down padin BDO website as of now) 
    Pinagkunan: 
    Pahina 5 ng sinulid ng Utang | BDO Simple Installment (SIC), BOC Cash Installmemt (CIC) & PSBank Flexi (FC) Cards
  • julimuel19julimuel19 Member PExer
    edited August 15
    PAGHAHALINTULAD:

    Loanable Amounts
    LOANABLE AMOUNTS

    PSBank Flexi Loan
    Minimum is Php 20,000 and maximum is Php 250,000

    BDO Installment Card
    Minimum is Php 10,000 and maximum is Php 995,000
    Perks, Benefits, Rewards:
    pokemonaddict said:
    PERKS, BENEFITS and REWARDS

    PSBank Flexi Loan
    No reward points. Pwedeng gamitin yung card pang swipe just like a credit card, however, automatic na magiging revolving interest siya na 2.50% interest per month. 

    The best thing about PSBank Flexi Loan is its prime rebates. It says

    Prime Rebate allows customers to earn rebates or savings when they make advance or excess payments on their PSBank Flexi’s monthly due.

    • The rebate is automatically applied to all new and existing term loans. The client does not need to register or enroll to get the rebate.

    • Rebates earned from advance/excess payments are computed on a daily basis – including weekends and holidays, starting on the date the payment is posted, and credited every due date.

    • Rebate is applicable to advance/excess payments for the total term loan amortization due.

    • Prime Rebate is not valid for loans under a zero-interest rate promotion or program.


    So it seems na hindi applicable ang prime rebate sa revolving. 

    How does the PSBank Prime Rebate work?

    Make an Advance Payment
    For example, when you pay five days before your loan’s monthly due date, you will actually earn a rebate on a daily basis from the day your payment was posted to the day before your loan’s due date.

    Make an Excess Payment
    If you pay in excess of the amount required on your due date, you will earn a rebate on a daily basis from the date of posting up to the day before the next due date.

    Computation or interest of Prime rebate is not available to the public, hindi din alam yan ng mga CSR. It seems accounting department lang nila ang nakaka alam. 


    ----------------------------------------------------------------------------------------------------------------

    BDO Installment Card

    Idk if pwede pa siya gamitin pang swipe sa mga merchant stores with 0% interest?? Di ko kasi alam kung updated pa to https://www.ecomparemo.com/banks/bdo/credit-cards/bdo-simple-installment

    Anyways, pag ginamit ba siya pang swipe esp for straight payment, magkano interest rate niya per month? 

    Waivable daw AF nito. Pwede daw magrequest ng CLI every 6 months. Pwede gamitin si BDO Installment Card as reference card when applying for another BDO Credit Card. 

    Pinagkunan: 
    Pahina 5 ng sinulid ng Utang | BDO Simple Installment (SIC), BOC Cash Installmemt (CIC) & PSBank Flexi (FC) Cards
  • julimuel19julimuel19 Member PExer
    edited August 15
    PAGHAHALINTULAD:
    So BDO Simple Installment Card or PSBank Flexi Loan Card?

    Depends on which will meet your needs the most. 
    Both are good and have their own perks and benefits.

    Maganda sana kung pwede mag exceed ng Php 250,000 ng credit line kay PSBank Flexi Loan lalo na kung good payer ka naman at ilan taon din nasayo ang card. 
    Maganda din sana kung pwede magbayad ng loan thru Metrobank since Metrobank has more branches. They'll definitely have more applicants. 
    Maybe maganda din sana kung pwede din mamili kung revolver, 24 months term or 36 months term sa Metrobank ATM Machine instead of sa PSBank ATM machine lang.

    Pero ang napansin ko kay PSBank Flexi Loan, mas prefer niya ang carded na. Kahit 1 day old pa lang ang credit card, inaapprove niya. Kasi yung isa kong friend nung wala pang credit card, nadecline kay PSBank. Tapos nung kakareceive lang niya ng PNB cc niya nagreapply siya, ayon naapprove. The irony part was hinihingian siya ni PSBank ng SOA eh wala pa siya SOA kasi kakareceive lang niya ng PNB niya. Also the good thing about PSBank Flexi Loan is hindi siya mahigpit sa 6 month rule. 

    As for BDO Installment Card, I've read na mas prefer daw niya may existing BDO credit card na daw pero may iilan nakita kong naapprove at nabigyan ng BDO Installment Card kahit wala pa sila existing BDO credit card or credit cards from other banks pero may existing savings account na sila sa BDO. 
    Pinagkunan: 
    Pahina 5 ng sinulid ng Utang | BDO Simple Installment (SIC), BOC Cash Installmemt (CIC) & PSBank Flexi (FC) Cards
  • shamashu9shamashu9 Cute Member PEx Veteran ⭐⭐
    edited August 15
    INFORMATION NEEDED.
  • shipidoshipido Member PExer
    edited August 15
    INFORMATION NEEDED.
  • kathzkee07kathzkee07 Member PExer
    edited August 15
    INFORMATION NEEDED.
  • thermo2thermo2 Member PEx Rookie ⭐
    edited August 15
    INFORMATION NEEDED.
  • julimuel19julimuel19 Member PExer
    edited August 15
    INFORMATION NEEDED.
  • julimuel19julimuel19 Member PExer
    edited August 15
    INFORMATION NEEDED.
  • julimuel19julimuel19 Member PExer
    edited August 15
    INFORMATION NEEDED.
  • payki09payki09 Member PExer
    edited August 15
    INFORMATION NEEDED.

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