Secured Credit Cards

[dooonna]

I noticed wala palang thread for secured credit cards

For those who aren't familiar with secured credit cards, these are CCs that require a hold-out deposit (SA/TD account) in your bank of choice Parang collateral siya. Okay 'to for those who don't have proofs of income yet or those who had bad credit histories because of cc debts. Credit limit is usually 50-90% of your hold-out deposit. Secured CCs are similar to regular CCs, 'yun nga lang, credit limit is based on your deposit and may naka-hold-out ka na money

Banks offering secured CCs:
- BPI (min. 10k)
- Metrobank (according to my contact from Metrobank, 20k na daw since Feb, but when I inquired thru email, 12k pa din daw)
- Unionbank (10k din yata)
- RCBC (5k with 100% credit limit, according to their phone banker)

My experience:
I just started with my first "official" work, so no proof of income yet, so I transferred some of my savings to BPI (less than 20k). I opened a passbook savings account (min. 10k deposit) and have my deposited money transferred to a time deposit account. Signed a couple of documents, like deed of assignment, & CC application form. May choice ka if you want the blue MC, Petron, and I forgot the other one na. lol So I still have my passbook with me kaya lang 0 balance since nakalipat lahat sa time deposit. Sabi sa akin, 2-3 weeks daw ang delivery ng card to my billing address, pero may mga nabasa kasi ako sa ibang forum na parang in 5 days, nadeliver na.

I'll update you mga sis kung ano na nangyari sa application ko & share your experiences as well

[mommy_lani]

hi sis,
i dont have any credit card yet. i tried na magaply before in different banks pero i dont know why pero hindi ako naaproved. Even sa BDO meron akong savings account dun pero hindi parin ako nabigyan ng credit card. Well ano kaya ang problema? sa BPI wala akong account dun but i tried na magaply ng CC and they asked me to open account nga for a minimum of 10k.

[dooonna]

^ As far as I know sis, sa BDO, usually nagbibigay sila ng pre-approved CCs sa mga clients nila with accounts with them especially 'yung may malalaking deposits sa kanila. 20k and up. And if mag-aapply ka sa kanila, mas malaki chance na maapprove if you have an account with them

Sa BPI naman, they asked me if gusto ko daw mag-apply sa regular CC, ako na 'yung nagdecline mismo kasi I want to start muna with a secured credit card And mas okay 'yan sis, kasi you can use naman the secured CC to apply for regular CCs sa ibang banks, maybe after a year or so

I've been reading forums regarding approval of CC applications and talagang walang definite na criteria kung paano sila mag-approve

[seTHer]

Good thing may topic na about this. I'm thinking of applying din for a secured CC maybe sa BPI kasi mas gusto ko banking nila. Pero mas mura opening sa RCBC? Totoo kaya yun?

sis papano yung sa BPI mo pala? may mga fees din ba?

[heavensent]

My application for a CC is currently in progress but if in case na di siya ma approve plan ko mag apply dun sa secured credit card sa BPI since andun na din naman account, pero I'll start sa 10k lang muna, 80% nun ang magiging credit limit ko, after a year naman then good payer ka mavaive na yung collateral eh..

[seTHer]

^sis heaven! 

dati ko pa alam tong secured CC kaso di ako makaipong ng 10k hehe. Pero plan ko next year kumuha na para makapagbuild ng credit. Yun lang naman gusto ko yung maging okay yung credit rating ko since  wala ako nun hahaha

[dooonna]

Good thing may topic na about this. I'm thinking of applying din for a secured CC maybe sa BPI kasi mas gusto ko banking nila. Pero mas mura opening sa RCBC? Totoo kaya yun?

sis papano yung sa BPI mo pala? may mga fees din ba?

RCBC 5k minimum sis, then 100% credit limit ng deposit mo, dun sa latest na alam ko ha. BPI, 10k minimum, 50-80% credit limit depende sa kanila

[seTHer]

pwede kaya yun dagdagan sis para tumaas credit limit? saka po sa rcbc alam mo ba ano requirements?

[heavensent]

^^depende pa pala yun, akala ko 80% na talaga, try ko nga mag inquire sa RCBC, layo naman kasi sa amin..

[aquacharly]

If 50-90% of hold-out lang, a debit card may be better? 

As for Cc with hold-out -- 
I got one for my kids' yaya -- coz she goes with them to buy school requirements. She also goes with my cook/long-time cleaner to do the grocery, when I have no time/am abroad.   
I use Metrobank.   

[seTHer]

^di ko kasi maramdaman ang effect ng debit card sis since para rin syang savings acct. mas okay na siguro ang secured kasi after a year if okay ang status mo eh maging regular CC na sya without the holding amount.

^^balitaan mo ko dito sis if ano mangyari sa visit mo sa RCBC. Meron dito sa amin kaso di naman ako makalabas agad ng bahay dahil kay baby.

[heavensent]

^I might call lang sis, di din kasi ako makalabas..

[aquacharly]

[/quote]

^di ko kasi maramdaman ang effect ng debit card sis since para rin syang savings acct. mas okay na siguro ang secured kasi after a year if okay ang status mo eh maging regular CC na sya without the holding amount.

After a year, if they see the run of your savings account -- sila mismo sa bank offer you their credit card.
But as long as a person has no regular income, IMO secured credit card lang lagi -- or, extension card. 

[seTHer]

^ i see. ganun ba sis, di ko na kasi natanong yung officemate ko dati if nabigyan sya regular CC.

[ayami]

Secured credit card user here I have 2 cards na kinuha ko nung college student pa lang ako. BPI and Metrobank both with 20K limit. Ang ayoko sa debit card di pwede sa online transactions e. Dati kumuha ako ng EON pero sayang naman kung regular savings lang mas ok kung time deposit mas mataas ng onti ang interest. Sa case ko, yung 26 thou na ininvest ko as TD para sa BPI ok naman at least may pera akong hindi nagagalaw agad, medyo magastos kasi ako e.

[heavensent]

^so yung parang collateral mo will still earn interest?

[ayami]

^yep. Kung Time Deposit option yung pinili mo

[heavensent]

^ano ba ibang option pag sa BPI?

[ayami]

Yung regular na savings account at TD lang.

[heavensent]

^ah ok sis, thanks

antay ko muna yung CC application ko if di na approve tsaka ko kuha ng secured CC