Photo credits: www.securitybank.com

Happy New Year, everyone! How are you? I know it will still take some time before this blog of mine grows but I've been seeing the number of people visiting my blog and reading my posts growing which really makes me happy! Thank you so much!

So today, I'm going to share again another experience which happened last December 29th wherein I applied for a secured credit card.

What is a secured credit card?

A secured credit card gives you the chance of getting 100% approved credit card without showing any proof of income in exchange for a cash collateral deposit.

Yes, you heard it right. It's 100% approval. Exciting, right? (well at least to me)

Anyway, so yeah, I always mention (almost in every blog post I make) that I do love online shopping, and it's really very difficult for me that every time I want to buy something, I always have to wait for my payday to come so that I'd be able to do so. Wherein sometimes, when I'm already about to buy the thing I want online, it's already out of stock which really makes me go ughhhh. (Girls, you know that feeling, right?)

Ever since I started working and have known more about the things credit cards can do, I've been really so mad about having it. Most of my friends have their credit cards already and whenever we go shopping, it was never difficult for them to buy the things they want. On my end, it was also never difficult because they volunteer and tell that I can swipe on their cards ('cause that's what friends are for haha!) but of course, it's still different if you have your own, right? Like, you get the chance to go to malls without asking them to tag along with you which I know sometimes also becomes a hassle, and also, sometimes (yes, sometimes LOL) I also get shy asking them if I could swipe on their credit card. I mean, sometimes, it really becomes a bother to them.

I'm a good payor (yes, I'n already declaring it). I'm that type of person people call as, "Hindi makatulog kapag may utang". Even though it's just a freaking PHP 5, I really do my best to pay it right away. This is also the reason why I think my friends let me swipe on their cards without thinking twice which honestly, is also a bad thing because ughhh NO ONE'S STOPPING ME FROM SHOPPING, DUDE.

When I started working as a CSR, that's where I had the idea of secured credit card and promised myself to have it soon before the year ends. I started working last June and started my failed attempts of earning money from August to October. When November came, I promised myself that I'll be earning money for real (even though I've said this multiple times already). And you know what? It happened!

I know the downside of having credit card, and honestly, it also scares me knowing that I'm this type of person who's really addicted to shopping. I can't help but think if this will really be a good thing or not. But yeah, this is really what I want, whatever happens will all be my responsibility (luh, haha!)

So yeah, I was initially planning on opening a secured credit card in Metrobank since according to research, they only offer PHP 12000 required deposit to be eligible for it. I opened a savings account on them last September and had a stable money in it, last November.

Before November ended, I went to the nearest Metrobank from my location (which was just walking distance) to inquire for a secured credit card. For the first time I did so, a woman assisted me with my concern. I asked her about the minimum amount needed as a collateral if I want to apply for a secured credit card. I was actually shocked (in my mind) that she doesn't have any idea about it that she had to ask the people around her about the thing I was saying (which I had already explained before she did so) before she could give me an answer. She told me that there's no minimum amount needed as they will just base the credit limit of my secured credit card to whatever amount I will give them as collateral. Her answer (which came from the other woman she asked) also shocked me knowing that when I did my research and read other Filipinos' experience about applying for SCC in Metrobank, they had a minimum requirement of PHP 12000. This gave me the idea that even the other woman she asked also doesn't have any idea about it. I didn't correct them anymore and left the place disappointed for I haven't gotten any proper information about their SCC.

The next payday, I went back to the same Metrobank branch to deposit money in my savings account. During that time, the guy, which I inquired before when I applied for a savings account was there. I knew he would answer my questions properly that time since he was in charge of assisting customers who have inquiries about them.

I was actually very happy with how he accommodated me with my concerns. I didn't see any questioned look when I asked him about SCC (the minimum amount needed, and requirements). What saddened me was when he told me that the minimum amount needed for so is PHP 20000. I was like, "What? I thought it's just PHP 12000?" in my mind, of course. Maybe it updated? I don't know. Most of the experiences I read before were around, 2004-2012 so I'm guessing they changed it already. He also told me that I don't need to bring anything (aside from the PHP 20000 needed) because I already have a savings account with them.

So here's how it goes, say for example I already have PHP 20000 in my savings account, then I can have them holdout the money in it and they'll process my credit card application. But say you don't want to use the money in your savings account, then you would have to bring money and open a savings account (i.e passbook or ATM account). Does it make sense?

Anyway, I went back home feeling frustrated that time because I was already expecting to have my credit card soon. I only have PHP 13000 ever since I started saving money seriously and that's still way far from PHP 20000 (ugh).

I did more research about other banks offering SCC right after that. RCBC's SCC kind of attracted me because of their very low minimum amount offer, which was just worth PHP 5000. But right after reading bad reviews about them sending late notices on their credit card holder's bank statement, I changed my mind. I also inquired once in BPI, they also offer a very low minimum amount (PHP 10000) which attracted me to apply to them. But when the woman I asked told me that I should apply on the nearest BPI in my place, I changed my mind. I was not yet very familiar with the place I'm living right now, that's why.

The next bank I tried was Security Bank. It's our company's bank so I knew I wouldn't have any hard time applying on them and when I visited their site, I found out that they only require PHP 15,000 if you want to be eligible of their SCC. The only problem I encountered with their program was their requirement of landline number because apparently, I don't have one. Lucky enough, they didn't ask me for it when I applied.

Their program is called Fast Track Secured Credit Card.

For more information, just click here

On December 29th, right after my shift ended, I went to Gateway Cubao as one of their branches is located there. If you don't know where it is, it's beside the National Bookstore which is also just in front of Cubao's banchetto.

As I went inside the bank, a woman assisted me with my concern. I first asked a few details about their Fast Track Program, which luckily, she was very aware of. She told me I just need to open an account on them and deposit a minimum of PHP 15000 in it. They're going to holdout that money for as long as I have the credit card. She only told me that I need a valid I.D. when I asked for the requirements. Just like what I said earlier, I was lucky enough that they didn't ask for a landline number. After asking her a few details about it, I told her that I'm going to apply in the said program.

Right after I gave my I.D., she also asked for my TIN. I gave her my company I.D. since that's where my TIN is written and when she saw that I was working under the company which is in partnership with theirs, she said, "Oh, dito ka pala nagttrabaho?" (So you work here?). I just smiled and said yes as she continued assisting me. I asked her if I can have my holdout money saved as Money Builder (one of their offered savings which has high interest). She told me that it's fine but they're not going to give me the passbook of my savings since that will stand as my collateral. She continued with saying that I will have my own ATM card where I could deposit and withdraw money from my Money builder account if I will be putting money, other than my holdout money, in it. I agreed, of course. She asked me to sign a paper (you know that paper where you sign three times whenever you open an account. Idk how you call it). Right after I signed, she gave me their credit card application form and asked me to fill it out. It's their usual credit card application form if you're going to apply for a regular credit card. I thought there would be a difference but it's the same.

I chose MasterCard Classic on the application form since I know that, that's the only credit card I'm eligible of knowing that I only gave them PHP 15000 as holdout amount. They had two other options which were, MasterCard Gold and MasterCard Platinum. By the looks of it, it already gave me an idea that it's not for me that's why I didn't bother knowing more about it.

While I was filling out the form I was asking the woman assisting me more details about their SCC. I will just put all of the details I got, right after I share my experience since it'll be easier that way.

Right after I filled out the form, I was asked to go to the next table. A girl was sitting in there and she assisted me in opening my Money Builder account. She first asked me to sign the photocopies of my valid I.D., and the holdout agreement form. The agreement form was a bit long that as much as I wanted to read it, I didn't and just signed the paper. When I was done signing all of the papers, she asked some details about me, such as my birthday, where I was born, my current location, and such. We had a little chitchat while in the process. The girl was still young, I think she was the same age as me.

When she was done asking me, she told me to go to the teller and deposit the amount worth, PHP 15000. She even reminded the teller not to give the passbook to me because that will be my collateral. When I was done with the teller, I went back to her and asked for my ATM card. She gave it to me right after. I went back to the woman who assisted me with my credit card application and asked her if that was all. When she said, yes, I asked a few more details about SCC before I finally left the bank.

The whole process took me about 1 hour. Banking hours on that branch was only until 5:00 PM but I was there from 4:30-5:30 PM. The bank was not crowded that time since it's about to be closed that's why they could assist me right away.

And that's it for my whole experience! About my credit card? I haven't received it yet. I'm expecting to have it a week or so from now. I don't know. I'll keep you posted about it. I'll be giving an update here so stay tuned!



I listed down some of the questions I asked the woman who assisted me with my SCC application, just in case you're curious about knowing it.

Is secured credit card different from a regular credit card?
- SCC runs the same as how regular CC goes. There's no difference at all.

How much is the minimum holdout money for Fast Track Secured Credit Card?
- PHP 15000

What are the requirements?
- Must be 21-65 years old. Valid I.D., landline number, TIN number (remember that this will not apply to all. Mostly, it will still depend on the bank branch staff. As for what I shared earlier, they didn't ask for my landline number (which was indicated on their site as one of their requirements), instead, they asked for my TIN number (which was not a requirement on their site).

How long does the process take?
- 5-7 banking days (not the same as what's showing on their site). The woman also told me that it will still differ from time-to-time.

How much will be my credit limit?
- 80% of your holdout amount. (So as for mine, I'll have PHP 12000 as credit limit)

Until when will they holdout my money?
- Until your credit card is active.

What if I want to increase my credit limit? Will they allow it?
- Yes, but you would have to also increase your holdout money. Please do remember that you still need to ask and inform Security Bank staff about it. Don't expect your credit limit to increase once you added a specific amount in your savings account.

I want to cancel my credit card, will I be allowed to do so?
- Of course, it's your right.

Will I be able to get the holdout money right away once I ask for credit card cancellation?
- No. You will have to wait for 30 days for the process as the bank will also check all the transactions made using your credit card (if you have late payment dues, unpaid debts and such). Because if you have such, they will deduct it from your holdout money.


UPDATE

I already got my secured credit card! Yup, last January 26th, although it got approved last January 20th, the delivery took days. It's still inactive though because I haven't called their customer service to have it activated.

So, about the process just to get it? It was the worst! Security Bank's customer service was the worst, istg! I had a few issues before I got my SCC application approved. Problems were about the incomplete home/company address and my hold out agreement form. I should've gotten my SCC earlier but because of their customer service and their super delayed replies, it took me almost a month. Ugh.

Will I recommend you to apply for an SCC in Security Bank? Still, yes. I haven't had any problem about my application aside from their bad customer service but yeah, I think it's still good to give it a try.

Questions? Wanna share your SCC application experience? Write it down or contact me.

xx