What is a secured credit card?
A secured card requires a cash collateral deposit that becomes the credit line for that account. For example, if you put P10,000.00 in the account, you can charge up to P10,000.00 depending on the bank. You may be able to add to the deposit to extend your credit, or sometimes a bank will reward you for good payment and add to your credit line without requesting additional deposits.
What is RCBC Instacard?
RCBC Bankard InstaCard Table of Fees & Charges
|CARD BRAND||Membership Fee Principal||Membership Fee Supplementary||Monthly Interest Rate/Retail Monthly Effective Interest Rate*||Cash Advance Monthly Effective Interest Rate*|
|Black Card Dollar||US$5/month||Free||2.50%/2.53%||2.533%|
|Black Card Peso||P150/month||Free||2.50%/2.53%||2.533%|
|Diamond Card||P150/month||waived up to 3 Supplementary Cards, in excess P75/month||2.50%/2.53%||2.533%|
|Landmark Anson’s MasterCard||P60/month||P30/month||2.50%/2.53%||2.533%|
|Sta. Lucia Mall MasterCard||P60/month||P30/month||2.50%/2.53%||2.533%|
|Fully Booked MasterCard||P60/month||P30/month||2.50%/2.53%||2.533%|
|First Year Membership Fee||Waived|
|Returned Check Fee||P1,000/US$25|
|Invoice Retrieval Fee||P150/US$5|
|Card Replacement Fee||P500/P300/US$25|
|Cash Advance Fee||3% of cash amount availed of or P500 (US$10 for dollar cards), whichever is higher|
|Late Payment Fee||7% of past due amount or P200 (US$5 for dollar cards), whichever is higher|
|Installment Pre-Termination Fee (for Cards with installment features)||5% of the unpaid principal amount or P500, whichever is higher|
|Service Fee for Foreign Currency Transactions||3.5% of the converted amount representing the Bank’s service fee and any assessment fee(s) charged by MasterCard/Visa/JCB/UnionPay|
|Gaming/Casino Service Fee||5% of every transaction or P1,000/US$25, whichever is higher|
|Multiple Payment Fee||P40 for every payment in excess of 3 payments within a statement cycle in non-RCBC payment channels: Bancnet, BDO, BPI, CIS Bayad Center, Megalink, SM Payment Center, Unionbank|
|Over Limit Fee||Effective November 16, 2016, an Over Limit Fee of Php 500 (US$10 for dollar cards) will be charged on cycle day when the Outstanding Balance plus unbilled Installment exceeds the account’s permanent credit limit on cycle day. If an account has stand-alone Installment limit, the account will be considered Over Limit if the sum of the regular Outstanding Balance, Installment Outstanding Balance, and unbilled Installment exceeds the sum of the regular credit limit and stand-alone credit limit on cycle day.|
|Dormancy Fee||Effective January 2017, all active cards with negative balance, will be charged a Dormancy Fee of P200 (US$4 for dollar cards) or an amount equivalent to the credit balance (whichever is lower) if there is no activity for 24 months. Likewise, all blocked/closed accounts with negative balance, will be charged with a Dormancy Fee of P200.00 (US$4 for dollar cards) or an amount equivalent to the credit balance (whichever is lower) if there is no activity for 3 months.|
|Minimum Amount Due||The sum of (a) 5% of Total Amount Due or P500 (US$15 for dollar cards), whichever is higher; (b) Past Due Amount (if any); (c) Current Late Charges; and (d) Over-Limit Amount|
|If you pay any amount less than the Closing Balance/Total Amount Due or make a cash advance transaction, interest charge at the interest rate of your card will be computed on the Daily Outstanding Balance of your account (including any fixed monthly installment amount/s) from the date of the transactions until the end of the current statement period.|
For a call center agent like me who haven't worked for BPO industry for more than a year. It is really hard to get a credit card. I have never tried anyway. But then when I found out that BPI offers secured credit card for a minimum deposit of P10,000.00, I started researching about secured credit cards and all of the banks here in the Philippines that offers the same type of credit card.
Here's my experience when I applied for the RCBC Instacard:
December 23, 2016
I dropped by in the nearest RCBC bank in our place, after my work shift, which is RCBC Pala Pala branch just 5 minutes walk from my work and apartment here in Dasmariñas Cavite.
I already have a payroll account with RCBC but I was required to open a new savings account.
Here are the requirements:
- 1pc 2x2 ID picture (acceptable id's)
- 2 valid ID's
- Proof of Billing (must be under your name)
I filled up an application form for a new savings account and I deposited P5000.00. ( I decided to test the water first, because I'm also thinking about opening a secured credit card with BPI) I was told that I need to go back to get the new ATM on December 27, 2016 since it is holiday till Dec. 26. I was given an application for the instacard and told me to filled that up and return it when I come back.
I almost forgot to ask if I can still increase my credit limit by increasing my deposit but I decided to ask about it when I come back because the branch is celebrating their Christmas party and I don't want to take so much of their time aside from the fact that I'm already about to doze off and I still have work that night.
December 27, 2016
I came back to the bank and again was glad that I'm always first in the line. The bank representative recognize me that don't have to explain and just gave the application form that I filled up.
They gave me my RCBC Access one atm and atm pin and was told that I can now try and use it.
Then I was given some series of documents that needs to be signed and Oh boy does it have to be so many..
They said the delivery time will take up to 2 weeks but since it is holiday season I expect that it will take more than 2 weeks aside from the fact that it will going to be sent to my home address in Laguna, where couriers seems to be having so much hard time locating.
I asked them if I can increase my credit limit anytime by adding the deposited amount, and I'm glad they said yes. They said that I could just increase my deposit and then signed the holding agreement and they will just call the credit card department to increase my credit limit and I just have to wait 2weeks for the processing.
January 6, 2017
I received a call from my Mom that I received a letter from RCBC along with my bills. Then just that day that I checked my emails and found out that RCBC emailed me last January 5, 2017 informing me that the credit card is already being delivered and I should received it within 10days.
I'm so glad that LBC did find our home address fast and here it is.
I'm glad it really looks great and it doesn't show any signs that it is an instacard.