RCBC Instacard ( secured Credit Card)

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?

You can get the RCBC Bankard credit card suited to your needs without having to wait for credit approval! It’s 100% guaranteed with no credit check regardless of your past credit history. Plus you determine the credit limit you want.

Enjoy the following unique benefits with your RCBC Bankard credit card:

• Low revolving fee of only 2.5% per month
• Low membership fee of P60 per month for Regular Cards; P150 for Premium Cards

 To get your RCBC Bankard, simply:

1. Choose the right RCBC Bankard credit card for you. See all RCBC Bankard credit cards here.
2. Go to your nearest RCBC or RCBC Savings Bank branch to open an InstaCard account. Applicants shall be required to open any CASA (Current/Savings Account) account in any RCBC Branch following the required initial deposit and maintaining balance.
3. Accomplish and submit the following required documents:

• InstaCard Application Form (form available at the branch)
• Current/Savings Account Opening Forms (form available at the branch)
• Deed of Assignment (form available at the branch)
• Valid IDs

IMPORTANT REMINDERS:

1. Applicant must be at least 21 years old.
2. Applications for InstaCard will only be processed if the Applicant does not have a delinquent RCBC Bankard account.
3. A minimum hold-out deposit amount of P5,000/US$2,000 is required.
4. The CASA amount indicated by the client for InstaCard application shall be put on hold and shall be subject to the following:
• The CASA account number and amount specified in the Deed of Assignment and on the application form shall serve as the security collateral and credit limit for the card.
• The hold-out amount shall be in effect until 60 days after the request for cancellation and until confirmed by RCBC Bankard.
• If credit card is cancelled, hold-out on the deposit can only be released after 60 days to allow posting of late billings.
  
5. Membership Fee is free for the first 12months and lower than usual for succeeding months.
6. Revolving interest rate is a low 2.5% for peso cards and 2.0% for dollar cards.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:

1. 1pc 2x2 ID picture (acceptable id's)
2. 2 valid ID's
3. Proof of Billing (must be under your name)

I was told that if I am going to use the meralco bill which is under my mother's name, I should provide NSO birth certificate of my mother and mine as proof that we are related  good thing I haven't cancelled my postpaid line with Sun Cellular and I still have a copy of my last bill and I had to go back later that afternoon because I left it in the apartment)

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.