What is Secured Credit Card?
A secured credit card requires cash collateral deposit that becomes the credit line. Here are some of the Banks in the Philippines that offers Secured Credit Card with their cash minimum cash deposit and requirements:
BPI
|
RCBC
|
Security Bank
| |
Minimum Deposit Amount
ATM Based
Time Deposit
| 10,000.00
P 50,000.00
| 5,000.00 P 25,000.00 |
P 100,000.00
|
Requirements
|
¨ Must be at least 18 years old
¨ Must have a business or residence contact number
¨ Completely filled out and signed Express Start
Application Form*
¨ Completely filled out and signed Deed of Assignment*
*Available at any BPI/BPI Family Savings Bank branch nationwide.
|
·
InstaCard Application Form (form available at the branch)
·
Savings Account Opening Forms (form available at the branch)
·
Deed of Assignment (form available at the branch)
·
Valid IDs
·
Applicant must be at least 21 years old.
·
Applications for InstaCard will only be processed if the Applicant does not have a delinquent RCBC Bankard account. |
·
Must be at least 21-65 years old
·
Must have a business or residence landline number
·
Completely filled out and signed Application Form*
·
Completely filled out and signed Holdout agreement form** |
Credit Limit
|
90%
|
100%
|
80%
|
When I applied for RCBC Instacard I was told that it is possible that after a year of good credit standing, I can withdraw the cash collateral and RCBC will provide me a Regular credit card, BPI offers the same.
