11.12.2015

BPI Express Start Secured Credit Card for OFWs and Starters

By Nora

Do you need a credit card but do not have an Income Tax Return, a Withholding Tax Form and a Certificate of Employment and Compensation from a local employer?

You can apply for a Secured Credit Card. It's called "Secured" because you will give a security or a collateral to cover your debt in case you will not be able to pay. Your collateral will be your savings account deposit or your time deposit.

If you have to put up a collateral, why would you apply for a Secured Credit Card? 
So that you can build a good credit card history, and later on, you will be able to get approval when you apply for a regular credit card.

One of the few Secured Credit Cards being offered is the BPI Express Start. You can apply for this secured credit card at any branch of the Bank of the Philippine Islands (BPI) or BPI Family Bank.

What are the requirements?

1.  You should be 18 or older.
2.  You should have a valid photo ID
3.  You should have a contact number.
4.  You should be able to deposit at least 10,000 pesos and have the amount put on hold as collateral for your credit card.
5.  Bring these items in case required by the branch:
       Additional valid photo IDs
       Proof of address (water, electric,cable, insurance, or phone bill)
       1x1 or 2x2 ID picture
       TIN number (You can now apply for your eTIN online at bir.gov.ph)

How to apply for a BPI Express Start Secured Credit Card?

1.  Go to a BPI branch or a BPI Family Branch, and apply for a BPI Express Start credit card.

2.  You will be asked to open a savings account or a time deposit.
     The minimum deposit for a savings account is 10,000 pesos.
           It can be an atm-only account or a passbook savings account.
     The minimum deposit for a time deposit account is 50,000 pesos.

3.  You will fill up the BPI Express Start application form.

4.  You will sign a Deed of Assignment, assigning your savings account or time deposit to the bank as a security for your BPI Express Start credit card

How much will be your credit limit?
80% to 90% of your deposit amount.

Will your credit background be investigated?
Based on comments online, your credit record with BPI and BPI Family will be considered. Since BPI is a member of the Credit Card Association of the Philippines and the Bankers Association of the Philippines, your credit record with other banks might also be considered.

Does this mean not all BPI Express Start applications are approved?
Based on comments online, we think not all applications are approved.

How fast is the processing of the BPI Express Start Secured credit card?
Around 2 weeks. Can be longer.

NOTES:
1.  Note that all the Terms and Conditions for a Regular BPI or BPI Family credit card will also apply to your BPI Express Start Secured credit card.

2.  If your purpose in applying for a Secured Credit card is to buy a higher-priced appliance, be reminded that if your credit limit is low, you cannot use your credit card to buy a big appliance even if the monthly installment payment is within your credit limit.
    For example, your credit limit is 20,000. You cannot use your credit card to buy a LED TV worth 35,000, even if the monthly installment is only 5,000.   Why not? Because the merchant will charge 35,000 outright to your credit card, and surely, the credit request will be DENIED because the credit limit, 20,000, is not enough to cover 35,000.

    Many merchants also set a higher price for items charged to credit cards.

3.  Non-residents can also apply for this BPI Express Start Secured Credit Card. Bring your Alien Certificate of Registration (ACR), work permit or Accreditation Papers from your Embassy and passport or other IDs.

Another Secured Credit card being offered is the:
RCBC Bankard Insta-Card Secured Credit Card

17 comments:

  1. Btw I have some questions sana hoping na may maka answer. Hehe

    *When can I withdraw my collateral? (Afaik 80-90% of my collateral will be the CL correct?)
    *What kind of charges will there be? (Afaik 1yr free yung AF, pero after that magbabayad na ako ng AF around 1.5k I saw from BPI website, are there any charges like monthly charges? insurance per month?)
    *Are there any problems to watch out for? (Can you provide me some problems na pwede ko ma encounter)
    * How can I make the best use of a secured card to build my credit rating? (Afaik after good rating macoconvert na to a regular credit card correct? Then how can I make the best to build my ratings)
    *Can I manage my statement and monitor via EOL? (I am an avid user of BPI EOL may mga savings account kasi ako dun, makikita ko ba dun kung magkano nalang ang credit limit ko? magkano yung monthly na babayaran ko?)

    Thank you guys.

    ReplyDelete
    Replies
    1. Hi :) based on my experience with them,i applied for scc last Dec 12 they told me na it will take 2 to 4 weeks since holiday daw so ng follow up ako Jan 12 na, kya lng n misplaced daw ng head office un application form (meh) so i filled up another form Jan 12 2017, I was approved Jan 18, and got the card Jan 31. I would suggest n mg follow up ka. Kz from Jan 12 to Jan 31, wlng effort from them to inform u wats happening with ur application, nlman kong my application was approved nun nag call ako sa 89100 Jan 20. They told me na i dedeliver un s bahay, sbi ko okay antayin ko nlng. Then wlng dumating, nkareceived ako ng txt n failed delivery something frm Bpi so i called 89100 AGAIN to clarify the said text, and they told me it was failed dhil un courier d nkita un address, so ngrequest nlng ako if i can just pick up nlng sa branch, pumayag nmn so Jan 31 ng txt un bpi n na deliver n daw nila un card nun morning, i went to bpi mga hapon n and i got the card. Finally! My collateral is 10k, my cl is 9k. Feb 12 nag add ako ng additional 5k. My cl went from 9k to 13k (took them 4 days) bgo ng appear sa eol ko.
      I asked the teller about the credit score and how to earn it, sbi nya just make sure to always pay ur balance in full and as much as possible if hindi tlga kya byrn un full amount, wag muna gmitin until fully paid n pra maiwsan un carried balance (Previous balance on an account which is carried over to the next billing period) red alert n daw kz un sa credit score mo and it diff affect ur chance to get a reg cc after 1 year. Pro if wla k nmn plan to wait for 1 year (to get a reg card from them) in 6 months time frame pwede mo n i withdraw un hold amount mo, make sure wla kng bal( it will take one month ) bgo mgshow sa avail balance mo. I said this kz wen i got my 3rd statement billing.. pnsin ko may nagttxt/call n if intetested ako sa cc nila, my id, 3 billing statement and proof of billing lng daw need. D ko nlng pinansin lol kz prefrd ko Bpi kz wen in comes to cc approval cla daw tlga un pinaka maselan at mrming record ng declined application.. so pag n aaproved k with them alagaan mo na. Tska hirap ata ng mraming cc.. wen i got my scc, full brim kagad haha. Pro i paid in full nmn pgdting nun statement. Haha. Also they offer change of billing date kun ano mas ok sau. Un lng. Thanks!

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    2. Wow very informative & big help yung reply mo. Thank you so much!! :-)

      Ako rin in the future stick to one lang ako hehe I prefer BPI lalo na yung online banking nila.

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    3. Hi Jin: Thank you very much sa pag-share ng experience mo sa BPI. Very detailed. Useful info. This will help a lot those who are applying for a card and those asking about converting their secured credit card into a regular one.

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    4. Hi Chester: Yes, you can enroll your credit card into your BPI online account. Yes, you can see your credit card statement and details of purchases done after the statement has been issued. Just click the icon under "Details", rightmost portion. Yes, you can see your Available Limit.
      About charges: Merong finance charge kapag meron kang rollover, katulad ng nasabi ni Jin na carried balance. It's always wise to pay in full your Total Amount Due.
      About insurance: Minsan merong tatawag about credit insurance. Meron ding advantages ang merong insurance, pero huwag na lang muna siguro. Additional gastos din yan. Hindi rin naman agad nagbabayad ang insurance. Iiwasan din nilang magbayad. May mga investigations pa sila at maraming restrictions.

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    5. Hi :) Just an update :) i now got my regular citi credit card using my secured bpi credit card as financial document. HAHAHA! sixty thousand credit limit after eight mons of using BPI secured credit card. Nag apply lang din ako sa mga nag aalok sa mall. A valid ID and Bpi cc din lang hiningi sakin. Though naakit lang din kz ako sa freebie nila na nka box na mamon :D. I applied citi cc Oct 27, Twas approved Nov 3, Got my card Dec 5. Hassle lang kz Oct 30 they told me na declined ung app due to incomplete docs daw. So keri lang, dedma lang, pro padala ng padala sakin ng txt un citi like avail this promo and try this new citi card. Nov 20 nag call sila na nsa courier na ung cc and within 3 to 5 days marereceive ko na. So i asked bkit on the way eh declined daw ung cc application. They told me na na late lang un approval. Usually it takes 3 days daw to confirm ung application, nag holiday daw kz kaya di nila kagad na update na Approved ung citi app. :) Ang haba ng update ko haha. Thanks admin!
      Update Post:
      Bpi Credit Card: 20k Hold out - 18k cl
      to
      Citi Bank Credit Card: 60k CL

      - Para ID lang hingin sayo ng ibang credit card company, need 18k pataas CL and mataas ang chance na ma approve, maintain no more than 3x late payment sa bpi secured cc mo. You're Welcome! :)

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  2. hello pag naka year kan ng ssc pwede na ba iconvert eto sa regular creadit card.

    ReplyDelete
    Replies
    1. Hi eric: Depende sa paggamit mo ng credit card. Kung frequent ang pag-charge mo ng card mo and then nababayaran mo agad in full ang total amount due mo, puedeng ma-consider ka for regular credit card, lalo na if you can present an additional proof of income.

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    2. Tnx po sa response wat if self- employed ka pero may montly kang remmitance pwede po ba mapprove. Tapos monthly ko nababayaran ung whole na ngamit ko sa creadit card. Ano requirement kapag nagconvert ka sa rcc?

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  3. Tnx po sa response wat if self- employed ka pero may montly kang remmitance pwede po ba mapprove. Tapos monthly ko nababayaran ung whole na ngamit ko sa creadit card. Ano requirement kapag nagconvert ka sa rcc?

    ReplyDelete
    Replies
    1. Hi eric: Yong remittance kasi, hindi siya pangmatagalan at hindi mo siya sariling employment, so hindi siya considered source of income para sa credit card. Dagdagan mo na lang yong collateral mo na deposit para lumaki yong credit limit mo, then gamitin mo nang madalas, pero not the whole credit limit, and make sure na mabayaran mo in full. Maganda yan na nababayaran mo in full. Proof yan na you can manage your credit card and your finances. Siguro naman after 2 years of good management of credit card, puede ka na nila i-convert to regular cc

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  4. Anong mangyayari sa deposit mo kung sakaling ma decline application mo sa Secured Credit Card ng BPI?

    ReplyDelete
    Replies
    1. Hi Jason: Kung ang deposit account mo na ito ay matagal na, matatanggal status niya as security for credit card. Magiging available siya for withdrawal.
      Kung na-open ito when you applied for a secured credit card, most likely ma-approve ito kasi tinanggap nila yong security deposit mo. Kung meron silang reason na hindi ma-approve, it's wise not to close yet your account and to let your account be active for at least a month. There's a penalty for closing an account within 30 days from opening. I think they hold 300 pesos for 1 month for assurance. Or ask BPI this matter in case your application is denied.

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  5. Ask ko lang po.. pwede ko bang makuha ung collateral ko na buo 15k kasi ung dineposit ko.. ang limit ko is 13k. Pero my balance ako na 12k.. mg 3 yrs na ako gumamit ng start secured card.

    ReplyDelete
  6. Hello po!

    nag apply po ako ng scc June 8 2017 pero kapag natawag ako sa CS nila hindi raw nila makita yung application or wala sa data base nila, pero upon checking naman sa online access ko for my account naka hold na yung amount na pinirmahan ko for SCC.. Ganun po ba talaga madalas mangyari?

    ReplyDelete
    Replies
    1. They just called me past 7pm today, completed na raw yung application and expect the card to be delivered in 7 to 10 banking days..

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