10.18.2016

Security Bank Fast Track Secured Credit Card

By Nora
If you don't have income documents to apply for a regular credit card, here's another secured credit card -- the Security Bank Fast Track Secured Credit Card. It's a MasterCard credit card.

This is offered to both existing Security Bank clients and applicants who are not yet clients of the bank.


What's a secured credit card?
You give a collateral to the bank to secure your credit card. You'll deposit an amount of money that the bank can use to pay your credit card debt in case you're not able to pay your debt.

Dedeposit pala, eh uutang nga eh. Bakit pa ako kukuha ng secured credit card?
You apply for a secured credit card because you need a credit card, but you're not yet qualified to apply for a secured credit card. Maybe you don't have ITR or income documents. Maybe all your previous credit card applications were rejected.

With a secured credit card, you can build a good credit record, so you can apply for a regular credit card after a few years.

How much should you deposit to qualify for a secured credit card?

Savings account -- Minimum is 15,000 pesos

Time Deposit -- Minimum is 100,000 pesos

Can you withdraw your money or part of your money after you get your credit card?
No. The bank will hold your money for security. Your money is your collateral. It will be used to pay your credit card debt in case you're not able to pay off your debt.

Of course you can get back your money later on when you decide to surrender your credit card.

Does your savings account or time deposit earn interest while you're using your credit card?
Yes

Does the secured credit card enjoy promotions and discounts and earn points just like regular credit cards?
Yes

Requirements:

 - You're at least 21 and not older than 65
 - You have a residence or business landline number
 - You have a valid government photo ID

Documents to fill out and sign:

  1. Application Form
  2. Holdout Agreement Form

How to apply:

1. Prepare your valid government photo ID and money (at least 15,000 pesos).
    Bring your other IDs, if you have.

2. Go to any Security Bank branch and open a savings or time deposit account.
Mention that you want to apply for a Fast Track secured credit card.

3. Apply for a credit card.

4. Submit your application.

5. Wait for approval. Security Bank says it will process your application within 3 banking days.

Other secured credit cards:
RCBC Bankard Instacard
BPI Express Start

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