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

12 comments:

  1. Hi, Thanks for this info..
    Id like to ask if I can hold more than the Minimum deposit ? to have more credit limit?

    ReplyDelete
    Replies
    1. Hi Lorenzo: Yes, the bank will like a higher deposit. BPI and RCBC also offer secured credit cards. See the links above.

      Delete
  2. Does this transform my SCC to a regular credit card after 6-12months of usage?

    ReplyDelete
    Replies
    1. Hi Chester Chanco,

      Good day!

      To answer your question this is how it turns your Secured Credit Card into a Regular Credit Card:

      1. As long as you used your credit card once in a month and you do not hold any incurred balances in your secured credit card, you will need to go back to your branch from which you opened an account for your SCC after 1 year.

      2. Your preferred branch of account will determine whether you have been a good payer in the past one year so they may determine whether to convert your card into a Regular Credit Card.

      3. If you want to increase your credit limit, while you are within the first year of your term in using your credit card, you will need to contact the rep inside the preferred branch of account to increase your bank deposit (will get 80% of it) and have it added in your account after a week. You may need to contact your Customer Service to ask further details on Fastrack Program, increasing limits.

      4. But if your Secured credit card is converted officially into a Regular credit card then, if you request for a credit limit increase you may need to provide your preferred bank of account branch your Income Tax Return of the current year, or any other docs that will show your proof of income.

      -AJ

      Delete
  3. I have applied for a fast track credit card last March 17, 2017 but up until now, I still haven't gotten my credit card.

    ReplyDelete
    Replies
    1. Hi Ehm,

      Please contact customer service of SB Cards immediately to reset the date of receiving your credit card from your preferred branch.

      Thanks you!


      -AJ

      Delete
  4. I have applied for a fast track credit card last March 17, 2017 but up until now, I still haven't gotten my credit card.

    ReplyDelete
  5. Hi Ehm,

    Please contact Security Bank's Customer Service hotline# and request to send your secured credit card directly to the bank from where you had an application to and ask how long will it take for your branch to receive it. Also, you might want to ask for the SB rep to assist you in providing them your personal authorization letter giving them the chance to receive your credit card from their courier.

    -AJ

    ReplyDelete
  6. Why ask here kung bakit di pa ninyo nakukuha ung inapplyan nyong secured credit card? Alam ba ng author nito kung approved or rejected ung secured cc application nyo? Common sense naman, guys. Hayst!

    ReplyDelete
  7. Unknown
    August 1, 2017 at 11:22 AM

    Why ask here kung bakit di pa ninyo nakukuha ung inapplyan nyong secured credit card? Alam ba ng author nito kung approved or rejected ung secured cc application nyo? Common sense naman, guys. Hayst!


    - Walang narereject sa secured credit card! common sense din..

    ReplyDelete
  8. I am very interested in getting this card. But I dont have a residence landline number since we do have Postpaid plans.. maaapprove pa rin ba ko?

    ReplyDelete
    Replies
    1. bili ka na lang ng PLDT Landline Plus Prepaid SIM. saksak mo sa extra phone or bili ka ng mumurahin ng phone. PHP 300 per month lang naman eh, 600 minutes of local calls na. okay na din.

      Delete