Updated November 8, 2023
Do you need a credit card but do not have an Income Tax Return, or a Withholding Tax Form or a Certificate of Employment and Compensation from a local employer?
Or was your BPI credit card application rejected, but you very much want to have a card from BPI?
You can apply for a Secured Credit Card. It’s called “Secured” because you will give a “security” or a collateral to cover your credit card 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).
What are the requirements?
1. You should be 18 or older.
2. You should have a valid photo ID (not expired).
3. You should have a contact number.
4. You should be able to deposit at least 15,000 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)
1×1 or 2×2 ID picture
How to apply for a BPI Express Start Secured Credit Card?
1. Go to any BPI 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 that will secure your Express Start credit card is 15,000 pesos. It can be an atm-only account or a passbook savings account.
The minimum deposit for a time deposit account that will secure your Express Start 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 BPI 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 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.
1. Note that all the Terms and Conditions for a Regular BPI 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.
Why do banks require a TIN number when opening a savings account or time deposit?
Because the bank will need a TIN number by which to submit your interest income tax to BIR. Anong tax ba yan? Your savings or time deposit will earn interest, and this earned interest will be taxed. Kahit piso lang ang interest, kukuhanan yan ng 20% withholding tax.
Another Secured Credit card being offered is the:
RCBC Bankard Insta-Card Secured Credit Card.