this article has helped me a lot. to add: if you are after the higher credit limit and convenience, go for metrobank value mastercard as the process is really easy (i just opened a time deposit account with them and signed a pledge document) then i got my card in a month. the downside is that metrobank value mastercard has only one credit limit, that is, if you max your credit limit and apply for installment, you would only be able to free your credit limit either by waiting for the installment period to end, or if you pay full.
bpi's card on the other hand offers two credit limit, one for the installment and the other similar to a revolving credit line. the downside of bpi's credit card is that the credit limit ranges from 50%-80% of your deposit. i know somebody who made a deposit only to find out that he can only use 50% of his deposit as his credit limit. it was so frustrating because he set up the account to purchase a laptop. i think it's because they still do some CI, and the process is more complex with bpi.
for hsbc, they offered to give me the card a week after the deposit and they offer 80% of the hold out amount for the card's credit limit. i did not know if they could deliver on their promise, but if they can make it possible then it's a great deal. the upside is that you can increase your deposit anytime then ask for an increase in credit limit; not like metrobank where you have to wait until you reach the period when the time deposit ends, and only then can you increase your deposit to increase your credit limit.
sxyshandy
· 5 months ago
So I closed my HSBC credit card a few weeks ago. Didn't do much. I got an unsecured RCBC Bankard, probably from my HSBC records. So I guess in that way, a secured CC helps you build credit but not really with the same card company. Even with my impeccable payment record at HSBC, I didn't get a credit limit increase or unsecured CC from them. I did get my annual fee waived though. I'll probably open a new one with Metrobank this week just so my capital, is, well, secured. Let you know what happens.
rexj
· 4 months ago
tumawag ako sa HSBC. 100k daw ang minimun... nalilito ako...
ano ba requirements nila? other than those listed above...
thanks
sxyshandy
· 4 months ago
Ouch maybe HSBC changed their policy. Try asking sa branch. Or opening with Metrobank was pretty hassle-free too. I have a bunch of application forms with me, actually. :)
jane
· 2 months ago
this colum was very helpful! Igot my BPI secured credit card 5 months ago...,by reading your column with lots of infos really helped!i plan to maintain a good credit so i can be eligible for a real unsecured credit card..thanks a lot..
Visa
· 1 month ago
You are being honest in your spending habits, Not all people have the guts to say that they cannot control their spending urge. I agree with you that people should not spend more than they actually earn to avoid the burden of paying-off debt with high interest rates.
I have a Visa credit card and been using it for buying necessities only. Well, I sometimes break my own rules and buy really expensive and nice dress and shoes but so far, I have been able to pay my bills on time and full. So all is well.
Also, I noticed that the most important factor you are looking for in a bank is quality customer service. I also want to entrust my money to the people who actually care about me and not just my money.
Wise spending everyone!
credit cards
· 1 month ago
Interesting post. This is a great help for everyone who uses credit cards. Now they know how secured a credit card is. Though there are plenty of fraudster out there, bank always make sure that cardholders info are secured.
Diners Club
· 1 month ago
I recently got a new visa card. I am confident that all of my credit cards are secured.
business_cash_advance
· 1 month ago
I have not much time, but I've got many useful things here, love it!
All Comments
bpi's card on the other hand offers two credit limit, one for the installment and the other similar to a revolving credit line. the downside of bpi's credit card is that the credit limit ranges from 50%-80% of your deposit. i know somebody who made a deposit only to find out that he can only use 50% of his deposit as his credit limit. it was so frustrating because he set up the account to purchase a laptop. i think it's because they still do some CI, and the process is more complex with bpi.
for hsbc, they offered to give me the card a week after the deposit and they offer 80% of the hold out amount for the card's credit limit. i did not know if they could deliver on their promise, but if they can make it possible then it's a great deal. the upside is that you can increase your deposit anytime then ask for an increase in credit limit; not like metrobank where you have to wait until you reach the period when the time deposit ends, and only then can you increase your deposit to increase your credit limit.
I'll probably open a new one with Metrobank this week just so my capital, is, well, secured. Let you know what happens.
ano ba requirements nila? other than those listed above...
thanks
I have a Visa credit card and been using it for buying necessities only. Well, I sometimes break my own rules and buy really expensive and nice dress and shoes but so far, I have been able to pay my bills on time and full. So all is well.
Also, I noticed that the most important factor you are looking for in a bank is quality customer service. I also want to entrust my money to the people who actually care about me and not just my money.
Wise spending everyone!