Through the years I have never been approved for a credit card despite not having any loans or whatsoever. After so many declined applications, I got tired and stopped applying again. Until I found out that there’s a way to get approved for credit card applications by getting a Secured Credit Card.

Now, I know for myself that I already have a bad credit score (I guess) because I had an unpaid balance with an internet provider in the Philippines when my name was used. Although it was disputed the service provider wasn’t able to apply for the full credit even they promised to credit.
Anyway, the point of telling that is because I had to try the BPI Express Start Program, which allows you to apply for a secured credit card.

What is a Secured Credit Card?

By the way, a secured credit card is a type of card that is being approved because of collateral. Usually, you have to open an account and sign forms to hold out a required amount with the bank that offers this. The credit limit assignment is about 80%-100% of your hold out deposit. In the Philippines, the banks that offer Secured Credit Cards are the following. : BPI(which I applied for), UnionBank, Metrobank, and RCBC.


How I applied?

So yesterday, I tried to apply for BPI Express Start Credit Card Program. Prior to applying with BPI, I actually asked RCBC first as they promise a 100% instant approval. However, I only have one Government Issued ID and they require two. Good thing I have an existing account with BPI that’s why I don’t need a lot of stuff.
What I did is to just show them my account number, present some ID to validate my identity and my 10,000 PHP (which is the minimum hold out amount). So I signed a deed of assignment that states that you cannot withdraw the money unless you don’t have any outstanding balance with the secured credit card that they will issue you. Just so you know the minimum hold out period is usually one year.
After  I accomplished all required documents, the bank representative told me that it will still be subject to approval within 2-3 weeks (which is kinda shocking to me). As far as I know, all secured credit cards are 100% approval, so I don’t know with BPI. But anyway, I’ll try to wait and see if it will be approved so guys wait for the updates.
If I just have 2 Government Ids, I would apply for RCBC Instacard instead because it says on their site that it’s a hundred percent approval.
So if you want to learn more about BPI Credit Cart Express Start and RCBC Instacard Credit Card just click the name of the programs.

#update 05/13/16

I called BPI today to ask about the processing time of my application. I was advised that the approval takes 3 banking days and will be notified within 5 banking days from the application date.

Check out the 2nd part of this review for BPI Express Start CC.

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