My quest for a Credit Card

I mentioned in my previous entries that I have lived overseas for some time which is why I didn't have a Philippine issued credit card. It wasn't really a big deal until I needed one to pay a local service company. So my quest began...

In order to apply for a credit card, one has to prove financial capacity. Meaning a source of income LOCALLY - a licensed business or an employment. If you are an expat here, you have to have a working visa plus an employment certificate from the company. I would like to stress the word LOCAL meaning the business or office should be located and properly documented here in the Philippines.  With these in mind, I know I am not qualified for the normal credit card. This is when I discovered the SECURED CREDIT CARD.

What is a Secured Credit Card? This is a credit card with a collateral. Meaning you have to have a Time Deposit in the bank and then you'll be given around 80% credit limit. Example, with a P20,000 Time Deposit, you will get a credit card with P16,000 credit limit. Except for the collateral, this has the same features as a normal credit card - you may buy big items in instalment, pay purchases online, use automatic debit for service billings, earn rewards and much more.

Based on my research, there are 4 banks offering this - BDO, RCBC, Metrobank and BPI. As I have an account in BPI, I opted to just get one from there. I went to my branch, opened a Time Deposit and filled out the application for the credit card - all done in an hour. They said that the credit division will review my application and I would get the feedback in 7 working days. If approved, it will be delivered in 3-5 working days - more or less I was giving it 2-3 weeks.

But I was lucky. I applied Tuesday and received my card the following Monday, only about 4 working days. So I am now a Happy ShoppingMissy!!



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