Here’s your reference for each bank’s required minimum deposit and the credit limit provided by each bank when applying for a secured credit card.
AUB EASY MasterCard
Minimum Deposit: PHP25,000
Credit Limit: 80%
BDO Secured Credit Card
Minimum Deposit: PHP10,000
Credit Limit: 90%
BPI Express Start
Minimum Deposit: PHP15,000
Credit Limit: 80-90%
Chinabank Secured Credit Card
Minimum Deposit: PHP30,000
Credit Limit: 85%
Maybank Secured Credit Card
Minimum Deposit: PHP30,000
Credit Limit: 100%
Metrobank Secured Credit Card
Minimum Deposit: PHP20,000
Credit Limit: 100%
PNB Secured Credit Card
Minimum Deposit: PHP10,000
Credit Limit: 80%
RCBC Secured Credit Card
Minimum Deposit: PHP10,000
Credit Limit: 95%
Security Bank Fast Track
Minimum Deposit: PHP25,000
Credit Limit: 80%
Unionbank Secured Credit Card
Minimum Deposit: PHP12,000
Credit Limit: 90%
Secured Credit Card FAQ
For whom are secured credit cards intended?
Secured credit cards cater to individuals looking to establish or rebuild their credit history. The credit limit is determined by a security deposit, which serves as protection for both the bank and the depositor in case the cardholder defaults on payments.
Can a secured credit card guarantee a 100% bank approval rate?
Secured credit cards typically have a higher approval rate compared to unsecured cards because they require a security deposit that serves as collateral. This reduces the risk for the issuing bank. However, while approval rates are generally higher, they cannot guarantee 100% approval. Factors such as credit history, income, and the specific policies of the issuing bank still play a role in the approval process.
Is there an annual fee?
Yes. The annual fee will depend on the card that you choose.
Can I convert the secured credit card to an unsecured card?
Yes. It will depend on the bank. Some banks that are known to approve requests for conversion to an unsecured card are BPI and Security Bank.