Secured Card from BPI
I applied for a regular credit year ago as an employee's perk but for some reason even it's so called employees perk from Ayala I was declined. Though it’s not really a necessity for me I just want to get one to add to my budget or at least extending it.
What is a Secured Card?
Secured Card offers individual to get a card with collateral just by presenting your ID. No need for other requirements in getting one.
Now, I am planning to get the secured card. I remembered they told me that I need to invest at least 10K to get a card. I think I will go for that since I know even though it’s not a sort of loan from them. I can use the secured card for my budget extension in need thus making my money grow.
The pros for this are I know it’s an investment in my part if I get one not only that my money will grow depending on the % given to a choice of savings or deposits. Thus, if I can pay my debt in time proving my credit score to them I know in time I will receive a regular card for free. If I get the secured card I know I can apply for a different card too from different banks. :) That's when the time I have proven I am a good payer (again).
The cons of this are that my money will be on hold until a given time. Until they've changed my card to a regular credit card and if I can't pay them correctly. My hard earned money will just disappear.
For now, I am happy to get this secured card for myself. :)