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How to Get Secured Credit Cards in the Philippines [+4 Best Cards]

Are you looking for an ultimate guide on secured credit cards in the Philippines?

When it’s difficult to apply for a regular credit card, a secured card may be your best bet to get started.

In this post, we’ll talk about the basics of a secured card, plus the best secured credit cards in the Philippines. You’ll also find out the different types of banks that offer this service.

What is a secured credit card?

A secured credit card is a type of credit card that has your savings account or time deposit account as a collateral.

Because it’s connected to the money you deposit in your bank, you can expect quick and 100% credit card approval, so it’s one of the easiest ways to get a credit card in the Philippines.

Who qualifies for a secured credit card?

Secured credit cards are best for people who have no history of credit, or who have no financial documents as proof of income, such as:

Why should you get a secured credit card?

If you want the perfect credit card for beginners, then a secured credit card is what you’re looking for. Here are some reasons why you need a secured card:

  • Rebuild credit history – Have a damaged credit score? You can get a secured credit card and make payments on time to improve your credit score and boost your credit worthiness.
  • Flexible credit limit – Your credit limit depends on how much you deposit to the bank. The higher you deposit, the higher your secured credit card’s limit can be.
  • 100% approval – With a secured card, you can get approved even if you’ve been denied for a regular card before. That’s because they consider your deposit as collateral, so the bank’s taking virtually no risk.

What are the disadvantages of a secured card?

Let’s look at some of the disadvantages of getting a secured card:

  • Required to deposit – The bank will issue you a secured credit card — only if you deposit money with them. If you don’t have extra money for depositing, then a secured card may not be for you.
  • You can’t instantly access your deposit – Have a financial emergency? You can only access your deposit if you cancelled your secured credit card. This is why we recommend depositing a small amount first, so you can get a credit card, and paying it on time.

Best Secured Credit Cards in the Philippines

Which bank secured credit card is best?

There are tons of banks offering secured credit cards. Let’s check out the best secured cards below.

1. RCBC InstaCard

secured credit cards in the philippines rcbc

RCBC InstaCard is RCBC Bankard’s secured credit card offering.

According to the website, you need to have a savings deposit account with them and they have 100% credit card approval, regardless of your credit history.

Your credit limit will be 95% of your hold-out deposit.

Is there an online application for RCBC secured credit card?

No, you need to go to your nearest RCBC branch to open a deposit account and a secured credit card, subsequently. You need the following requirements:

  • InstaCard Application Form (form available at the branch)
  • Savings Account Opening Forms (form available at the branch)
  • Deed of Assignment (form available at the branch)
  • Valid IDs

How much is the required deposit?

For RCBC InstaCard, the minimum hold-out deposit amount is ₱10,000.

2. AUB Secured Credit Card

You can get a secured credit card from Asia United Bank, as it’s guaranteed by your deposit.

When it comes to your credit limit, AUB will give you 80% of your hold-out deposit.

Is there an online application for AUB secured credit card?

No, you’re required to visit your nearest AUB branch for you to open your secured card.

How much is the required deposit?

For you to have an AUB EASY MasterCard (secured card), the minimum hold-out deposit amount is ₱25,000.

3. BDO Secured Credit Card

bdo secured credit card

Promoting their secured credit card as “guaranteed approval”, BDO also offers credit cards with a BDO deposit account as collateral. Your deposit will be held by the bank to secure your credit card.

Is there an online application for BDO secured credit card?

No, to apply for a secured credit card, you need to visit a BDO branch and open a BDO savings or time deposit account. You need to complete the following requirements:

  • Accomplished Credit Card Application Form (available at any BDO branch)
  • Accomplished Deed of Assignment (available at any BDO branch)
  • Valid ID with signature and photo

How much is the required deposit?

The minimum required deposit for BDO secured card is ₱10,000.

4. Security Bank Secured Credit Card

Finally, we have Security Bank in this list of best secured credit cards in the Philippines. The bank offers a Fast Track Program that lets you open a savings account and get a credit card fast.

When it comes to credit limit, you can expect a credit limit that is 80% of the holdout amount.

The cool thing about Security Bank is they can issue you a credit card with no annual fee in the first year.

Is there an online application for Security Bank secured credit card?

No, for you to avail of their Fast Track program, you need to visit any Security Bank branch and open a savings account or time deposit.

How much is the required deposit?

It depends. If you’re opening a savings account, the minimum deposit is ₱25,000, while a time deposit needs a minimum deposit of ₱100,000.

Frequently Asked Questions

Have any other questions about secured cards? Let’s deal with the common ones below.

How long does it take to get a secured credit card?

Usually, banks say that processing takes 3-7 business days. But based from personal experience, it can take up to 1 month before you get a fully approved secured credit card.

Does secured credit card increase limit in the Philippines?

Yes, you can increase your secured card’s limit in the Philippines by increasing your holdout deposit’s amount.

Can I withdraw money from my secured credit card?

No. As long as your credit card is active, you can’t access your holdout deposit instantly.

To withdraw it, you need to cancel your secured credit card first, then request for withdrawal of your deposit. Usually, you’ll undergo a clearance period of 60 days before you can access your holdout deposit.

Final Thoughts on Secured Credit Cards in the Philippines

We hope this post helped you find out the best secured credit card that meets your own needs.

Having a secured credit card is helpful because you can use it to build your credit history. You can even use it to purchase your essentials such as life insurance plans or health cards.

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