Four months after settling my six-year-old credit card balance with HSBC, I applied for a credit card at Security Bank via a friend’s referral. I went ahead for two reasons:

  1. To check if getting a clearance from HSBC could clear my bad credit card history.
  2. Just to try my luck.

I was not approved and I am not surprised. I understand that it has only been four months since I got the clearance from HSBC so the chance of getting cleared from the “system” at that point is very slim. I proceeded with my next option which is to get a secured credit card.

I have been hearing about this option before and BPI seems to be the most popular provider. However, I never saw any information about this on their website so I was hesitant to apply. I do have a prepaid card with them which was very useful for online transactions. I used it for about 6 years.

In February this year, I submitted my application for a secured credit card to Security Bank. They call this product “Fast Track Program”.

In summary, you will need to open a savings account with a minimum deposit amount of Php15,000. Your credit limit will be 80% of the total holdout amount. So if your holdout amount is Php15,000, your credit limit will be Php12,000.
You can deposit more money to your account, but you cannot use or withdraw the holdout amount for at least one year. Should you need to withdraw the holdout amount, your credit card will be cancelled and any outstanding balance will of course be deducted. This is basically a test of how “qualified” you are to get a regular credit card. If you cannot manage your finances with a secured credit card, you probably couldn’t do so with a regular credit card. To make it even more secure, I voluntarily opt to not receive an ATM card for my savings account.

It feels like a second chance in owning a credit card. I use it for the basics – groceries, Uber/Grab, and lately, on a three-month installment plan. I follow the most important rule: if I can’t buy or pay it in cash, I won’t use the card. And above all, I make sure that I pay the total balance on time.To apply for a secured credit card from Security Bank, go to

The approval is 100% provided that you meet all their requirements. The processing time is supposedly 10 business days, but I got my card in the mail after three weeks.

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