How To Get A Secured Credit Card In The Philippines [Infographic]
Applying for credit cards is hard. You need to collect a lot of documents, to be regularly employed, and to pass a stringent credit check. If your credit is less than stellar, you’ll probably get rejected. So if you have no credit history to speak of, or a bad credit history, how are you supposed to get a credit card?
Well, if this sounds like you, there’s a product that can help you get the credit card you want regardless of your credit history — secured credit cards. You don’t need to submit income documents or fulfill the stringent requirements of credit cards. All you need is to open a deposit account in the bank you want a credit card from, and you’ll get a credit card.
A secured credit card works the same as a regular credit card, with your deposit acting as collateral. If you fail to pay back your credit card bill, the bank will take your deposit. But if you practice responsible credit card usage, paying your bills every month (in full if possible), you can build a good credit history, which will allow you to apply for regular credit cards in 12 months. With some banks, you can also convert your secured credit card into a regular credit card after a sustained period of good usage.
Interested? Read our infographic to find out more, and how to apply for a secured credit card in the Philippines: