Many people dream of owning a credit card, but getting approved for one isn’t necessarily easy. Many things can affect your application and approval like your credit history.
While banks aren’t exactly keen on individuals with no credit having a credit card, there are certainly ways to work around this issue. Thankfully, there are ways you can get a credit card while having little to no credit history.
The BPI Express Start Credit Card might just give you an opportunity to get a card of your own. If applying for a traditional credit product isn’t working out for you then read on to find out about what this BPI card is all about.
BPI Express Start Secured Credit Card Features and Benefits
The main purpose of the BPI Express Start Credit Card is to provide individuals with the easiest and fastest way to get a BPI Credit Card without submitting any income documents.
As a secured credit card that does not require income documents, this offering is best for first-time cardholders, low-income earners, self-employed individuals, or freelancers, as well as those with low credit.
Rather than asking for a comprehensive financial and credit history, this BPI offering expedites the process by allowing individuals to open a savings or time deposit account with at least P10,000 as their maintaining balance.
With this, cardholders can enjoy up to 90% credit limit of the total holdout amount. For example, those that have opened a Savings Account with P10,000 are eligible to get up to 90% of the total holdout amount as their credit limit.
Apart from the attainable requirements and the relatively easier processing and or approval time, one of the benefits of this credit card is that it gives cardholders the ability to improve their credit score and history, provided they make payments on time.
With consistent and on-time repayments, cardholders can qualify for non-secured credit card offerings in the future, such as the BPI Classic Card.
Application and Eligibility
To be considered for the BPI Express Start Secured Credit Card, applicants must at least be 18 years of age and must provide their business or residence contact number. If eligible, applicants may open a deposit account.
That can be an ATM-based Savings account, Passbook Savings, or a Time Deposit account, at any BPI branch near them. After opening a respective deposit account, only then can the cardholder apply for a credit card of your choosing.
To apply, a duly filled out and signed Express Start Application Form as well as Deed of Assignment will be required by the bank. These forms are only physically available at BPI branches nationwide.
If approved, the cardholder will get a credit limit of up to 90% of the total holdout deposit.
Rates and Fees
Besides the minimum deposit and or holdout fee of P10,000, individuals will also be asked to pay certain charges depending on the credit card they are approved for.
For reference, the following are the things you will need to look out for if approved for the BPI Classic Credit Card.
- Monthly Interest Rate – 2.75%
- Membership Fee – P1,250 per year
- Cash Advance Fee – 3% of the amount advanced of P500 (whichever is higher)
- Foreign Currency Conversion – 0.85% of the amount converted plus 1% of the assessment fee
- Late Payment Fee – P850 or equivalent to the value of the unpaid minimum amount due (whichever is lower)
To learn more about this card, you may reach BPI at 889-10000 or email them at firstname.lastname@example.org. You can also contact the bank at 6768 Ayala Avenue, Makati City 1226.
The Bottom Line
The BPI Express Start Secured Credit Card opens up a world of possibilities without the strict financial or income documentary requirements of traditional cards.
With its high credit limit offerings and accessible benefits, this is perfect for individuals who are starting out and who are interested in gaining their first credit product.
Note: There are risks involved when applying for and using a credit card. Please see the bank’s Terms and Conditions page for more information.