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How Secured is the RCBC Bankard Credit Card?

Filled under: Borrow 

We have heard of the wonders the simple swiping of credit cards can do, however, these also comes with financial risks especially with a lot of fees involved with such a small card. How secured are RCBC Bankard Credit Cards?

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Shop Secure

With the increasing number of Filipinos getting into online shopping, RCBC have created Shop Secure with MasterCard and Visa. This provides added protection to their cardholders against fraudulent activities. All you have to do is enroll for free.

Once you have finalized your enrollment, you will notice that the screen will always ask you your SecureCode (for MasterCard) or Password (for Visa) each time you buy online. The screen will include a personalized greeting you have created yourself upon Shop Secure enrolment. It only contains alpha-numeric symbols and does not include characters such as @ $ %! #.

Your personal greeting will ensure you that the screen is from RCBC Bankard. This prevents phishing through fake windows or screens as there are some fraudsters who create fake screens (some looks legit) asking for your card’s information. If you enter your details, they can begin getting more information and use it for fraudulent activities. After studying the screen and being confident that it is from RCBC Bankard, you can enter your SecureCode or Password. If you are in doubt due to some discrepancies with your personal greeting, do not hesitate to contact RCBC Bankard Customer Service.

It is only when you have correctly enter your SecureCode or Password can you complete your purchase. Be sure that you don’t write your SecureCode or Password at the back of your card and you don’t share it to anybody. Nobody else can use your card for online shopping. If you forget your SecureCode or Password, you have to register again, you can also edit your personal greeting by accessing the Account Management feature. Make sure the code you create is easy to remember but hard to guess for everybody else.

To enroll for Shop Secure:

  • Visit https://secure7.es.arcot.com/vpas/RCBCBankard.html
  • Key in your 16-Digit RCBC Bankard number
  • Click “Register Now!”
  • Register with a temporary PIN which you can get upon calling Customer Service Hotline 8881888.
  • Continue registration with 4 steps
  1. Enter 16-digit card number and email address
  2. Verify identity with your name, birthdate and Signature Panel Code (CVC)
  3. Create SecureCode/Password with 6 numeric characters only and make a Personal Greeting comprising of 1-30 alpha-numeric characters.
  4. Registration is Completed

RCBC Bankard Web Shopper

This is a reference device specifically only for online transactions which do not require you to present the real card afterwards. This prevents you from using the information from your real credit card, thus keeping it safe. With the RCBC Bankard Web Shopper, you can use a series of numbers, Expiry Date and Card Validation Code/Value different from those in your real credit card. The credit limit with RCBC Bankard Web Shopper is also set lower than your actual credit limit.

EMV Chip Technology

EMV Chip Technology is an innovation named after its developers Europay, MasterCard® and Visa®. The cardholder’s data in embedded in microprocessor chips, however it still has the magnetic strip since not all stores can support this new technology. The credit cards with EMV Chip Technology are dipped into a terminal slop instead of being swipe, and as of now most stores are still using the POS which requires card swiping.

RCBC Bankard CREDIT PROTECT Plus

RCBC Bankard CREDIT PROTECT Plus is a protection program which covers accidental death, permanent disability through an accident, credit life, Identity Theft & Cloning, and Lost/Stolen Card. You can choose between PLAN 175 and PLAN 275.

RCBC Bankard Credit Cards Fees

While you may be grateful of various security features with RCBC Bankard credit cards, you must also arm yourself with the knowledge of what are the fees you have to pay to protect yourself from other avoidable financial risks.

  • Monthly Interest Rate/Retail Monthly Effective Interest Rate: 3.50%/3.54%

Note that you will not be charged with any interest rate if you pay the full amount of the bill on or before the due date.

  • Card Replacement Fee: P300

Report lost or theft as soon as possible to have a card replacement as soon as possible, however, you will have to pay P300 as replacement fee.

  • Cash Advance Monthly Effective Interest Rate: 3.55%

Though RCBC Bankard credit cards give you the privilege to make a Cash Advance to be deducted from your credit limit, you have to remember that it has a separate interest rate apart from the charged interest rate on your card purchases.

  • Cash Advance Fee: 3% of cash amount availed of or P500

Aside from the cash advance interest rate, you will also be charged with a cash advance fee of 3% of withdrawn cash or P500, whichever is higher.

  • Late Payment Fee: 7% of past due amount or P200

If you fail even paying the minimum require payment, you will be charged with a late payment penalty of 7% of latest due amount or P200. To prevent this fee, pay at least the minimum required payment.

  • Service Fee for Foreign Currency Transactions: 3.5% of the converted

If you go online shopping and make a purchase in foreign currency or if you use your card abroad, you will be charged with a service fee. Remember to carefully check your bill to see if there has been any error regarding the service fee for foreign currency purchases.

No matter how well your credit card is protected by various features, bear in mind that you also have to protect yourself from financial risks due to irresponsible use of credit card or just plain lack of knowledge. Read the fine prints carefully to know your responsibility as a cardholder and the fees you have to settle to avoid going in debt.

If you need cash to make a once in a lifetime purchase or to pay you credit card bills, you can apply for a loan at Cash Mart today.

 

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