Security Bank Credit Card Review
What do you consider when you look for a credit card?
People have various notions when it comes to credit cards.
Of course, aside from the ability to purchase items without actual cash, you can even earn miles, rebates, and rewards. However, do you take time to read the credit card’s fine prints when you apply for a credit card?
The best way to maximize the benefit of credit cards is to know the terms and conditions of its features.
Fine prints are certain terms and conditions usually written on smaller fronts. We may say that these are lines usually ignored by most people. Reading small prints is no fun at all, but taking time to understand it can save you from financial disaster.
Security Bank Credit Cards
There are six different Security Bank credit cards that fit the varying priorities of Filipinos.
Security Bank Complete Cashback MasterCard
Best for family
This card may give you the best deal if you usually go shopping for your family’s groceries that accept credit cards. You can earn up to 5% rebates when you charge your spending under five basic categories: groceries, gas, utilities, dining, and other shopping items.
With the Security Bank Cash Back Credit card, the rebates are automatically credited to your balance.
The items you charge online, by mail order, or by telephone orders are not subject to rebates. Even if you charged your orders in Philippine pesos, you would not earn any rebates if you make purchases overseas.
Utility bills you have enrolled in your account to be charged on the credit card have no counted for rebates. The maximum rebate you can get is only up to P1,000 a month. This includes the rebates earned by supplementary cards.
Security Bank Classic Rewards MasterCard
Best for first-time users
You can get 1 reward point for every P20 charged on the Classic Rewards MasterCard. This card has secure features, which make online shopping safer. There are no foreign transaction fees. Also, they waive the first annual fee.
Security Bank Gold Rewards MasterCard
Best for frequent shoppers
GoldRewards MasterCard has a higher credit limit. There is no foreign transaction fee. Security bank uses the prevailing exchange rate for credit cards. You can earn 1 point for every P20 charged on the card.
Security Bank Platinum Rewards MasterCard
Best for travelers
If you usually deal with both dollars and pesos, you may opt for Platinum Rewards MasterCard. Your Security Bank Platinum card has Dual Currency Billing Options.
Also, you can get free access to exclusive airport lounges and have complimentary travel insurance. Earn 1 point for every P20 spent. However, don’t neglect to remember your Security Bank Platinum MasterCard credit limit.
Security Bank Click MasterCard
Best for online shoppers
Automatically get up to 5% rebates on your in-store and online purchases. The minimum in-store spend is P15, 000, while the maximum spends online is P15,000. The secured card has a one-time password (OTP).
Security Bank Fast Track Secured Credit Card
Best for new spenders
With Fast Track Secured Credit Card, you will surely get a credit card application approval. Why? Because it is secured with your account funds. The processing day is as short as three days. The minimum funds in your Savings account must be P15,000. Your credit limit will be 80% of your hold-out.
Application for Security Bank Credit Card
- Go to the Security Bank Credit Card online application page.
- Choose your credit card. You can also indicate that you will apply for a Security Bank Classic MasterCard or Security Bank Gold MasterCard in case you do not qualify for your first choice.
- Choose your preferred address where your credit card and billing will be emailed.
- Fill in the needed information on the online application form. Do not forget to indicate your existing credit card if you have any.
- If employed, you need to indicate your HR department’s email address since Security Bank will have to verify your application. If the bank can’t reach your HR, you might get declined.
- Upload your proof of identification and proof of income.
- Tick the small box in the Affirmation & Authorization Section at the bottom part of the application form.
- Enter the Captcha code.
- Click the “Submit” button.
- An acknowledgment page will immediately appear to confirm that your credit card application has been received.
- Check your email for a confirmation message.
- Wait within a day or two to receive a call from an agent who will verify your details.
Security Bank Credit Card Rewards & Promos
- Get eGCs for Ramen Nagi, Wingstop, The Coffee Bean and Tea Leaf, and Tim Ho Wan.
- Get a cash rebate of P500 in exchange for 5,000 points.
- You can use your points to waive the annual fee.
- Use points to donate to different charities such as Bantay Bata, World Vision, and Tahanang Walang Hagdan.
- Get discounted 3D2N (3 days and 2 nights) travel tours locally and internationally, such as Davao, Boracay, Singapore, and Hong Kong.
- Get 10% to 60% off hotel bookings using the security Credit Card.
Security Bank Credit Card Fees and Charges
Just like any bank credit card, Security Bank cards have fees that come with them.
Security Bank Credit Card Annual Fee
While most people will concentrate on the interest rate, you must not ignore the processing and annual fees. These fees are non-reimbursable. If you cancel your credit card, you will not be able to get it back even if you don’t use your card for the whole year.
Security Bank Credit Card Non-liability
There could be various reasons why your card may not be honored. The store may not be a bank partner, or there could be some technical issues.
Should this happen to you, the bank will not be liable. Also, if there is any dispute between you and the store regarding the charged item or service, you will still be liable to pay the charged amount on the card.
Lost Security Bank Credit Card
In case you lose your card, it is your responsibility to call the bank and report the place, date, last purchases charged on the card, and the circumstances of how it was lost. Then, make a written report 24 hours after you inform the bank via call.
If you fail to do so, the bank will not be liable in any way should your card be used for fraudulent activities.
Security Bank Credit Card Credit Limit
Credit cards have credit limits. This way, you will not overly spend beyond your capacity to pay. You may request a credit limit. However, it is still subject to the bank’s discretion.
Security bank will evaluate your creditworthiness based on your credit history, salary, and other financial responsibilities.
Security Bank Credit Card Statement of Account
You are responsible for checking your bill for any inaccuracies and informing the bank as soon as possible. If you don’t report any discrepancies, the bank will consider the bill correct.
Pay P50 for every page if you want to have your bill (beyond 3 months old) reprinted.
Security Bank Credit Card Payment Charges
You need to know the fees Security bank can charge you to avoid delinquencies in payment and bill shock.
Upon finalizing your credit card application, you will agree to pay all the charges on or before the due date as stated on your bill. If the due date falls on a weekend or a holiday, you must pay the amount due on the last working day before that date.
There will be some people who think that it will be fine to pay on the earliest working date after the due date. Unfortunately, if you pay AFTER the due date, you will be charged the interest rate and late payment charges.
If you think you can’t pay the outstanding bill, you pay at least the minimum amount due, P500, or 4-5% of the amount due. This will not save you from the interest rate. However, you will still be charged the interest rate as long as you don’t settle the whole bill. You just avoided the late payment charges by paying the minimum amount due.
You will be mistaken if you think you will be charged a monthly interest rate if you fail to pay your bill. The interest rate of your card depends on your average daily balance. Each day your debt gets bigger, so settle your balance as soon as you can.
If you pay over the counter, your payment will be posted within two to three banking days.
Disclosure of Information
Your information may be disclosed to third parties, especially to credit bureaus. This is to record your credit history and payment attitude. In case you apply for loans from banks and other licensed money lenders, your credit record will be pulled out from the credit bureaus. This way, the banks and money lenders can evaluate your creditworthiness.
Security Bank Credit Card Default
In case you failed to pay your outstanding balance, your account will be referred to the collection committee. All the expenses incurred due to collection and attorney’s services caused by your delinquency in paying will be charged to you.
This is equivalent to 25% of your unpaid balance.
Final Thoughts on Security Bank Credit Card
Credit cards impose financial responsibilities. Charge what you can pay with your current financial capability. And know the other fine print, such as the maximum rebates and rewards you can earn. Be a responsible cardholder to prevent spiraling debt.
In case of emergency and you have no credit card yet, a quick cash personal loan is a great alternative.
Simply get a personal loan from Cash Mart. Cash Mart provides a multi-purpose loan with flexible repayment terms. It is perfect for any emergency needs and purchases.