I have recently thought about opening a personal savings account with BPI. I do have a savings account with them, but that is only for my work payroll. It's a bit empowering when you have your own savings account especially if you really want to save up for your future (lol). Not that it makes you appear mature enough to handle your own money but it teaches you how to control your spending. Well, that depends though. If you are a rich person and you think it will not hurt to open your wallet and splurge for that much because you have all the capacity to reimburse yourself whatever you have spent, that won't matter. But for meager, working people like me, it could be a bit risky to over spend and have to keep track on expenses. I do the grocery-buying stuff every after payday, make sure to have adequate food supply at home for me and my mom including our pets, never miss paying a monthly bill for electricity and water, and other necessities for the household. I am trying to maximize my income and because of that, I decided to apply for a regular BPI express credit card sometime during the last week of December in 2014.
It took almost 2 weeks for the evaluation and ended up having a declined application with BPI sending me their regret letter, offering me their Express Start Program instead. It is obviously the most common alternative for those hopefuls who want to own a credit card. It's simple. You just have to visit the nearest BPI or BPI Family Bank branch from you, bring a valid ID and your minimum deposit of P10,000 and complete their BPI Express Start form, then wait for the processing period which normally takes one to two weeks. The credit limit is 80% from the amount of your time deposit. If you want to increase the limit, then you can increase your time deposit as well. There is a certain holding period ranging from 6 months to one year. It is still subject to approval though and unfortunately, those who have bad credit histories such as unpaid overdue balance with other credit cards who keeps running behind (be it from BPI or other banks) will not escape being credit-checked and end up, of course, being declined. Or otherwise, if approved, then they will send you the credit card to the billing address you indicated on your application form. If you decide to apply for the regular credit cards, and if you have proven yourself to be a good payer then you might be approved for it. But we have our share of misconceptions regarding credit cards. It is not a way to get easy money, it is still a way of borrowing money and you have the responsibility to pay for it. And that is also why banks, in majority, are being careful in evaluating every applicant because of the high delinquency of credit card holders, a number of them coming from BPOs. I work in a BPO myself but never had a bad credit history since I have never applied for one until recently and except for sometime last 2013 (I was just a newly regularized employee at that time and I applied for a credit card with RCBC but they ended up offering me the InstaCard option which is a secured credit card system as well, just with a different amount of minimum collateral). And so I mulled over the Express Start Program. I decided to save up a bit to apply for the secured credit card system and with all the patience, I finally did.
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February 6, 2015, Friday
I was about to go to work that day when I suddenly decided to process my BPI Express Start application and went to the local family branch near our place. It was just like 3 hours before my work shift. I got a customer number first and sat on their chairs, waiting for my queue. It was not one of those counter transactions but in a cubicle where you will have to talk to one of their specialists. So when it was my turn to relay my purpose, I was assisted by a very nice specialist who attentively listened to my concern. She explained everything and pulled out a couple of application forms and gave it to me, asked for my ID and did the whole process while I filled out the forms. After staying for almost more than 30 minutes, I gave her the amount to be deposited as collateral for the secured credit card and a separate amount for my own savings account. She patiently explained everything to me, however she just forgot to advise about the hold amount upon opening an account with them (not a big deal because the money will be returned to me by the second month). I was told to pick up my ATM card by Tuesday the following week. And so I walked out of the bank feeling very accomplished and proud of myself to be starting my plans of saving up. I came to work in high spirits (I was not late despite of the long hour spent in the bank) and could not contain my excitement in both getting the new ATM and knowing the status of my Express Start Credit Card application. And as the days rolled by, I kept emailing the online banking team regarding my concern on claiming my new ATM and of the credit card application and was disappointed to find out that there is no status yet for it. I gave it a rest and patiently waited until Tuesday the following week.
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February 10, 2015, Tuesday
It was my off day from work. I woke up and did the usual chores at home and has some planned lakad with my friends, will accompany one of them to a job interview, and then will go off to have some fun :p It was also the day to pick up my ATM from the BPI Family Bank branch I went to last week. I have to meet my friends after getting my card, and so I tried to get to the bank as quick as I can and spoke with the same specialist who assisted me last time. She told me that my name was already on the list of their new accounts, but my card was not yet available for pick up that day. She also informed me that something went wrong with my Express Start credit card application and signed up another form. I was a bit disappointed and ended up eating out with my friend after her interview and with another friend. Good thing that I am on a vacation leave the next day which is Wednesday so I have not thought of it that much. I realized that there are few more days to wait before the end of the week and will just try my luck by Friday.
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February 12, 2015, Thursday
I have been checking my mobile banking services on my phone early morning that day and noticed that my new savings account number is already showing up on my account list because I requested to enroll it to my existing online and mobile banking options the other day. With the account being added, I decided to try and see if my ATM card is already available for pick up from the bank and check the status of my credit card application. I did it all before going to work again and even thought I might come to work a bit late. But as soon as the specialist saw me, she promptly informed me that my card was already there and that put me to ease. I waited a few more moments and in less than 30 minutes, I got my savings card and changed the pin straightaway to start using it. I did bank transfer and that was working. My new savings account issue was already sorted out, What I just have to wait for is the processing of my Express Start credit card request. I requested for my credit card application status that night and got an email response indicating that they have started processing it already. At least, I know I am actually getting somewhere now, not like what happened when I applied for a regular credit card before where it took more than 2 weeks without notification.
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February 13, 2015, Friday
Woah! Friday the 13th. Many believed that this day means bad luck. Superstitions and what-not. I don't really care. The day was full of normal routines, except for the fact that I almost got late due to the stand still traffic along C5 Libis road and arrived honda-dot to work. But despite the rush, I received another email confirmation from BPI. And this time to let me know that my credit card application was approved! Yay! ^_^ They advised me though to wait 5 to 10 banking days for the delivery of the credit card to my home address. Another gruelling period of waiting. But this time, it is to wait for something that is really going to happen. Still, I am thankful in spite of the not-so-lucky demeanor of the day. Just so when I am on the brink of running out of patience at the thought that I might have to wait for 2 weeks or more for the outcome or my request not being approved. I even sent them a twitter message just to be sure that I am not assuming and according to the advisor who responded to my message, they confirmed that it has really been approved. Will just wait for the delivery and let us then see what will happen. I am hoping BPI can deliver it sooner than 5 to 10 banking days because I have plans increasing my limit.
Other banks offer secured credit card options such as RCBC, Eastwest, BDO and etc., and their collateral and the percentage varies. As of now, I have no qualms yet of availing other credit card and all I have to do is just wait for the card delivery. I will post updates as soon as I receive the card. :)
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