Last time I actually shared you guys how you can avail the BPI Express Start Program.
Today, I am happy to tell you now that I already received the card way back 2nd of June. It got some delays on the delivery since I requested for the card to be delivered to the branch instead of having it delivered at home(by the way some banks like BDO doesn’t allow that). The reason is we live in a building and credit cards are required to be received by the owner or by the authorized person. I am working so definitely no one will receive it.
I’ve got 90% of my deposit as my credit limit which is 9000 PHP since I deposited 10000 PHP only. As per their representatives, I can increase its credit limit by depositing more and by requesting for the deposit to be placed on hold.
Another thing, the card looks very presentable. It doesn’t show any marks that it is a secured credit card. It has the secured chip thingy and it has a one tap card feature too.
Since I have an account on BPI Express Online, the credit card account is already showing on my portfolio. A Nice thing about it is that all transactions can be tracked real time by using the mobile app that they have.
Also, once you’ve got the card it is already activated, so there’s no need to ring and be queued on their hotline just to activate the card.
On the other hand, I also pointed some cons about everything. First, is regarding the billing. I’m not sure if it is same as the other banks but since they have real time visibility on all transactions, they don’t have cut-offs. So If they say your bills will be generated by 7th all transactions from 7th of the previous month until 6th of the present month will show immediately on 7th of the present month.
I experienced it that is why I know. So how? I received the card in 2nd and started using it on 6th. I tried to check my transactions at 7th of June and I was shocked that all stuff I bought in 6th is already billed to me.
Aside from that they only have 20 days grace period so therefore my due dates are every 27th. Before I applied for this, I tried to review the grace periods of the credit cards and I get an answer of 30 days, but apparently, it’s different with BPI.
Last thing, I don’t like the payment methods. I go out of the office at 4:00 and most of BPI branches close 30 minutes after my out. I am not able to pay through the branch so I tried using online. Since I was automatically enrolled on BPI Express online for the credit card account I thought I can pay the bills directly via online. However, I found out that I still have to enroll for bills payment to enable a feature in paying my credit card bills. I think they suck on that part. It is enrolled on my listed BPI accounts and then I cannot make a payment for it. Anyway, I already registered myself for that feature and it was processed 3 business days.
All in all, it’s a great thing to avail this thing because it allows you to:
*Save money, since your hold out deposit will earn interest unless you request to terminate your subscription with the program.
*Manage your expenses and
*Also, to build a good credit standing.
As far as I know, If you’ve got a good credit standing with the BPI Express Start Program for a year, BPI can offer you a regular credit card and if you get approved you can then request to withdraw your hold out amount ( If you prefer).
To wrap this all up. My conclusion is simple. Anyone can avail a credit card by applying for CC using BPI Express Start Program. It’s beneficial and cons are very tolerable and not really that big deal.
Next time I’ll give you guys tips on spending wisely using your credit cards. Stay tuned by following me. Spread the word by sharing. And please comment to provide feedback and discussions.