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Security Bank credit cards for february 2024

Security Bank
Apply for a credit card from Security Bank. On 22.02.2024 you have access to 9 credit cards. Increase your chances of getting money — fill out a multi-application with a free credit rating check.
Offers: 9
Updated:
21.09.2022
14:49
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Security Bank
Cashback Platinum®
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Security Bank
Mastercard Gold®
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Interest rates on credit cards in the Philippines

According to the guidelines for Bangko Sentral ng Pilipinas Circular No. 1133, Series of 2021, on the ceiling/s of interest rates and other fees charged by lending companies, financing companies, and their online lending platforms, the maximum nominal interest rate for unsecured loans is 6% per month (0,2% per day), and the maximum effective interest rate is 15% per month (0,5% per day). The caps apply to unsecured loans of no more than ₱10000 and payable within four months.

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Security Bank credit cards for february 2024

Getting a credit card can go a long way toward making your financial transactions easier. The Security Bank offers credit cards with no annual fee for the first year and allows you to earn reward points while spending.

Suppose you are looking to get a bank credit card for the first time, or you already have an existing credit card but wish to acquire another one. In that case, this article on Security Bank credit cards has all the information you need on how to apply for a Security Bank credit card, the various types of Security Bank credit cards, and more.

What is a Security Bank credit card?

A credit card is an instrument issued by the Security Bank that allows you to pay for your utility bills, transfer your balances, get light installments, and convert credit into cash on the go.

It works like every other credit card; at the same time, it comes with some other additional benefits. This card is available to every Filipino citizen who lives in the Philippines. Furthermore, it does not require the cardholder to pay an additional annual fee for the first year. Security Bank credit cards also allow you to assess lower interest loan products and a flexible credit limit with reasonable repayment terms, making it possible for many to get instant financial aid.

How can I borrow a loan using a Security Bank credit card?

A loan borrowed using a Security Bank credit card is called a cash advance. As long as you have a bank account with the Security Bank, you are eligible to borrow money using your credit card. Your credit card allows you to access a credit facility based on your past credit history. This structure is, however, only accessible to Security Bank customers and those who have, over time, been able to use their credit cards responsibly and have a good credit history.

Borrowing money with your Security Bank credit card is very easy. You will need your CA PIN. If you don't have this, you can go to any Security Bank branch to get one or call their customer service via (02) 888-791-88. The maximum amount you can borrow using your credit card depends on the cash advance limit and the credit limit available on your account. The maximum amount of money that can be taken as a loan using a Security Bank credit card is ₱30,000. You should also know that loans taken out using your Security Bank credit card have no interest-free grace period. The interest starts incurring from the moment you borrow the money.

When taking a loan using a credit card, specify the amount of money you want to take and agree to the terms. Ensure you read the details properly before you decide to apply. If you repay the credit card loan before the end of its tenure, you will be charged an additional fee of 5% of remaining principal amount.

Things to note before using the cash advance feature

Remember that Security Bank Cash Advance transactions are subject to:

  • An ailment fee of ₱500 or 5% of the money taken out as a cash advance, whichever is higher. This applies to Classic, Platinum, Mastercard, and Gold cards.

  • An ailment fee of ₱500 or 3% of the money taken out as a cash advance, whichever is higher. This is only applicable to the World Mastercard.

  • An over-the-counter fee of ₱500 per transaction.

Significant types of Security Bank credit cards in the Philippines

The Security Bank offers six different types of credit cards. The applicant can choose any credit card depending on their requirements and the benefits they want to enjoy.

Next Titanium credit card

The Next Titanium Security Bank credit card allows you to automatically convert large purchases to a straightforward installment plan of up to 12 months, with an add-on interest rate of 1% per month. This card doesn't require any annual fees. The Next Titanium credit card can be used to pay for expenses that require bank deposit payments, such as tuition fees, rent, business supplies, and professional service fees. The credit card also offers you online insurance when you make purchases online. It comes with a security code that requires you to use an OTP (one-time password) when you make online banking transactions. The Next Titanium security credit card is accepted worldwide and allows you to get discounts when you shop. The charges attached to the Next Titanium card are:

  • Primary annual membership fees of ₱0

  • Supplementary annual membership fees of ₱0

  • Interest rates of 2% per month

  • Late payment fees of ₱1,000 or an unpaid minimum amount of 5%, whichever is lower.

  • Cash advance fees of ₱200 for each transaction.

  • Over-the-counter cash advance fees of ₱500 for each transaction

  • Charge light plan pre-termination fees of about 5% of the unbilled fraction of the principal amount of money.

  • Charge slip retrieval fees of ₱400 for each sales slip.

  • Lost card fee or card replacement fee of ₱400 for each card.

  • Card certification fees of ₱200 for the complete statement of accounts.

  • ₱300 for good credit standing.

  • Returned check fees of ₱1,250 for each returned check.

  • Statement of account retrieval fees of ₱50 for each page if the requested billing statement is more than three months old.

  • The minimum amount due is 3% of the total expected amount of ₱500, whichever is higher.

  • Overlimit fees of ₱500 for each occurrence.

  • ADA fees of ₱250

  • Account maintenance fees of ₱250 or an amount equivalent to the credit balance, whichever is lower, will be charged to accounts with a credit balance that has had no activity over the past 12 months.

  • Multi-payment fees of ₱50 per payment.

  • Payment transfer fees of ₱100 when you are transferring from peso accounts.

  • Refund fees of ₱500 per refund request made to the cardholders' over payment amount to ₱1,000 and above. ₱200 is the fee for a refund request made to the cardholder's overpayment for any amount below ₱1,000.

Gold Rewards Security credit card

The Gold Security credit card offers higher credit limits and allows you to earn rewards while you shop. You get one point for every ₱20 you spend, and you can use them whenever you desire. It also has an e-secure feature that offers a set limit for online shopping to keep your spending in check. It is accepted worldwide, and the annual fee is waived for the first year. To apply for this credit, you must be a Filipino citizen with a yearly gross income of at least ₱480,000. Other details related to the Gold Rewards Security credit card are:

  • Primary annual membership fees of ₱2,500

  • Supplementary annual membership fees of ₱1,500

  • Interest rates of 2% per month

  • Late payment fees of ₱1,000 or an unpaid minimum amount of 5%, whichever is lower.

  • Cash advance fees of ₱200 for each transaction.

  • Over-the-counter cash advance fees of ₱500 for each transaction

  • Charge light plan pre-termination fees of about 5% of the unbilled fraction of the principal amount of money.

  • Charge slip retrieval fees of ₱400 for each sales slip.

  • Lost card fee or card replacement fee of ₱400 for each card.

  • Card certification fees of ₱200 for the complete statement of accounts.

  • ₱300 for good credit standing.

  • Returned check fees of ₱1,250 for each returned check.

  • Statement of account retrieval fees of ₱50 for each page if the requested billing statement is more than three months old.

  • The minimum amount due is 3% of the total expected amount of ₱500, whichever is higher.

  • Overlimit Fees of ₱500 for each occurrence.

  • ADA fees of ₱250

  • Account maintenance fees of ₱250 or an amount equivalent to the credit balance, whichever is lower, will be charged to accounts with a credit balance that has had no activity over the past 12 months.

  • Multi-payment fees of ₱50 per payment.

  • Payment transfer fees of ₱100 when you are transferring from peso accounts.

  • Refund fees of ₱500 per refund request made to the cardholders' over-payment amount to ₱1,000 and above. ₱200 is the fee for a refund request made to the cardholder's overpayment for any amount below ₱1,000.

Platinum Security credit card

The Platinum Security credit card offers concierge services and complimentary travel insurance. Access hundreds of airport lounges worldwide simply by presenting your Platinum Mastercard credit card. You can also acquire accident coverage when you book an airline ticket using your Platinum Mastercard credit card. You also get online insurance when you make purchases using online banking with your platinum Mastercard. With the Platinum credit card, you can acquire exclusive cashback from overseas transactions. Other details related to the platinum credit card are as follows:

  • Primary annual membership fees of ₱4,000

  • Supplementary annual membership fees of ₱2,500

  • Interest rates of 2% per month

  • Late payment fees of ₱1,000 or an unpaid minimum amount of 5%, whichever is lower.

  • Cash advance fees of ₱200 for each transaction.

  • Over-the-counter cash advance fees of ₱500 for each transaction

  • Charge light plan pre-termination fees of about 5% of the unbilled fraction of the principal amount of money.

  • Charge slip retrieval fees of ₱400 for each sales slip.

  • Lost card fee or card replacement fee of ₱400 for each card.

  • Card certification fees of ₱200 for the complete statement of accounts.

  • ₱300 for good credit standing.

  • Returned check fees of ₱1,250 for each returned check.

  • Statement of account retrieval fees of ₱50 for each page if the requested billing statement is more than three months old.

  • The minimum amount due is 3% of the total expected amount of ₱500, whichever is higher.

  • Overlimit fees of ₱500 for each occurrence.

  • ADA fees of ₱250

  • Account maintenance fees of ₱250 or an amount equivalent to the credit balance, whichever is lower, will be charged to accounts with a credit balance that has had no activity over the past 12 months.

  • Multi-payment fees of ₱50 per payment.

  • Payment transfer fees of ₱100 when you are transferring from peso accounts.

  • Refund fees of ₱500 per refund request made to the cardholders' over-payment amount to ₱1,000 and above. ₱200 is the fee for a refund request made to the cardholder's overpayment for any amount below ₱1,000.

Classic Security credit card

The Classic Security credit card offers exclusive promos and non-expiring reward points. You also earn one point for each ₱20 you spend and can use them whenever you desire. The Classic Security credit card offers an e-secure feature that gives users a set limit for online shopping to check out. Like the other cards, it is also accepted worldwide. Other details related to the Classic Security credit card are:

  • Primary annual membership fees of ₱2,000

  • Supplementary annual membership fees of ₱1,000

  • Interest rates of 2% per month

  • Late payment fees of ₱1,000 or an unpaid minimum amount of 5%, whichever is lower.

  • Cash advance fees of ₱200 for each transaction.

  • Over-the-counter cash advance fees of ₱500 for each transaction

  • Charge light plan pre-termination fees of about 5% of the unbilled fraction of the principal amount of money.

  • Charge slip retrieval fees of ₱400 for each sales slip.

  • Lost card fee or card replacement fee of ₱400 for each card.

  • Card certification fees of ₱200 for the complete statement of accounts.

  • ₱300 for good credit standing.

  • Returned check fees of ₱1,250 for each returned check.

  • Statement of account retrieval fees of ₱50 for each page if the requested billing statement is more than three months old.

  • Minimum amount due of 3% of the total expected amount of ₱500, whichever is higher.

  • Overlimit fees of ₱500 for each occurrence.

  • ADA fees of ₱250

  • Account maintenance fees of ₱250 or an amount equivalent to the credit balance, whichever is lower, will be charged to accounts with a credit balance that has had no activity over the past 12 months.

  • Multi-payment fees of ₱50 per payment.

  • Payment transfer fees of ₱100 when you are transferring from peso accounts.

  • Refund fees of ₱500 per refund request made to the cardholders' over-payment amount to ₱1,000 and above. ₱200 is the fee for a refund request made to the cardholder's overpayment for any amount below ₱1,000.

Complete Cashback Security credit card

The Complete Cashback Security credit card offers about 5% cashback on expenses. You can get up to ₱12,000 cashback per annum. You also get to pay less on five of your most essential purchases. The Cashback Security credit card also allows you to make instant monthly savings on your billing statements. Other details related to the classic Cashback Security credit card are:

  • Primary annual membership fees of ₱3,000

  • Supplementary annual membership fees of ₱1,500.

  • Interest rates of 3.5% per month.

  • Late payment fees of ₱600 or an unpaid minimum amount of 6%, whichever is lower.

  • Cash advance fees of ₱500 for each transaction.

  • Over-the-counter cash advance fees of ₱500 for each transaction

  • Charge light plan pre-termination fees of about 5% of the unbilled fraction of the principal amount of money.

  • Charge slip retrieval fees of ₱400 for each sales slip.

  • Lost card fee or card replacement fee of ₱400 for each card.

  • Card certification fees of ₱200 for the complete statement of accounts.

  • ₱300 for good credit standing.

  • Returned check fees of ₱1,000 for each returned check.

  • Statement of account retrieval fees of ₱50 for each page if the requested billing statement is more than three months old.

  • The minimum amount due is 3% of the total expected amount of ₱500, whichever is higher.

  • Overlimit Fees of ₱500 for each occurrence.

  • ADA fees of ₱250

  • Account maintenance fees of ₱250 or an amount equivalent to the credit balance, whichever is lower, will be charged to the accounts with a credit balance that has no activity over the past 12 months.

  • Multi-payment fees of ₱50 per payment.

  • Payment transfer fees of ₱100 when you are transferring from peso accounts.

  • Refund fees of ₱500 per refund request made to the cardholders' over-payment amount to ₱1,000 and above. ₱200 is the fee for a refund request made to the cardholder's overpayment for any amount below ₱1,000.

Fast Track Security credit card

The Fast-Track Security credit card helps you to save and build your credit report. You can open a savings account to get a quick-track credit card. You can earn interest with your Security Bank account and earn points for every transaction you make while enjoying exclusive promos.

How to apply for a Security Bank credit card?

Before choosing a credit card application form, you should ensure eligibility. You should also meet the requirements set by the Security Bank. To apply for a credit card, you should be a Filipino citizens above 21 years of age with a residence in the Philippines. Below are some other requirements you should understand in regard to the Security Bank credit cards.

Security Bank card pre-qualification process

The first recommended step to take when getting a Security Bank credit card is to ensure you are eligible and competent to complete the security credit card application requirements. The requirements may include presenting identification proof, audited financial statements, billing address, employment proof, etc. Then you should choose the credit card you want to apply for.

With the pre-qualification process done, here's how to apply for a secure credit card via a Security Bank's offline branch and online platform.

How to apply for a Security Bank credit card via a branch

  • Visit any Security Bank branch of your choice, pick up a credit card application form, and fill it out.

  • After completing the credit card application, submit the documents and income requirements requested to the Security Bank officer you designated.

  • Your credit card application will be forwarded to their credit team to review and verify all the information provided by you. This can take up to 10 days.

How to apply online for a Security Bank credit card online

  • Visit the Security Bank online and fill out your details with your credit card application form.

  • Upload the documents and meet the needed income requirements.

  • Memorize or write down your credit card application reference number.

  • Your filled-out credit card application will be forwarded to the Security Bank's credit team for review and verification of the information you have written down. This can take up to five days.

Who is eligible for a Security Bank credit card loan?

To qualify for the secure credit card loan, you have to be:

  • A Filipino citizen and a resident of the Philippines.

  • An employee who is under employment for at least one year as a regular or a self-employed individual with a profitable business for about three years.

  • A person who is between 21 to 65 years of age.

  • A person who has a gross annual income of more than ₱480,000.

How to repay a Security Bank credit card loan debt

To repay your Security Bank credit card loan, you can simply make an over-the-counter payment or credit your account with the amount of money borrowed. The bank will deduct the loan amount from your account balance. You can repay your loans using various means, such as:

  • Making monthly payments. You can ask the bank to deduct fractions of the loan money from your monthly savings account to avoid the loan money piling up and incurring more interest rate charges.

  • Making extra deposits. You can also make various payments during the month. This is another easy way of repaying your credit card loan.

  • Using personal loans. Borrowers can also pay off accumulated credit card loans with a personal loan that comes with a lower interest rate. This will lower the overall cost of your loan due to lower interest rate.

The pros and cons of using a Security Bank credit card

Like other credit card issuing banks in the Philippines, the Security Bank gives a credit card based on your ability to borrow a certain amount of money and repay it within the stipulated time. While credit cards offer an array of benefits, including reward points and bonuses, some individuals are reluctant to get a credit card because of the tendency to spend uncontrollably and run into unnecessary debt. That's why it's important to ensure that you have the knowledge about all the advantages and disadvantages of using a Security Bank credit card.

Pros

  • Acquire cash loans. Credit cards offer their users easy access to obtaining loans. You can easily take out a cash advance with your credit card.

  • Earn reward points. You can earn reward points while using your credit card and use them whenever you desire.

  • Track your spending. A credit card gives you your bank statements at the end of the month, enabling you to track your spending.

  • Build credit history. Banks and other financial institutions can quickly go through your payment history to determine your eligibility for a loan.

Cons

  • Prone to over-debt. Individuals who are not disciplined in spending are likely to run into an endless cycle of borrowing and are at a risk of high debt.

  • Prone to frauds. Credit cards are prone to hackers, which can give them access to your vital information. They can also use this to access your accounts and make transactions.

  • Prone to higher costs. Credit cards attract higher interest rates for users, especially when they fail to meet the repayment deadline, which increases its cost.

The SEC (Securities and Exchange Commission), Bangko Sentral ng Pilipinas (BSP), Lending Company Regulation Act (R.A. No. 9474), and other lending laws govern all the activities related to credit cards.

SEC (Securities and Exchange Commission)

The mandate of the Securities and Exchange Commission is to verify and ensure that all lending organizations, including the Security Bank, follow due laws. The Securities and Exchange Commission requires the Security Bank to provide information for borrowers to make well-analyzed borrowing decisions. The SEC will also penalize the Security Bank should they charge too much interest on credit card loans or default in providing borrowers with relatively fair terms. Their activities can be suspended or their license revoked should the Security Bank default on the laws of the SEC.

BSP (The Bangko Sentral ng Pilipinas)

The Bangko Sentral ng Pilipinas is the central bank of the Philippines. The BSP acts through its monetary board to maintain a sound financial system, price stability, and an efficient payment system. The BSP governs and manages credit card loan lenders like the Security Bank to ensure they do not engage in illegal lending. They achieve this by:

  • Examining the bank's compliance with both international and national regulations.

  • Make sure that banks have risk management techniques for dealing with any overdue accounts that may arise.

  • Monitoring all compliance with standards controlling interest rates on various bank accounts, loan payments, and credit card interest rates.

The BSP levies a fine on the Security Bank should they default on any regulation, like charging higher interest rates on loans taken out using a Security Bank credit card. The BSP also stipulated that lenders can collect late payment fees from cardholders who have taken out credit card loans if they state the collection clearly in the credit card loan agreement terms.

Also, since obtaining a credit loan involves disclosing sensitive personal details like SSN and bank account numbers, there is a high risk of fraudsters getting access to your accounts. In that case, you can always meet the bank executive and request for a security check, and ask them to cancel such transactions.

The actual cost of a Security Bank credit card loan

Credit cards allow you to take out loans when you lack time and eligibility to avail a traditional loan. You can get a credit card loan without collateral if you take out an unsecured loan. You only need a security deposit in your account if it is a secured loan. Some necessary expenses that come with taking out a credit card loan may include the following:

  • An ailment fee of ₱500 or 5% of the money taken out as a cash advance, whichever is higher.

  • An ailment fee of ₱500 or 3% of the money taken out as cash advance, whichever is higher, for the World Mastercard.

  • An over-the-counter fee of ₱500 per transaction.

  • An annual fee ranges from ₱2,000 to ₱5,000 per annum for having your credit line open.

  • Late payment fee of about ₱1,500.

It is advisable to avoid taking out a credit loan if you cannot afford to repay the additional interest rates and principal amount of money borrowed. The interest rates are so high that you could pay twice the amount borrowed.

What happens if you fail on your payment?

A credit card is a financial product that comes with a very high interest cap. The bank wants to make sure that the debt given through a credit card is paid back on time because it's a risky asset for the bank. In case you are unable to make payments on your loan on time, the Security Bank will likely charge additional costs and higher interest rate. If even after that, you are not able to clear the payment, they might pursue legal action against you.

Conclusion

A credit card loan in the Philippines is an excellent way of obtaining additional cash when you don't have time to apply for a traditional bank loan. Based on the type of credit card you use, you can use a security deposit if you take a secured credit card loan. You don't need security if you take an unsecured credit card loan.

You should clearly understand what you are getting into before taking out a credit card loan since they come with very high-interest rates. Spending can be pretty addictive. With a credit card, you are bound to get into debt. You should use the money in your savings account and make budgets for your spending to help keep you in check.