Hi there! This blog post will share my experiences in applying for a BPI Express Start (BPI Secured Credit Card). I will discuss first what does that mean. BPI Express Start is the easiest way to get a BPI Credit Card without any income documents. Yes! It is easy to apply, and you don't need any ITR or business documents to provide since the bank will ask for a holdout deposit, or we can call it as collateral.
This program is best for low-income or first-time earners, with default card/s, freelancers, students, and more! The main reason I applied for it is to build my credit history while still in adolescence. I am only at the age of 19 from the time I apply.
What are the requirements to apply for a credit card via BPI Express Start?
- Must be at least 18 years old
- Must have a business or residence contact number
- Completely filled out and signed Express Start Application Form
- Completely filled out and signed Deed of Assignment (Blue Form, it is used to authorize BPI for the holdout)
- With BPI ATM-based Savings, Passbook Savings or Time Deposit (you can also apply first if you don't have an existing account)
Available at any BPI/BPI Family Savings Bank branch nationwide.
The minimum holdout deposit is ₱10,000 for ATM-based and Passbook Savings while ₱50,000 for Time Deposit. The credit limit is 90% of your holdout deposit.
TIMELINE:
January 07, 2021 - I went to my branch of account (BOA) at BPI DasmariƱas Pala-Pala to apply for the said program. They asked for the reason for applying, and I said that I want to build my credit score/history while still in adolescence and asked for my age. I said 19. They doubt to accept my application since the minimum age as per their application is 21. I presented some proofs, including the BPI Cards website (LINK), that the minimum age for Express Start is 18. They read all of the conditions from the application form, but there is no age stated. I waited for 20 minutes, then finally, they gave me the application form. After filling it all, they said they will hold my deposit right away and 3 to 4 weeks processing. They will release the holdout if declined. I thought that this is 100% approval. Please note that the holdout deposit is now on the current balance (NOT in the available balance), meaning it will not earn any savings interest anymore.
January 11, 2021 - I called BPI's hotline. Still, the application was not encoded with their system. I am excited even though the process is 3 to 4 weeks.
January 13, 2021 - I received a text message from BPI Cards. It is a welcome message with a delivery timeframe. Wow! I think it is already approved, but I don't still believe so since it does not reflect my online banking yet. But I am super excited about it!
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