The Best Secured Credit Cards For People With Bad Credit

Best Secured Credit Cards for People with Bad Credit

People with bad credit record are hard-pressed to get approved for a credit card. But when you consider such benefits as installment schemes, exclusive discounts and promos, rewards points, and even rebates, it’s definitely worth getting a hold of.

If you want to improve your credit score, it’s time to consider applying for a secured credit card. It gives you a hundred percent chance of approval because you’ll be required to set up an initial deposit amount on your bank account, which will serve as a collateral. Miss your payments and the bank will take it out of your deposit.

Though the initial credit limit is smaller than usual, it’s possible to request for a raise if you’ve maintained a good credit standing. You’ll build credibility with the bank by regularly paying your bills in full and on time.

When you’ve done this for at least a year, you’ll be able to convert your secured card to a regular credit card. If you’re ready to rebuild your credit score, start with these banks.

Read: (Can A Bad Credit History Hurt My Chances Of Finding A Job?)

Security Bank

Security Bank’s The Fast Track Program will easily get you approved for a secured credit card. You’ll need to open a Savings Account for P15,000, or a Time Deposit account for P100,000. The annual fee is waived for the first year, and you’ll get rebates or rewards points for every transaction just like a regular credit card.

Processing takes three banking days, open to new Security Bank clients.


BPI Express Start requires at least P10,000 maintaining balance for either an ATM-based or Passbook Savings account and P50,000 for a Time Deposit account.

Ninety percent of that will be your credit limit. So for a starting deposit of P10,000, you’ll have P9,000 credit card limit. You won’t even need to submit your income documents. Apply now if you want to get a BPI Express Credit fast.

RCBC Bankard

Open a Current or Savings account with RCBC Bankard to apply for their InstaCard secured credit card program. The minimum deposit amount is P5,000, which also serves as your credit limit. Your annual membership fee is waived for the first year and the revolving interest rate is only 2.5% for peso cards, and 2.0% for dollar cards.

RCBC Bankard guarantees 100% approval with no credit background checks. Applicants must be over 21 years old to apply for the available secured credit cards offered:

• Black Card Peso and Dollar
• Diamond Card
• UnionPay Diamond and Classic
• GOLD MasterCard
• CLASSIC MasterCard
• Landmark Anson’s MasterCard
• LJC MasterCard
• Mango MasterCard
• Sta. Lucia Mall MasterCard
• Wilcon MasterCard
• HBC MasterCard
• Fully Booked MasterCard

The approval rate for secured credit cards is 100% if you don’t have any outstanding balance with the bank you’re applying for. The credit limit and allowed card brand/s (Visa or MasterCard) will be different for each bank, but you should be able to enjoy the same exclusive perks and promos offered. Apply for a secured credit card now.