Metrobank is a major bank in the Philippines that offers a variety of credit cards, including secured options for beginners. Experiences with Metrobank credit card applications, approvals, and specific cards like the M Free Mastercard and Platinum variants are commonly lauded and discussed among cardholders.
Favorite topics regarding Metrobank Credit Cards include using Secured Credit Cards (SCCs) as an entry point. Experiences with the Metrobank M Free Mastercard, especially its NAFFL (No Annual Fee For Life) feature, are also popular. Additionally, discussions around credit limit increases with Metrobank are frequently talked about. situs slot online slot thailandThis guide aims to provide insights for both beginners and those looking to understand Metrobank credit card options better.
II. Getting Started
The Secured Credit Card (SCC) Route – The “Easy Hack” for Beginners:
If you are an individual with no ITR, no financial documents like payslips, or no “official” employment, the SCC route may be for you.
A Secured Credit Card (SCC) operates by requiring you to open a time deposit account with the bank and use that deposit as collateral. The credit limit of your SCC is typically a percentage of your collateral, often around 80%. For example, a PHP 25,000 time deposit at Metrobank could yields a credit limit of PHP 20,000.
The auto-approval nature of SCC
The auto-approval nature of a Secured Credit Card (SCC) is a key characteristic that makes it accessible, especially for individuals who might not qualify for regular, unsecured credit cards.
The approval is generally automatic because the credit card is secured by a hold-out deposit, such as a time deposit account, that you maintain with Metrobank. Your collateral is your savings.
Because the bank holds an amount close to your credit limit as security, they face minimal risk of financial loss. Banks often do not require extensive financial documents like income tax returns (ITR) or proof of employment. The time deposit acts as sufficient security.
Show yourself as “credit-worthy”
A crucial aspect of an SCC is that the deposited money is put on hold and cannot be withdrawn as long as the credit card account remains open. If you wish to increase your credit limit, you generally need to increase the amount of your savings used as collateral.
The primary purpose of obtaining an SCC, especially for individuals with no prior credit history or financial documents, is to build a good credit score. By using the SCC for everyday expenses and ensuring timely and full payments, you establish a positive credit record. This good credit standing then makes it significantly easier to get approved for regular, unsecured credit cards from the same or other banks in the future.
Building Credit Score with an SCC
Using your Secured Credit Card (SCC) for everyday expenses like groceries, electric, and phone bills is a crucial step in building a good credit score. By making regular purchases with your SCC, you create a history of credit utilization.
More importantly, consistently paying your SCC bills in full and on time is what significantly contributes to a positive credit record. This demonstrates to financial institutions that you are a responsible borrower who manages credit effectively.
- Pay on-time: Every on-time payment is recorded and becomes a positive mark on your credit report. This payment history is a primary factor that banks consider when evaluating your creditworthiness for future credit applications.
- Build trust. By consistently meeting your credit obligations, you build trust with banks. This trust increases your chances of being approved for regular, unsecured credit cards with potentially higher credit limits and better rewards in the future.
- Open the door to other products. A good credit score, built through responsible SCC usage, makes it easier to obtain other financial products such as personal loans, auto loans, and even better terms on mortgages.
- Good standing for future applications. Once you have established a good track record with your SCC, it can serve as a reference card when applying for credit cards from other banks. Banks may be more willing to approve your application even without extensive financial documents, as they can see your responsible credit behavior.
SCC Options at Different Banks:
You can use your starter SCC from Metrobank as a reference for applying to other banks after a year. Take note that banks are also monitoring the frequency of your applications. If you apply too frequent, this gives a signal that you are somewhat “desperate” for a credit and may not be a good indicia of creditworthiness.
BPI Easy Start is another form of a secured credit card (SCC) with a lower opening deposit (e.g., PHP 15,000). Usually, a credit limit of PHP 13,000 is mentioned for a PHP 15,000 holdout amount. This can be a good starting point for beginners who lack a credit score. (Note: This is usually done in person, and not through online).
Even individuals with large savings might not get approved for a regular credit card without a credit history, hence, building it early is helpful.
SCC for Students. College students, who are at least 18 years old and have savings or allowance, can potentially get a secured credit card like BPI Easy Start. To apply for a secured credit card like BPI Easy Start, you would typically need to visit a BPI branch to open a deposit account that will serve as the holdout amount. Secured credit cards are usually not applied for online like what you find here.
Note that SCCs may have annual fees, but the amount can vary based on the holdout amount.
III. Leveraging Your Credit Score for Regular Credit Cards
Having a secured credit card (SCC) and consistently paying in full and on time builds a good credit score. This positive payment history demonstrates responsible credit behavior to other banks. Banks see your established creditworthiness and are more likely to approve your applications. You can use the Lista App to see your credit score.
Some credit card users who opened an SCC with Metrobank reported that they got approved for CITI (30-80k limit), RCBC (100-400k), and EW (200-990k), all with NAFFL (No Annual Fee For Life), simply by showing their existing card number. Another user started with a BPI SCC, then received approvals from Citibank, RCBC, and eventually had eight cards. These examples highlight how a good credit standing established through an SCC facilitates approvals from various banks. Often times, only an ID and the existing credit card number are needed when applying for subsequent cards.
Mall agents can be a convenient way to apply for new credit cards once you have an existing credit record. However, some people raise concerns about data privacy when applying through mall agents, mentioning fears of scams and agents selling personal information to other banks or loan sharks without consent. Some counter this that our data isn’t entirely private even when applying directly through a bank, as banks often share data, especially if you have a good credit score or outstanding debts. It was also mentioned that if you have a good credit score from one bank, other banks might contact you with credit card offers, indicating your data is shared across all banking networks.
IV. Metrobank’s Regular Credit Card Offerings and Experiences
If the rewards are your main priority in selecting a card, you can find them here. Just chat with Mia (Chatbot) to navigate and enter the promo code.
Metrobank M Free Mastercard:
The Metrobank M Free Mastercard is a credit card that has seen instances of immediate approval for some applicants. A key feature is its status as a No Annual Fee For Life (NAFFL) card, making it an attractive option for those wanting to avoid annual charges. Users have found it useful for features like PayNow, which was initially fee-free, as well as for Cash2Go and Balance Transfer options due to potentially good rates. However, the M Free Mastercard often has limitations, notably being frequently excluded from Metrobank’s credit card promotion.
Metrobank Titanium:
Some users report that after requesting for replacement of their MB Titanium card (due to being broken), the customer service allowed them to convert the card to an MB Cashback card or MB Mastercard Platinum.
Some users also experienced initially being given a Titanium card by Metrobank before later receiving an MFree card from them. This suggests that the Titanium card might be positioned as an initial or standard credit card offering by Metrobank.
A user with a Titanium card requested a credit limit increase via email after almost a year of having the card and being a good payor. Their initial credit limit was PHP 110,000, and they had three reference cards with much higher limits. This request was initially denied twice before finally being approved, increasing the credit limit to PHP 169,000. This experience indicates that even with a good payment history and reference cards, obtaining a credit limit increase with Metrobank might not always be straightforward or fast.
You can waive annual fees and check or redeem points on the MTB Titanium Mastercard website.
Metrobank Platinum Cards (Mastercard and Visa Travel):
MC Platinum or MV Travel Visa Platinum could be offered to existing cardholders either through a specific request or through the bank’s system even if it has not been specifically requested.
Regarding the differences in perks, MC Platinum has many dining promos, while Travel Visa Platinum is better for travel and foreign transactions. While the rewards might be similar between the two, the Travel Visa Platinum offers unlimited miles redemption, whereas the MC Platinum has a limit.
Metrobank Toyota Mastercard
This is my card and here are the fees as required by law to be disclosed:
My favorite about this is the 3% rebate on Petron fuels.
V. Credit Limit Increases with Metrobank
For those considering a Metrobank credit card, understanding credit limit increase (CLI) dynamics is useful. User experiences show requesting CLIs via email can have varied outcomes, with denials possible even for good payors with high limits elsewhere. This suggests internal factors beyond individual creditworthiness play a role, and approval timelines and amounts may not always meet expectations.
Interestingly, Metrobank also seems to offer automatic CLIs to some users, indicating periodic account reviews. Additionally, their travel fairs might provide a quicker route to a CLI, with faster decisions and potential for permanence if the card is used there.
Overall, Metrobank’s CLI approach involves both responding to requests and proactive adjustments. Requested increases can be unpredictable, while automatic increases offer a potential benefit. Travel fairs present a potentially faster alternative. These insights can help prospective cardholders gauge the potential for credit limit growth.
VI. Navigating Metrobank Credit Card Applications and Approvals
Some anecdotes suggest a large savings balance in Metrobank doesn’t guarantee regular CC approval. One user was rejected despite a six-digit deposit. Others were approved with minimal or no Metrobank savings but had existing credit cards. Credit history and trustworthiness appear more significant than savings for regular CC approval.
For regular credit card approval, credit history and credit score are generally more crucial than a large savings balance. Building a good credit standing, even with a secured card, can ease approval.
Note that a payroll account is not valid collateral for a Secured Credit Card (SCC). SCCs require a hold-out deposit that cannot be withdrawn while the card is active. Payroll accounts do not meet this requirement.
There is a perception that Metrobank is strict for first-time credit card applicants who lack an existing credit history. Some users suggest approval chances are slim without a reference card from another bank.
Metrobank’s approval process can sometimes take a month or two.
VII. Customer Service and Other Considerations
Some users shared a great experience with Metrobank, highlighting positive interactions with their Customer Service when requesting card replacements and conversions. They were also impressed with Metrobank’s fast delivery service via Ninja Van, receiving cards within 2-3 business days even outside Metro Manila.
I myself think that Metrobank’s customer service or hotlines respond faster compared to other big banks.
Tips to fight against unauthorized charges:
- Make sure to activate card lock feature
- Constantly check your statement of account for unauthorized transacations
- Never share your CVV (at the back of the credit card)
- Once you have high suspicion of fraud, report the card as lost or compromised. Raising your disputes must be made in a timely manner, otherwise, they will be barred by the lapse of time.
- Stay informed and vigilant by constantly learning
VIII. Conclusion
Metrobank offers secured credit cards relatively easily with collateral. However, approval for regular cards can be strict for first-timers without a credit history. Customer service experiences are mixed. The MFree card is NAFFL but may have limited promos and lacks a card lock feature.
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