Best credit card in the Philippines has been deemed same as prepaid credit card, as the amount you would be using have been yours. It would not be of card issuing company. Usually, several people who would be applying for secured or prepaid credit card have been people with unemployed or poor credit. The spending limit for prepaid credit card has been the money you actually loaded on the card. There have been no finance or interest charges levied on a prepaid card. Having secured credit card, the credit line could range from approximately 50% to 100% of your deposit. It would depend on the respective institution that offers you with the secured card. The company providing you secured card entails zero risk.
Benefits of secured credit cards
Secured card could be highly advantageous, as it would cater you with a chance for rebuilding the essential credit history. Moreover, you would be able to make several kinds of purchases similar to you having an unsecured credit card. A number of companies need you to own a credit card for making purchases like airline tickets, car rental and more. Make sure that the company that has issued the secured card should regularly report payment history of the customer to any three major credit bureaus. This reporting would help you rebuild the credit history with time.
Consolidating the bills
You should close unnecessary accounts along with merging your bills for making payments highly manageable. It could be a financial benefit nonetheless. Yet another factor would be not applying for enough credit within limited duration. It would also help you rebuild your credit rating. In addition, despite secured credit has been similar to prepaid cards, it does not have specific fees attached.
Advantages similar to unsecured credit cards
Benefits have been deemed akin to an unsecured card. It has been mostly the paid interest, which would be on the accumulated balance in your bank. You would be using ATM (Automated Teller Machines) for making withdrawals, deposits along with making purchases.
Unsecured cards have been issued to people encompassing fine to excellent credit rating. The credit ratings would depend on some criterion, such as the people’s ability for repaying loans. Consequently, these criteria would be inclusive of employment history, payment history long with financial stability. People having excellent credit would probably receive a considerably lower interest rate. The main factor has been maintaining superb credit, which would make your essential loan payments within time. Therefore, you should be avoiding late fee penalties. You could look for rcbc credit card promos to have comprehensive knowledge about the card.