For a long while now, I have lived a life without credit cards. For some time, I didn't see a need for one considering my spending behavior. And of course, there are those horror stories I hear from some credit card owners come collection time.
But you cannot deny that a credit card can be handy at times, during emergencies and in online transactions via Paypal. With these things in mind, I've decided to apply for one.
You can imagine my desk all piled up with different application forms from a number of credit card-issuing institutions, trying to find out which one offers good terms for cardholders. I submitted an application to 3 different companies.
Now I don't know what criteria do these credit investigators follow in approving applications. Strangely, my personal references that are in my applications were not called. But after 2 weeks of waiting, I found out that 2 of the institutions where I submitted my application turned down my request.
Then I received a notification from BPI, where I also submitted my application. Could this mean the approval I've been waiting for? It was..sort of. Not what I was hoping for though.
The letter states that I am eligible for the Express Start program of BPI. This means I can easily get a credit card...but there's a catch. I would have to deposit a holdover amount of at least P 10,000.
I originally did not want to accept the offer, considering that I would not be able to have easy access to the money given to me should the need arises. But at that time, I needed to have that Paypal account activated. In the end, I decided to get one.
I received my card after a week or so. I have to admit, the card itself has a "hip" feel to it. I was able to use it on some purchases I made; I made sure I pay the full amount as much as possible, to prevent those added charges on my next statement.
While I'm happy with my credit card and its features I may enjoy in the future, the fact that some of my money has to be time deposited for me to continue using it dampens my enthusiasm. Right now I have a pending application with 2 other banks for a credit card. If approved, I would have to cancel my BPI Card so I can have the money released. Sad really, considering the good things I've heard about BPI Express Credit. But that's life.