Security Bank in the Philippines has a rich and long history. The bank was set up in 1951 and went public in 1995. Through its many years in operation, Security Bank has grown to become one of the largest banks in Philippines and provides a wide range of services ranging from retail banking to commercial banking and even investment banking and asset management. Among its retail banking products, the range of credit cards it offers is popular among their wide consumer base. The Security Bank Classic MasterCard is a popular choice due to its value added features and affordability. The benefits and features of the card are as follows.
Features of Security Bank Classic MasterCard
- The annual fees of the card are waived for the first year.
- The card is a rewards credit card which earns reward points on every expense charged to it.
- The card has a worldwide presence and can be used at over a million merchants across the globe.
- The card does not charge any foreign transaction fees.
- The cardholder gains access to a wide range of promotional offers from MasterCard.
- The card earns reward points on every expense charged to it. It earns points at the rate of 1 point for every P20 charged to the card.
- The reward points earned do not expire and can be used to redeem for a wide range of gifts online. Points accumulated can also be redeemed for air miles or gift certificates.
- Cardholders can redeem their reward points either online through the Security Bank website or by calling the customer care hotline.
- The card comes equipped with the MasterCard e-secure feature which makes shopping online a safe and hassle-free process.
- The cardholder is also alerted via SMS on their registered mobile number if the card is used for unusual or out of pattern expenses. During such instances, the cardholder is alerted of the transaction and has to confirm the transaction to ensure the transaction has been authorised by them.
- The cardholder must have attained the minimum age of 21 years.
- The cardholder cannot exceed the maximum age of 65 years.
- The supplementary cardholder must be 16 years of age and cannot exceed 65 years of age.
- The applicant can be a Filipino resident or a permanent resident with a valid Philippines billing address.
- The applicant must have a landline connection.
- The applicant must have a stable source of income. If the applicant is salaried, they should earn a minimum annual income of P180,000. If the applicant is self-employed, they should be in operation for at least 3 years and must be profitable.
To apply for the Security Bank Classic MasterCard, Applicants are required to submit the following documents as income, identity, and address proof:
- A copy of the applicant’s ID with photo and signature. It can be a copy of the Passport, Driver's License, GSIS e-Card, TIN ID, SSS ID, Company ID or other valid government issued IDs.
For salaried applicants:
- A copy of the latest payslip dating back at least 3 months
- A copy of the latest ITR - BIR Form 2316
- A copy of the Certificate of Employment disclosing designation details and income
For self-employed applicants:
- A copy of the latest ITR forms with BIR stamp (BIR form 1701) and a copy of the SEC or DTI registration of the applicant
- An Audited Financial Statement (AFS) dating back at least 3 years along with the latest ITR
Fees and Charges
|Annual fee||The annual fee for the principal card is P2,000 and for the supplementary card is P1,000. The annual fee for the principal and supplementary card is waived for the first year.|
|EIR||The effective interest rate is 3.5% per month|
|Cash advance fee||5% of the amount withdrawn or P500, whichever is higher.|
|Cash advance Over-the-counter fee||P500 is charged for every over-the-counter withdrawal.|
|Card certification fee||The fee for full settlement of account certificate is P200 for every request. The fee for good credit standing certificate is P300 for every request.|
|ChargeLight Plan pre-termination fee||P500|
|Charge slip retrieval fee||P400 for every retrieval of charge slip|
|Statement of Account retrieval fee||P50 per page if the statement requested is over 3 months old.|
|Late payment charge||6% of the overdue amount or P600, whichever is higher.|
|Minimum amount due||P500 or 4% of the total amount due, whichever is higher|
|Foreign currency conversion fee||Nil|
|Returned cheque fee||P1,000 for Peso and USD20 for US Dollar|
|Replacement card fee||P400 for every instance of replacement|
How to apply for Security Bank Classic MasterCard
You can apply for a Security Bank Classic MasterCard credit card through the following ways:
- Applying online: New or existing Security Bank cardholders can get the Security Bank Classic MasterCard credit card by submitting the online application forms available on the Security Bank website. This paperless process involves the borrower having to fill out the application form and submit it along with the supporting documents required.
- Applying through a Security Bank branch: Borrowers can also get the credit card by visiting any of the banks’ participating branches and filling out the necessary application forms. The borrower will have to carry with them any supporting documents pertaining to their identity proof or proof of income.
Report Lost or Stolen Credit Cards
If the cardholder has their Security Bank Classic MasterCard credit card stolen or have lost their card then they need to report it to the bank immediately by calling the Security Bank customer service hotline at (632) 88 791 88. Cardholders must submit a written statement explaining the loss or theft of their card to the bank. The report should contain details like the place, date, and the circumstance surrounding the loss or theft of the card. Cardholders will be charged a fee for the replacement card. Cardholders must report the loss or theft of the card at the earliest as they will be held liable for all charges made on the card prior to notification.