I enjoyed my RCBC Flex Visa Instacard, a secured credit card, but the PHP20,000 hold-out deposit pinched a bit. I had it as a regular credit card — swiped here and there, earned points, and improved my credit score – but I could not disregard that fact that I had money held hostage by the bank.
Another thing, RCBC does not automatically convert the secured credit card (SCC) to a regular one, even after a year of good standing.
You might want to read these articles about how I applied for RCBC Instacard and how I used it for at least a year:
- RCBC Instacard: Application Requirements and Process (Actual Experience)
- RCBC Instacard: Just Like a Regular Credit Card (8 Months of Experience)
After a year being an RCBC Instacard holder, I was able to get approved with a PNB Zelo Mastercard (my first regular credit card), two shared-limit Citibank credit cards, i.e., Citi Rewards and Citi Simplicity +, and a Union Bank Classic Visa.
I believe that it was with my RCBC Instacard that I had the chance to improve my credit score, not to mention the personal loan with CIMB Bank that I also dedicatedly completed paying off this year.
Ouch! Cancellation. It was July 12 when I sent an email to Bankard, the card provided of RCBC, that I wished to cancel my RCBC Instacard. I simply provided my identity and some card details.
After three days, I got an acknowledgement email and a confirmation of the card cancellation. It was after a follow-up however that I confirmed it was cancelled on July 19.
As indicated in the policy, it is only after 60 days that a hold-out deposit is released after cancellation. So I expected that by September 19, I would see the money credited back to my savings account. It was visible though ever since, but not part of the available balance.
Haist! Follow-Up and Branch Visit. Three days before the date, September 19, I just sent Bankard a follow up email. I was informed that I should coordinate with the bank when the time lapsed. So I scheduled a visit on the 20th.
As I visited the branch, just a few steps from our residence, I was instantly entertained. I showed the bank personnel the email, and he checked the account in the system.
He told me it was still on hold, but he phoned Bankard, and allowed me to talk to the customer service representative. I was just asked a few details regarding my card.
After being put on hold for a minute or two, the rep informed me that a ticket was already processed, and I would just be informed if it was finalized.
Although I was a bit disappointed, I was still calm and similing. The rep was apologetic, and even the bank personnel was very helpful. I was just told to check with the branch from time to time. So, I left.
Yehey! Release. Hours later, I checked my mobile banking account. I was a bit surprised it was already released to my savings. I thought it would take days as explained to me by the rep. Thanks!