One of the best things about having a cashback credit card is earning cash rebates on your spending. If you’re looking for one that covers almost all spending categories, Security Bank Cashback Platinum is an excellent choice. You can earn up to 5% cashback on different categories.
Although earning rebates every billing cycle is quite enticing, nothing beats having an eagle’s eye on the terms and conditions. This article will unpack this cashback credit card’s features, fees, and perks.
Find out if it’s the card that matches your lifestyle and spending habits.
Contents
- Security Bank Cashback Platinum Mastercard key features
- How does Security Bank Cashback Platinum work?
- What are the other features of Security Bank Cashback Platinum?
- Other options for Security Bank Cashback Platinum
Security Bank Cashback Platinum Mastercard key features
| Annual fee | Waived annual fee for the first year (₱3,000 for principal cardholder and ₱1,500 for supplementary cardholder) |
| Minimum gross annual income | ₱780,000 |
| Monthly interest rate | 3.00% |
| Cash advance fee | ₱200 (or U$3.00) |
| Late payment fee | ₱1,000 (U$20) or unpaid minimum amount due5, whichever is lower |
| Overlimit fee | ₱500 |
| Card replacement | ₱400 |
| Minimum amount due | 3.00 % of the total amount due or ₱500, whichever is higher |
| Card network | Mastercard |
How does Security Bank Platinum Cashback work?
The Security Bank Complete Cashback Platinum card offers a tiered cashback system on various spending categories. It’s designed to offer cash rebates on everyday purchases like fuel, groceries, utilities, dining, and shopping and is targeted towards cardholders who want to get rebates on their regular spending.
Cardholders can earn cashback at varying rates depending on the category of spending:
- 5% cashback on groceries. This is the highest rebate rate, encouraging you to use the card for supermarket purchases.
- 4% on fuel. This rebate applies to spending at gas stations, making it beneficial for those who drive regularly.
- 3% on utilities. Payments for utilities like electricity and post-paid phone bills are eligible, provided these bills are not enrolled in Security Bank’s Bills Assist program.
- 2% on dining. This includes spending at restaurants and can be paired with other dining discounts offered by partner merchants.
- 1% on shopping. This includes purchases at department stores and boutiques, allowing for savings during shopping.
The earnings apply only to Merchant Category Codes that Security Bank determines based on the nature of the business or establishment, such as groceries, dining, utilities, and more. For example, for fuel, the code is “5541,” to which the sample merchants are Shell, Petron, Total, Caltex, Unioil, and more.
What’s the cap for cashback?
This card has a cap on the maximum cashback earned annually. You can enjoy up to ₱12,000 in cashback per year. This cap ensures that while you can earn significant rebates, there is a limit to prevent excessive claims.
What are the exemptions?
There are specific conditions under which cashback is not earned:
- Utilities enrolled in Bills Assist. If utility bills are paid through Security Bank’s automatic bill payment service, Bills Assist, they do not qualify for cashback.
- Non-qualified transactions. The terms and conditions specify that certain types of transactions may not qualify for cashback. This typically includes cash advances, balance transfers, quasi-transactions, and fees or interest charges.
- Exceeding rebate caps. Once the annual cap of ₱12,000 is reached, further purchases will not earn cashback until your next cycle begins.
Although this card uses a tiered cashback system, it doesn’t offer unlimited cashback.
There’s also another catch. You only earn rebates when you swipe your card via in-store purchases and only for local transactions.
✅ Therefore, rebates are only earned when you swipe your card and pay for your utilities, groceries, fuel, dining, and more, including in-store installment purchases.
What are the other features of the Security Bank Cashback Platinum?
Enjoy exclusive discounts at top restaurants and stores every time you swipe. Plus, if you’re a frequent traveler, you can breathe easy—this credit card is accepted worldwide by any Mastercard merchant.
Stuck in a layover? Kick back in the Marhaba Lounge at NAIA Terminal 1 and 3 for just U$17 per visit. And for those hefty purchases? Security Bank offers balance conversion (minimum ₱5,000 single receipt transaction) and flexible payment plans at competitive rates with the ChargeLight option.
If you’re shopping online, you can use Online Purchase Protection, which covers issues such as wrong, damaged, or incomplete deliveries valued up to U$200.
If you frequently shop online, this will add an extra layer of security against common issues encountered with e-commerce transactions.
Other options to Security Bank Cashback Platinum
Metrobank Cashback Visa (up to 5% cashback on groceries, telco and streaming bills, school, and bookstore purchases)
Metrobank Cashback Visa offers up to 5% cashback when you use the card for groceries, telco, steaming bills, school, and bookstore transactions. The maximum cashback you can get is up to ₱1,000 per billing cycle.
For transactions outside these specified categories, you still earn 0.20% cashback, such as fuel, dining, and online purchases. The annual fee is worth ₱3,500, and the first year is waived.
UnionBank Cashback Platinum (6% rebate on groceries, 2% on Meralco bills, and 0.20% on other purchases)
Formerly known as Citi Cashback Visa, UnionBank Cashback Platinum gives you a 6% rebate on groceries, 2% on Meralco bills, and 0.20% on other spending categories. If you live in the National Capital Region or nearby provinces, this is ideal for the family and if you’re paying utilities at Meralco.
Cardholders can earn up to ₱15,000 cashback annually, and the rebates don’t expire. Furthermore, you can use the UnionBank mobile app to track your purchases and rebates anytime. The annual fee costs ₱4,500, and it’s waived for the first year.
HSBC Gold Visa Cashback (5% cashback on dining and 0.50% on other purchases)
HSBC Gold Visa Cashback offers 5% cashback on dining transactions and 0.50% on other spending categories. You earn a 6% fuel rebate at participating Caltex stations on your first transaction and 3% on your subsequent transactions all year round.
Rebates are credited to your account after each billing cycle. HSBC gives you a welcome gift of a waived annual fee if you apply until May 31, 2024.
Final Thoughts
If most of your spending categories are generally in fuel, dining, groceries, shopping, and utility that you pay on-site or in-store, Security Bank Cashback Platinum Mastercard is a great choice. It’s also ideal for growing families that often pay for these transactions.
However, there are also some drawbacks you need to consider before applying. First, you only earn the rebates if you swipe your card at the POS terminals or use it via in-store purchases. So, you have to be there physically to keep earning, and for each billing cycle, it’s capped at ₱ P1,000 rebate.
You won’t find this card useful if most purchases are online transactions, from bill payments to groceries at MetroMart or GrabMart. Try other options such as Unionbank Cashback Card or Metrobank Cashback Visa for your transactions on groceries and utilities.
That’s all about the Security Bank Complete Cashback Mastercard features and perks.
We hope this guide clarifies its terms and conditions before you apply.