Most credit cards in the Philippines are categorized as rewards cards, cashback cards, and airmiles credit cards. But Security Bank stands out among other banks with its installment credit card — Next Titanium Mastercard.
Existing Security Bank depositors may receive this credit card for free — those with a good credit history and fat savings account are good candidates. While it comes with a waived annual fee for life, this shiny plastic card shouldn’t be swiped mindlessly unless the fees and charges are meticulously reviewed.
In this article, let me walk you through the Next Titanium Mastercard key features, benefits, fees and charges, and rewards programs.
Security Bank Next Titanium Mastercard key features
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How does Security Bank Next Titanium work?
Security Bank Next Titanium Mastercard is an installment credit card that automatically converts your big-ticket purchases to an installment plan of 3, 6, and 12 months with a 1% add-on rate monthly.
Whether you are the primary or supplementary cardholder, an eligible straight payment of at least ₱5,000 transaction is converted to an installment plan. All eligible transactions — under the bank’s merchant category codes — are automatically converted to installments.
Here’s a list of the merchant codes below.
(Image credit: Security Bank)
Once approved and charged, it’s also irreversible. It means that if you’re using the Next Titanium card, you are enrolled in its auto-installment feature. For pre-termination of the installment, you pay the processing fee of 5% of the unbilled portion of the principal amount.
Existing credit cardholders with a minimum annual income of ₱540,000 are eligible to get this card. Meanwhile, first-time credit cardholders must have a minimum annual income of ₱600,000.
What are the other features of Security Bank Next Titanium Mastercard?
Aside from the waived annual fee and up to five supplementary cardholders, here are the other features worth considering:
- Secure online shopping — It provides a Secure Code, an OTP, straight to your mobile phone whenever you purchase online.
- Access to promos and huge discounts — Swipe the card when you buy items in categories like technology, shopping, dining, and wellness, in-store or online.
- Marhaba Lounge access — Frequent travelers can use the card at the Marhaba Lounge at NAIA Terminal 1 and Terminal 3 if they ever need a break from a long flight.
- Easy access to Cash Advance facility — Withdraw from any ATM Mastercard locally or abroad.
Since this is an installment credit card, you don’t earn any rewards points, cashback or rebates, and air miles.
Is an installment credit card for you?
If you’re in full control of your finances and emotions, an installment card is for you. Otherwise, if you think you are mindlessly spending on items as you wish, it’s not for you.
While an installment credit card gives you access to funds 24/7, it has its fair share of pros and cons.
Pros:
- Manage and monitor spending — With a budget of less than ₱5,000, you can use this card to pay certain expenses, making you more conscious of payments. The auto-installment doesn’t work for transactions less than that amount.
- Build your credit score — When you use your card responsibly and pay off your balance in full each month, you show banks that you manage debt well and are a low-risk borrower. This could make it easier for you to get approved for a loan or other type of financing in the future.
- Spread out payments on big-ticket items — stretch out your payments in 3, 6, or 12 months for big purchases.
Cons:
- Pay additional interest — While your payments are spread out, which can be paid up to 12 months, you are charged an additional 1% rate every month. Before agreeing to accept an installment credit card, always understand all of the terms and conditions associated with it.
- Accumulate credit card debt — If you are currently struggling financially or are already dealing with an existing debt, an installment credit card can end up being more expensive for you in the long run.
Final Thoughts
The Next Titanium Mastercard’s waived annual fee for life is an attractive offer. But for those who are financially savvy and have an eagle’s eye on the terms and conditions, including rates and fees, you’ll have second thoughts about this card. The auto-installment feature can be a dealbreaker.
If you accidentally swipe the card for an eligible transaction without the intention of paying it in installments, then it’s automatically processed, and it’s irreversible. Plus, you don’t earn rewards or rebates from your purchases.
Unbridled urges on spending can mess up your finances, especially when the monthly dues begin to pile up from auto-installment transactions.
That said, it’s better to look for other options that let you earn rewards and cashback and a 0% installment plan program.
Here are some of the options – credit cards – you can check that we have reviewed so far.
- 7 Best Credit Cards in the Philippines
- 6 Best Credit Cards for Fuel Rebates and Auto Services in the Philippines
- 7 Must Have Rewards Cards in the Philippines – MoneySmart 2020 – MoneySmart Philippines
What do you think of Security Bank’s Next Titanium Mastercard? Is it worth keeping?