Credit card is more popular than debit card nowadays because it is frequently marketed in different places like malls, banks and schools. Both have advantages and disadvantages in terms of financial benefits that you can receive as an owner.
Almost all banks in the Philippines offer credit card as one of their products and one of their ways to earn money. However, there are few choices that you can see regarding debit card.
A debit card functions like a credit card but the card itself should have enough money in it for you to be able to use it. One example of a debit card is BPI ATM card. You can use it when shopping at most department stores and shopping malls nationwide via electronic payment system (EPS).
These days, I prefer using debit card than credit card. One debit card that I applied is BPI MyePrepaid card, a debit card that you can reload with money.
I buy this card through a promo from Groupon last May 2013. If you will apply this card directly to BPI, you need to pay P700. Since it is a promo, I only paid P500 with an initial money of P200.
Good thing also, I paid the card using my PayPal account because during that time I was still in Korea. However, if you missed the Groupon promo, you can still get this card through any BPI branches.
Unfortunately, when I went to BPI last Thursday, the employee there told me that they already destroyed the card because it is beyond 30-day waiting period at their bank. But I told them, based on the Groupon terms and conditions, it should be 60 days.
Anyhow, I didn’t argue anymore because the card was already destroyed. I suggest you apply directly to the bank or be sure you will pick up immediately the card.
BPI said you will be approved 100% since this is not a credit card. In order to use it, you should deposit money into it through over-the-counter transaction, online banking, ATM or telephone banking.
You can use this card when shopping online because this works like a credit card thorough Master Card company. If you also want to apply for a PayPal account but you don’t have a credit card, myePrepaid card is the solution.
Features of BPI my ePrepaid Card
Before going to the bank to submit your application form for this card, you must know the benefits and features that you can receive when you buy this card. You can see below the various benefits and features of BPI MyePrepaid card.
1. Guaranteed 100% application approval
My ePrepaid card is not a credit card. It will not work unless you put money into it. Therefore, there’s no risk for the bank unlike when you apply for a credit card.
2. No maintaining balance
This card is not a savings account. The money you deposit in it will not earn interest and therefore you don’t need to maintain a balance.
3. Use wherever MasterCard is accepted
You can use this card when shopping online, buying plane tickets or even shopping at malls and supermarkets. It will be accepted in any MasterCard affiliated stores.
4. Shop in ALL websites accepting MasterCard®
Like what I said earlier, you can use this card when shopping or buying stuffs online through any websites that accept Master Card. You can use it anywhere you are.
5. Color of Your Choice
The card comes in two variants: Azure & Indigo. Choose the color you like.
6. Valid for two (2) years
The card will be valid for two years and after that you can renew the card if you still want it.
7. Load up to P10,000 through BPI electronic channels
You can deposit money into this card up to maximum P10,000 through any BPI electronic channels such as online banking, mobile and telephone banking.
Moreover, you can load up to P50,000 through over-the-counter deposit at any BPI or BPI Family Savings Bank branch nationwide.
8. Check your card balance real-time
You can check your card balance anytime through text (SMS) or by dialing 89-100; press 4 for Express Cash and press 1 for Balance Inquiry. In this way, you can conveniently and easily check your card balance.
How to Apply for BPI MyePrepaid Card
When applying for this card, you have two options that you can do. First, you can apply through online application and second one, is through walk-in application at your selected branch.
Application Using BPI Express Online
1. Visit wwww.bpiexpressonline.com. Then. go to the Apply for products and services here drop down tab. Choose Prepaid Cards.
2. Completely fill-out the BPI Prepaid Card Purchase Agreement form.Select a branch where you want to pick-up your card by clicking the Branch Locator tab.
3. Click the Submit button. Print-out a copy of the BPI Prepaid Card Purchase Agreement form.
4. When getting your BPI myePrepaid card, bring the following to your nominated BPI/ BPI Family Savings Bank Branch, five (5) banking days for GMMA branches or seven (7) banking days for branches outside GMMA, Visayas and Mindanao after submission of card application:
- Print-out of the BPI Prepaid Card Purchase Agreement form
- Payment for the card processing fee (P500 for GMMA, P600 for outside GMMA, Visayas and Mindanao)
- One (1) valid ID.
GMMA includes NCR, Bulacan, Cavite, Laguna, Pampanga, and Rizal.
Application through BPI Branches
When applying for myePrepaid card, you could also visit any BPI Branch or BPI Express Banking Center nationwide. Next, you must fill-out a BPI Prepaid Card Purchase Agreement form.
After completing the application form, you should submit the BPI Prepaid Card Purchase Agreement form, present one (1) valid ID, and pay the card processing fee (P500 for GMMA, P600 for outside GMMA, Visayas and Mindanao)at the branch teller.
Finally, you can claim your My ePrepaid MasterCard® at the same branch after five (5) banking days in GMMA or after seven (7) banking days outside GMMA, Visayas and Mindanao. You are required to present your copy of the BPI Prepaid Card Purchase Agreement, and bring one (1) valid ID.
BPI myePrepaid card is one of the best alternatives if you cannot have a credit card. It is also a good option when paying something you bought online.
You could also use this card as a source fund for your PayPal account. However, you cannot use this card when withdrawing money from your PayPal account.
The application for this card is not hard to do. You have two options when applying for a card: either you could go to a branch or you could apply via BPI expressonline.