Security Bank Complete Cashback Mastercard – MoneySmart Review 2022

Security Bank Complete Cashback Mastercard

Are you planning to get a cashback credit card this year? Look no further. The Security Bank Complete Cashback Mastercard is an excellent option for credit cardholders to earn up to 5% cashback from different spending categories.

Cashback credit cards can be a great way to get cash rebates each month from the things you buy and other sorts of purchases, from groceries to utilities and travel. But of course, there are also factors to consider before applying for a new card, so let’s have a look at the key features, fees, and perks you can enjoy all ‘year-round.

Contents
Security Bank Complete Cashback Mastercard key features
How does Security Bank Complete Cashback Mastercard work?
What are the other features of Security Bank Complete Cashback Mastercard?
Other options to Security Bank Complete Cashback
Final thoughts

Security Bank Complete Cashback Mastercard key features

Annual Fee
  • Waived annual fee for the first year
  • P3,000 for principal cardholder 
  • P1,500 for supplementary cardholder
Minimum Gross Annual Income
  • P360,000
Monthly Interest Rate 
  • 2.00%
Cash Advance Fee
  • P200 or $4 USD
Late Payment Fee
  • P1,000 ( $20 USD) or unpaid minimum amount due whichever is lower
Overlimit Fee
  • P500 per occurrence
Card Replacement Fee
  • P400
Minimum Amount Due
  • 3% of the total amount due or P500 whichever is higher
Card Network
  • Mastercard

How does Security Bank Complete Cashback Mastercard work?

The Security Bank Complete Cashback Mastercard offers cash rebate of up to 5%, depending on the spending categories. You earn 1% on shopping, 2% on dining, 3% on utilities, 4% on fuel, and 5% on groceries.

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.

You earn up to P1,000 of cash rebate for each billing cycle, combining the principal and supplementary card holders’ transactions. All in all, you can earn up to P12,000 of rebate annually, and the rebates are automatically processed and credited to your account.

The cashback rebate doesn’t apply to cash advances, online purchases, insurance companies, and overseas transactions. That said, you 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 those in-store installment purchases.

Want to get this card? You should have a minimum gross annual income of at least P360,000. The annual fee is waived for your first year, and it costs P3,000 for the principal cardholder while the supplementary holder pays P1,500.

What are the other features of the Security Bank Complete Cashback Mastercard?

Aside from the 5-tiered rebates that this credit card offers, you get discounts at your favorite restaurants and shops whenever you use this card to pay for your purchases. Furthermore, if you’re a frequent traveler, you can use the card overseas in establishments accepting Mastercard.

During your layovers, you have access to the Marhaba Lounge at NAIA Terminal 1 and 3, formerly known as the Sky Lounge (NAIA T3), and only pay $17 USD per visit. Security Bank also offers balance conversion for your big-ticket transactions and offer flexible payment terms subject to monthly add-on rates.

Other options to Security Bank Complete Cashback  Mastercard

While the idea of earning rebates is quite attractive, the only caveat with the Security Bank Complete Cashback Mastercard is that you gain the cash rewards if you use the card for in-store purchases or swipe it on POS terminals. If you’re not up to that, you may want to consider other cashback credit cards that offer better features and rewards.

Metrobank Cashback Visa (up to 8% cashback on groceries, telco and streaming bills, school, and book store purchases)

Metrobank Cashback Visa offers up to 8% cashback when you use the card on your groceries, telco, and steaming bills, school, and book store transactions. The maximum cashback you can get is up to P1,000 per billing cycle.

For transactions not under these specified categories, you still earn 0.20% cashback, such as fuel, dining, and online purchases. The annual fee is worth P3,500, and your first year is waived.

Citi Cashback Card (6% rebate on groceries, 2% on Meralco bills, and 0.20% on other purchases)

Citi Cashback Card 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, this is ideal for the family and if you’re paying utilities at Meralco.

Cardholders can earn up to P15,000 cashback annually, and the rebates don’t expire. Furthermore, you can use the Citi mobile app to track your purchases and rebates anytime. The annual fee costs P4,500, 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 your dining transactions and 0.50% on other spending categories. You earn a 6% fuel rebate at participating Caltex stations on your first transaction and then 3% on your subsequent transactions all year round.

Rebates are credited to your account after each billing cycle. HSBC gives you a welcome gift worth P2,500 cash rebate and a waived annual fee if you apply from now. You can also use its mobile app to track your purchases and rebates.

Final Thoughts

Security Bank Complete Cashback Mastercard is ideal for families as it covers five spending categories for your cashback rebates. If most of your purchases are under these categories, then this card is a good choice. 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 on earning, and for each billing cycle, it’s capped at P1,000 rebate.

If most of your purchases consist of online transactions from bills payment to groceries at MetroMart or GrabMart, you won’t find this card helpful. You might want to look for other options such as Citi Cashback Card or Metrobank Cashback Visa for your transactions on groceries and utilities.

That’s all for the Security Bank Complete Cashback Mastercard features and perks. We hope this guide sheds light on its terms and conditions before applying. Let us know what you think, and drop your comments below.