Security Bank Next Titanium Mastercard – MoneySmart Review 2022

security bank next titanium mastercard review

Installment credit card is rare as most banks in the Philippines have rewards cards, cashback credit cards, and air miles credit cards. But did you know Security Bank is already offering one? Say hello to Next Titanium Mastercard.

If you are an existing depositor, the bank might offer this for free, especially if you have a good credit history, and the annual fee is waived for life. Installment credit cards can be a great way to finance large purchases, and they can also help you build your credit history if you use them responsibly.

However, it’s important to remember that carrying a balance on an installment credit card can lead to expensive interest payments. So be sure you can afford to pay off your balance. So, let’s take a look at Next Titanium Mastercard’s key features, benefits, fees, rewards program, and more to see if this works for you.

Security Bank Next Titanium Mastercard key features

Annual Fee
  • Waived annual fee for life
Minimum Annual Income
  • P540,000 per year (existing cardholder
  • P600,000 per year (new)
Monthly Interest Rate 
  • 2.00%
Cash Advance Fee
  • P200
Late Payment Fee
  • P1,000
Overlimit Fee
  • P500 per occurrence
Card Replacement Fee
  • P400
Card Network
  • Mastercard

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 12 months with a 1% add-on rate monthly.

Whether you are the primary or supplementary cardholder, an eligible straight payment of at least P5,000 transaction is converted to an installment plan. You don’t have to call the bank to make a request. They will process it as long as it’s an eligible transaction under the merchant category codes of Security Bank list.

Of course, the bank has the right to approve or reject the transaction, but if it’s an eligible transaction worth P5,000, it’s also irreversible. It means once it’s approved, you can’t reverse it. Unless you want to request a pre-termination, you need to pay the processing fee of 5% of the unbilled portion of the principal amount.

You can use the SimplePay feature to pay your expenses that require bank deposit payments, such as tuition, rent, professional fee services, and more. If you want to apply for this card, you must have a minimum annual income of P540,000 as an existing credit cardholder. For new applicants, the minimum annual income is P600,000.

The annual fee is waived for life, and you can add up to 5 cards as supplementary accounts. When you use this card for online shopping, you get up to $200 (P10,000) Online Purchase Protect Insurance for the items you purchase.

What are the other features of Security Bank Next Titanium Mastercard?

Aside from the waived annual fee for life, you can use this card for your online shopping with confidence as it provides a Secure Code, an OTP straight to your mobile phone, whenever you make purchases online.

Enjoy the promos and discounts on technology, shopping, dining, and wellness whenever you swipe this card in-store or online. If you’re a frequent traveler, you can use the card at the Marhaba Lounge at NAIA Terminal 1 and Terminal 3 if you ever need a break from a long flight.

If you need cash, you can use the Cash Advance facility to withdraw from any ATM Mastercard locally or abroad. Other than that, since this is an installment credit card, you don’t earn any rewards points or rebates.

Is an installment credit card for you?

There are some benefits of having an installment credit card. Perhaps the most obvious one is that it can help you manage your spending and keep your finances in check. Suppose you only have a limited amount of money available each month. In that case, an installment credit card can help you to spread out your payments over a longer period of time, making them more manageable.

An installment credit card can also be an excellent way to build your credit history and improve your credit score. By using your card responsibly and paying off your balance in full each month, you can show banks that you are responsible for debt 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.

When deciding whether or not to take out an installment credit card, it is crucial to understand what you are signing up for. An installment credit card will require you to make monthly payments over a set period of time. For instance, with Next Titanium Mastercard, a big purchase can be paid in 12 months with an additional 1% rate every month.

If you cannot pay your balance in full every month, the interest rates on these cards can be much higher than other types of cards like rewards credit cards.

So, before agreeing to accept an installment credit card, it’s important that you fully understand all of the terms and conditions associated with it. Be sure that you know your current interest rate (if any), how long it will take to repay your balance if you only make minimum payments each month, and the total amount of money you will pay in interest.

Suppose you’d want to apply for this type of credit card. In that case, you must understand all of your options and consider your current financial situation carefully before making any big decisions. If you are currently struggling financially or are already dealing with a lot of debt, an installment credit card can end up being more expensive for you in the long run.

For example, if your monthly expenses already exceed your monthly income, it might be difficult for you to pay off a large balance on top of everything else that you need to pay. In this situation, an installment credit card could put you even further into debt and potentially lead to even more financial problems down the line.

If you can afford to make larger payments each month on your installment credit card, this type of card may be a good option for you. However, if your current financial circumstances make it more difficult or impossible for you to repay your balance in full each month, an installment credit card might not be suitable for you.

Final Thoughts

The Next Titanium Mastercard’s waived annual fee for life is an attractive offer. However, if you read the terms and conditions, you may have some second thoughts on this credit card, especially the Auto-convert to installment option.

If you accidentally swipe the card for an eligible transaction without the intention of paying it in installment, then it’s automatically processed, and it’s irreversible. Plus, you don’t earn rewards or rebates from your purchases.

However, if you are not disciplined in managing your finances and don’t know how to work your way around installment plans, you might also 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.

What do you think of Security Bank Next Titanium Mastercard? Is it worth keeping?