A credit card is a must-have in this day and age. With it, you can do a lot of things—book tickets online, pay for groceries without taking out cash, withdraw cash during emergencies, and more.
Despite its convenience, however, not everyone feels comfortable with the idea of paying on credit. In this case, perhaps the best compromise is a prepaid stored value card.
Check out RCBC’s MyWallet Visa card, a practical option for those who have no intention of opening a deposit account but would like the convenience of cashless transactions. Moreover, it gives you total control over your spending.
What is RCBC MyWallet?
The RCBC MyWallet Visa card is a reloadable multi-purpose prepaid stored value card. It is one of the leading prepaid stored value cards in the industry.
Since it’s a prepaid card, you need to load RCBC MyWallet with cash before you can use it. You spend only what’s loaded into the card, reducing the risk of overspending. You can also withdraw cash from your card via the ATM.
It works the same way as a debit card. The only difference is a debit card requires a bank account, while a prepaid card like the RCBC MyWallet Visa doesn’t. In this regard, RCBC MyWallet is similar to the beepTM card.
Top RCBC Cards to Consider
If you're weighing your options for an RCBC credit card as well, here are our top recommendations:
📌 RCBC Flex Visa
📌 RCBC Flex Gold Visa
📌 RCBC Gold Mastercard
📌 RCBC Visa Platinum
The Pros of Using RCBC MyWallet
Whether you’re on a tight budget or you simply want to improve your spending habits, you’ll find a lot of appealing things about the RCBC MyWallet Visa card. Here are some of them:
👍 Ideal for Unbanked Individuals
If you don’t have a savings or checking account and you need to keep your money somewhere safe, the RCBC prepaid card is a great alternative. It stores your money and gives you access to various payment services.
👍 Perfect for Those Who Want to Avoid Overspending
With credit cards, it’s easy to go beyond your budget. If you don’t have the discipline, it’s easy to fall into a false sense of security. With an RCBC prepaid card, you’ll be more mindful of your spending since it contains a limited amount.
👍 Safer and More Convenient Than Cash
With your RCBC MyWallet card, you don’t have to carry wads of cash whenever you’re out and about. With features such as the Lock and Unlock feature on RCBC Digital, it’s safe and secure to use. You can also receive security alerts to avoid unauthorized transactions.
👍 Flexible When it Comes to Payments
Other than paying for everyday purchases, you can also settle bills via cashless payments with your RCBC MyWallet Visa card. Accepted bills include MERALCO, Globe/Smart, credit cards, and more.
And because your RCBC prepaid card is Visa-branded, you can access a wide variety of deals and offers from Visa. It’s accepted by millions of Visa merchants around the world.
The Cons of Using RCBC MyWallet
Your RCBC MyWallet Visa card is not without its share of drawbacks. Read through the following before deciding if this card is for you.
👎 No Interest
With a debit card, your money earns interest since the card is tied to a savings account. With a prepaid card, you won’t enjoy the same benefit. As such, the RCBC MyWallet Visa card isn’t the best tool for saving.
👎 Can’t be Used Once It Reaches Zero Balance
The RCBC prepaid card is technically a wallet. And just like a real wallet, it becomes useless once it runs out of cash.
👎 Has a Load Limit
While the RCBC MyWallet Visa card can store money, it has its limit. The total amount on the card shouldn’t exceed the RCBC MyWallet limit, which is ₱100,000.
How to Get an RCBC MyWallet Visa Card
Want to know how to get an RCBC MyWallet account? Fortunately, the requirements and application steps are easy. Take note of the following:
RCBC MyWallet Requirements
- Completely filled-out enrollment form
- 1 valid photo-bearing ID (e.g., passport, voter’s ID, postal ID, etc.)
- Card purchase fee worth ₱150
- Initial load amount worth ₱120
RCBC MyWallet Application Steps
The RCBC MyWallet card application process is straightforward and won’t take much of your time. Just go to any RCBC branch nationwide. Fill out the application form and present your valid ID. Then pay for the Visa card and the initial loading amount.
Alternatively, you can apply online. Just visit RCBC’s official website and fill out the online application form.
How to Use the RCBC MyWallet Card
In this section, you’ll learn how to use and reload your RCBC MyWallet card. You'll also learn about fees you may need to pay, depending on your transaction.
Where to Use Your RCBC MyWallet
Use your RCBC MyWallet the way you would your regular debit card. Currently, this card is accepted at the following:
- More than 70,000 Visa-accredited merchants in the Philippines
- More than 18,000 BancNet POS merchants in the Philippines
- More than 29 million Visa merchants around the world
- More than one million ATM locations around the world
How to Load RCBC MyWallet
If you want to load your RCBC MyWallet, just go to any of the following channels below and make a deposit at the counter or the ATM.
- RCBC branches
- RCBC Savings Bank branches
- Select LBC branches
What are the Fees for RCBC MyWallet Visa Transactions?
RCBC MyWallet Visa cardholders can perform various transactions with the following fees:
Transactions via RCBC ATMs
|Fund Transfer from RCBC MyWallet to RCBC MyWallet||₱5|
Transactions via BancNet ATMs
|Balance Inquiry||Ranges from free to ₱2|
|Cash Withdrawal||Ranges from ₱10 to ₱18|
Transactions via Visa ATMs
Transaction Limits With RCBC MyWallet Visa Card
Completing transactions with your prepaid card has its limits, whether you're shopping or making RCBC MyWallet fund transfers to other banks. Take note of RCBC MyWallet withdrawal limits as well.
|Single Transaction ATM Cash Withdrawal||₱20,000|
|Daily Transaction ATM Cash Withdrawal||₱50,000|
|Interbank Fund Transfer||₱50,000|
Prepaid cards like the RCBC MyWallet Visa are a practical choice for the unbanked or individuals who want a secondary cash card. While these cards have some limitations, the convenience they offer is undeniable.
Before applying for an RCBC prepaid card, carefully consider the pros and cons. Take the time to see how it will fit into your current lifestyle. If you’re curbing your spending habits or looking for a safer and more convenient alternative to cash payments, it’s definitely worth looking into.
-  Number of Unbanked Filipinos Decreases as Digital Finance Supports Daily Needs (Manila Bulletin, 2022)
-  RCBC MyWallet Features
-  RCBC Branches
-  RCBC Online Application Form