Why A College Student Needs A Debit Card, And How To Apply For One

It's convenient and doesn't come with the heavy commitment of owning a credit card.
by Mylene Mendoza   |  Jan 10, 2020
Image: unsplash.com
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It’s never too early to think about finances. As college students, our primary source of funds would probably be the allowance our parents give us. It’s then up to us to decide how we spend our baon. Still, there’s already a lot of ways to get creative with the cash we have. For instance, why not try getting a debit card?

So what is a debit card?

A debit card is a plastic payment card linked to a savings account and basically resembles your parents’ ~magical~ credit card. The big difference is that it instead immediately deducts the money you spend from the existing amount your account holds instead of charging it to a line of credit. Simply put, it's like cash in card form. Sounds pretty simple, right? But why should you get one? Here are some reasons to convince you:

They’re convenient.

Having a thin slice of card that doubles as instant money is convenient for students who already have so many things in their bags. A debit card is also extra convenient if you run out of cash. Majority of the establishments (stores, restaurants, and the like) in malls accept debit cards as a mode of payment.


The maintaining balance is usually lower than other bank accounts.

What’s nice about debit cards is that, unlike other types of bank accounts, they don’t have to hold a lot of money to prevent the account from closing. Most banks have a minimum maintaining balance of P2,000 to P3,000 for debit cards, so it helps to have an account that won’t require you to keep a huge chunk of money in the bank. Some starter accounts don't even require a maintaining balance at all!

It doesn’t come with the heavy commitment of owning a credit card.

The thing about credit cards is that you’d technically be borrowing money from the bank and you’d be paying them back with annual fees, which means you’ll already be in debt even if you don’t have a job yet. With debit cards, you’ll technically only be spending whatever amount your card contains, nothing more.

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It can help you save money.

Out of sight, out of mind, right? If you’re planning to start saving up a small portion of your baon every week, applying for a debit card might be a good place to start. This way, you'll be less tempted to spend the money in your wallet.

How to apply:


Minimum initial deposit: P2,000

Minimum Monthly Average Daily Balance (MADB) Requirement: P2,000

Bring two (2) valid IDs and the minimum amount of deposit to your preferred branch. Fill out the Customer Information Record (CIR). You may also access the form through BDO’s website and fill it out in advance.

Source: bdo.com.ph


Minimum initial deposit: P2,000

Maintaining balance: P2,000

Bring any valid IDs with your photo and signature on it as well as your initial deposit to your preferred branch.

Source: metrobank.com.ph

Robinsons Bank

Minimum initial deposit: P2,000


Maintaining balance: P2,000

Bring at least two valid IDs and a 1 x 1” ID photo to your preferred branch and fill out the necessary forms.

Security Bank

Minimum initial deposit: P5,000

Maintaining balance: P5,000

Visit the Online Account Opening page on their website and fill out the form. Once you’ve submitted the complete form, wait a confirmation text message. Bring one primary valid ID or two secondary valid IDs along with the accomplished form to the indicated branch.

Source: securitybank.com

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About the author
Mylene Mendoza
Candy Staff Writer