Credit card use is getting more and more popular among Filipinos on the back of an improving economy, a booming E-commerce industry, and modernized banking services.
A credit card offers great convenience when making payments online and offline—wherever you are in the world. With just a shiny plastic card in your wallet, you can buy anything anytime.
Credit card companies prefer applicants that already have a credit history to prove that you
are a good payer and a low-risk to them. That’s a problem for credit card amateurs – some just can’t provide a credit card billing statement but are willing to pursue applying.
But, with hundreds of credit card products in the market, how do you really choose a credit card in the Philippines? here's a top 5 list of cards to consider.
1. Metrobank Classic Visa
Annual Fee: ₱1,500 (waived for the first year)
Interest: 3.5% per month
Interest: 3.5% per month
Other Features:
Chip Card
Metrobank Card has an embedded chip that can protect you from credit card fraud due to cloning – an occurrence when your personal and account information are copied and transferred to a fake card.
Rewards
Earn 1 point for every Php20.00 that you spend using your Metrobank Credit Card. Use your points and redeem premium items or air miles from Philippine Airlines, Cathay Pacific Airlines or Singapore Airlines.
Chip Card
Metrobank Card has an embedded chip that can protect you from credit card fraud due to cloning – an occurrence when your personal and account information are copied and transferred to a fake card.
Rewards
Earn 1 point for every Php20.00 that you spend using your Metrobank Credit Card. Use your points and redeem premium items or air miles from Philippine Airlines, Cathay Pacific Airlines or Singapore Airlines.
2. EastWest Bank Classic Visa
Travel Insurance: Up to ₱20 million
Annual Fee: ₱1,400
Interest: 3.5% per month
Annual Fee: ₱1,400
Interest: 3.5% per month
Other Features:
1% of the cash advance amount or Php500, whichever is higher; and 3.50% finance charge imposed on the cash advance amount, which shall accrue from the date of availment until full settlement or payment.
1% of the cash advance amount or Php500, whichever is higher; and 3.50% finance charge imposed on the cash advance amount, which shall accrue from the date of availment until full settlement or payment.
3. RCBC Bankard myDream JCB
Special: Lowest interest rates and annual fees among RCBC Bankard”s classic cards
Annual Fee: ₱800 (waived for the first year)
Interest: 2.9% per month
Other Features:
myDream JCB’s Pay-Easy-Plan is the best in payment flexibility. Cardholders can charge in various currencies abroad and pay in pesos when they get back home. Plus, they have the option to pay the minimum of 1/20 of their outstanding balance or P500, whichever is higher, at a very low effective revolving interest rate 2.5% per month.
Annual Fee: ₱800 (waived for the first year)
Interest: 2.9% per month
Other Features:
myDream JCB’s Pay-Easy-Plan is the best in payment flexibility. Cardholders can charge in various currencies abroad and pay in pesos when they get back home. Plus, they have the option to pay the minimum of 1/20 of their outstanding balance or P500, whichever is higher, at a very low effective revolving interest rate 2.5% per month.
4. BPI Blue MasterCard
Travel Insurance: Up to ₱2 million
Annual Fee: ₱1,550 (waived for the first year)
Interest: 3.4%Per month
Annual Fee: ₱1,550 (waived for the first year)
Interest: 3.4%Per month
Other Features:
Accepted in over 29 million establishments worldwide, the BPI Express Credit Blue MasterCard is your start-up international credit card. It gives you P2 million FREE travel insurance. Plus, it lets you withdraw cash up to 30% of your credit limit in over 1 million Maestro/Cirrus ATMs globally.
Accepted in over 29 million establishments worldwide, the BPI Express Credit Blue MasterCard is your start-up international credit card. It gives you P2 million FREE travel insurance. Plus, it lets you withdraw cash up to 30% of your credit limit in over 1 million Maestro/Cirrus ATMs globally.
5. BDO Visa Classic
Annual Fee: ₱ 1,500 (waived for the first year)
Interest: 3.25% per month
Interest: 3.25% per month
Other Features:
Every P50 you charge on your card earns you 1 Credit Card Point. Accumulate these points and use them to redeem from an exciting selection
Every P50 you charge on your card earns you 1 Credit Card Point. Accumulate these points and use them to redeem from an exciting selection
of items and amazing finds. You may also use your points to waive your Monthly or Annual Membership Fees.
REQUIREMENTS:
- Bank’s Application Form
- Photocopies of 2 valid government-issued identification card you own (Voter’s ID, TIN ID card, SSS ID, Passport, Driver’s License)
For employee applicants:
- Most recent payslip
- Certificate of Employment (CoE)
- Latest Income Tax Return/ BIR stamp or Form 2316
For self-employed applicants:
- Copy of DTI or SEC registration
- Latest audited financial statements with bank/BIR stamp
- Latest Income Tax Return with bank/BIR stamp or form 2316
For foreign applicants:
- Philippine VISA
- Alien certificate of registration stating type of Visa held
- Immigration Certificate of Residence(ICR)
These documents are important for you to provide because it’s your first credit card. You have to prove to the bank that you are decently endowed with a regular cash flow even if you don’t own a credit card yet.
you can check out this great deals this next time using your selected card!
No comments:
Post a Comment