PHP600 or 3% of the cash amount availed, whichever is higher. You might not know this, but the credit card sandwiched inside your wallet holds the power to grant your travel wishes like a genie. So, never lose your bank’s number, because, reporting loss and disputing charges needs to be done as soon as possible to prevent fraudsters making the most out of your hard-earned money. And through the Citi PayLite feature, you can convert big purchases into smaller payments and choose from different repayment plans. 5 Tips for Using Your Credit Card When Traveling Abroad, 1. Government-issued photo-bearing ID: TIN ID, Passport, Driver’s License, SSS ID, or Company ID. If you are a citizen of the Philippines and is planning to get the best credit cards. Most credit card users become unaware and lose track of their expenses with Grab and Uber, so sometimes, using cash can prevent you from incurring more expenses with these apps. Your basic credit card, provides a line of credit to its owner. ), Retail monthly effective interest rate: 3.54%, Cash Advance monthly effective interest rate: 3.96%, Cash Advance Fee: PhP500 or 3% of the cash advance amount availed, whichever is higher. The main draw of this card is usually the zero percent interest balance transfer option from your other existing credit cards. 5x rewards points earned at certain dining and shopping establishments, 0% installment plans at certain stores for up to 36 months. Applying for a credit card is probably one of the most challenging feats … US$5 for Dollar, or amount equivalent to the credit balance, whichever is lower. A credit card can be a valuable tool for both business and corporate use. As discussed on Grit’s column on how to save money, sticking to the budget will save you money. Home or business address should be within a 30 km radius a BPI or BPI Family Savings Bank branch. getting more trust from the bank, which gives you access to loans, this leads to an important point of carrying your balances responsibly. Check important items like the card’s Annual Percentage Rate (APR), so you’ll know how much interest they charge you per year. They just need your authorization over the phone. Pay off your debts, and you will be just fine. With this is mind, it is wise to use your credit card sparingly as well. 2. 4. Cash advances of up to 70% of your credit limit at any EastWest ATM, over-the-counter at any EastWest store nationwide or at any ATM displaying the MasterCard and Cirrus logos. This one is more popular abroad. Well, that can’t happen because the card will limit your purchases to only 80-90% of the balance in the. Since your savings account is linked, they can deduct the payments from it directly. If you have a credit card, you can buy the things you need and pay for important stuff as you wait for your parent’s remittance. Considering these following pointers can help you make the most out of them. We’ve chosen Security Bank in this category since they have an excellent ZERO percent balance transfer program. Its terms make it as the best card to have on you when you’re traveling abroad. Valid ID with signature and photo: Passport, Driver’s License, NBI Clearance, PRC ID, Postal ID, Voter’s ID or TIN ID. Earn 0.50 Peso Point for every P200 spend anywhere. When shopping online, you can opt to receive an OTP (One-Time-Password/PIN) for verification purposes before confirming the transaction is legit. Because someone can get a hold of those old bills and documents and pretend to be you when they make unauthorized purchases. Mastercard Global Services helps you with reporting a lost or stolen card, obtaining emergency card replacement or cash advance, finding an ATM location and answering questions on your account. If done over-the counter, an additional fee of P500 per transaction shall be charged. Follow these and you should be fine. An excellent way of making sure you won’t get hit with late payments. Make the minimum payment. To banks, an employee that has been tenured and is committed to a company over a long period of time is much more attractive than an employee that has a record of short-term employment or job hopping. For instance, RCBC’s Fully Booked Mastercard gives you a year-round discount of 10% on book purchases and a chance to get up to 10% on rebates. 8. Credit card first-timers usually have it tough. Mastercard, please call us on call 1-800-1-111-0061. One of the great features of the Smart Money… Cardholders are allowed a maximum of three (3) payment transactions in EastWest Accredited Payment Channels posted within a statement cycle. The RCBC Bankard Gold Card is designed to be used as much as possible, because of its point system that never expires. Check out these options when comparing credit card offerings so you can make sure you’ll be getting one that matches your preferences. Stability equates to qualities of loyalty. To banks, a handsome credit history is an account that remains consistent in paying its dues on time, and that it has the means to pay back what it has borrowed. Of course, there are dozens of other cards on the market for you to choose from, so evaluating your lifestyle and financial needs are key to picking the right card and right bank. GCash Online Mastercard Order. The sooner you have access to higher amounts of money, focus on paying your debts to the credit card first, and maintain this without incurring other debts. Credit Cards are a brilliant innovation that allows you to be much more financially flexible. The proceeds of the over-the-counter Cash Advance transaction shall be net of the Cash Advance Over-the-Counter Fee. As tedious and inconvenient it may sound, it’s actually recommended by security experts to change your PIN and passwords periodically. As the popular saying goes, “If it’s too good to be true, it probably is.” Don’t open unsolicited emails especially those with all sorts of promos and offers. Different types of fees such as the annual fee, the late fee or foreign transaction fees requires your attention, so be mindful when and where you use your credit card. Be careful when visiting unknown websites and never give your financial information without making your due diligence to ensure that the site is legit and safe. Another option that admittedly does not get used enough. Reward conversion to miles can secure enough points for an airline ticket. There’s plenty of good reasons to ditch cash. The typical minimum requirement for applicants’ monthly income is P15,000. Centered on shopping purchases, you get … The amount you can spend is limited to what you have in your bank account, It’s usually riskier if you lose your card compared to credit cards, You don’t have the option to pay in installments, Since you can’t “borrow” money unlike a credit card, you can’t have access to funds if you need to use it for emergency purposes. The earnings we get from the commissions is solely used to maintain this website, but if you’d prefer for us to stay poor, here’s the non-affiliate link . Knowing about them allows you to maximize the benefits of each while at the same time minimizing the downsides. from Avast shares a couple of interesting ways you can make a strong password that you can recall easily. To link your GCash card, log in to your GCash app and tap the hamburger icon on the top-left corner. Now that we’ve covered why you should have a credit card and how to get one, let’s look at some of your options in the Philippines: The Citi Cash Back Card lets you enjoy up to 6% cashback on supermarket purchases and 0.2% cashback on all other purchases. For Employed: Certificate of Employment, latest ITR, or 3 months payslips. Be sure to check the terms and conditions of the offer so you’ll be aware if/when the regular rates start to kick in. Much like your friendly grocery store’s loyalty point system, the user will be awarded with certain bonuses in exchange for their points. Most credit cards don’t require you to pay off your debt immediately in one go, but instead require a minimum amount you pay each month or you’ll incur larger amounts of interest. Read this article to learn how to get … Let’s take a look at the other types of credit cards and their uses. Example, Get 10 pesos cash back for every 1000 pesos spent using the card. This will be based on the range of rates available in the wholesale currency markets or the government-mandated rate if in effect. Real Thrills Rewards Points: PHP 50 = 1 point. On a past article here in Grit.ph, we talked about how to save money, and that there’s a section about budgeting apps. For example, you went on shopping for appliances, air conditioners, and other big priced item in the hardware section, you don’t need to carry a huge amount of money to pay for those. You can choose from a list of their Mastercard products. In 2018, the Korean Embassy in the Philippines announced that all Korea visa applications should be coursed through its accredited travel agencies. You wouldn’t want to travel with a card that ends up getting declined because it’s expired. Secured credit cards bypass the need for proof of income as the bank will simply use your savings balance to pay for any missed dues. Airline miles (along with other bonuses) are gained whenever you use a frequent flier card. : Certificate of Employment and Compensation, latest BIR Form 2316, ITR or W2, and/or 3 months payslip. God bless! Are my purchases making my monthly dues harder to pay? We earn through commissions when people sign up for any of Citibank’s products using our link (above). Also read: How to get Personal & Business Cash Loans online in the Philippines. Visa and Mastercard are widely accepted in the Philippines. As long as your account leans towards a good credit profile, you increase your chances of getting your card approved higher. Another convenience credit cards bring is when you’re traveling abroad, you won’t need to bring as much money to be exchanged into foreign currency. For Self-Employed: Latest audited financial statement (AFS), income tax return (ITR), and/or certificate of registration with DTI or SEC. Citi Simplicity+Monthly income requirement: With existing credit card: PHP 15,000. This article from PCWorld covers the topic in detail, along with some tips on how to spot credit card skimmers. No need to borrow cash from your best pal and dorm mate. They’re more universally accepted in the Philippines, though you shouldn’t have a problem using an American Express or Discover card either. 5% of the withdrawn amount or PHP 500, whichever is higher, But what if your debt is higher than your savings, you ask? How to Choose the Right Credit Card for you? It doesn’t automatically guarantee that it’s a 100% legit website. Limit: P100,000. “Phishing” happens when there is an attempt to trick people into providing their personal and financial information. Plenty of people accumulate a lot of points and rewards, but never check which rewards they’re eligible for and end up not using them. – the penalty you pay for each time you fail to meet the bank’s grace period on payments and installments. Cost: Free. Some banks offer great sign-up bonuses when you first get your credit card as well as cash back programs where you perpetually save a few percent on certain purchases. 3.5% (for payments below the total amount due or minimum amount due), 5% rebate on your online purchases (max Php15,000). Global Emergency Contacts Another way to withdraw money from GCash is by using a GCash MasterCard, a prepaid debit card that you can use to pay for both online and offline purchases. Never forget, the point of a credit card is to borrow money – never borrow money that you know you won’t be able to pay back. Simply visit the nearest outlet, present your bill and pay the balance. A 5% service fee shall be charged on gaming/gambling transactions and/or transactions made at gaming/gambling establishments, including the placement of wagers, purchase of lottery tickets or other values in conjunction with any gaming or gambling activity. Evolution in technology is enabling more devices to connect more often around the world, at a pace that’s showing no sign of slowing down. These points are redeemable for a variety of things such as gas for your car, airline tickets or in-store discounts. Certificate of Employment and Compensation, and certified true copy of passport, Alien Certificate of Registration, work permit and/or other valid visas. Get familiar with your credit card’s foreign transaction fees, 3. No minimum required amount to be spent for the rewards to take effect. For employed: Certificate of Employment, Latest 2 payslips, or latest. Works exactly as they sound like. In order for the bank to have more “security” in approving your line of credit, this type of card usually require an initial cash deposit as collateral. The gist is simple: For each Dollar spent using your credit card, the bank will reward your account with points. For Self-employed: Registration of Business Name issued by DTI or SEC, latest ITR and W4, audited financial statements for the last 2 years, and/or bank statements for the last 3 months. , so you can bring some friends or family along your trips. Stuff like these are examples of why you should take measures in safeguarding your credit card information. To clear that up, let’s answer the simple question of “what is a credit card?”. PNB Mabuhay Miles is the best credit card for loyal and active customers of Philippine Airlines. Don’t open suspicious looking emails and links, 7. If you swipe your card often enough, the travel genie will magically appear, granting you a free airline seat with bed and breakfast accommodations in El Nido, Palawan. These cards were made with specific bonuses that appeal best to the type of customers from each niche (business or student). The American Express Gold Card is the most practical choice if you are an immediate family member of an OFW or immediately related with Filipino US residents and citizens. RCBC Instacard Credit Card application requirements: Fast processing in 3 banking days upon receipt of documents, A credit limit that is 80% of the holdout amount, Get rebates or rewards points for every transaction, Build your credit history and credit score with your secured credit card, Completely filled out and signed Application Form*, Completely filled out and signed Holdout agreement form**, Savings account required deposit = Php15,000, Visit the nearest branch and apply for a time deposit account, Apply for a Security Bank MasterCard credit card. PHP550 or 5% of the remaining principal balance, whichever is higher, PHP125 will be charged for every approved Cash2Go transaction (effective October 1, 2018), SkyMiles miles are transferable and do not expire, Every P45 spent = (1) SkyMiles mile automatically, Earn 2X Miles for every P45 spend on Delta Air Lines tickets, First Supplementary Card is Free for Life, Free access to Pacific Club at NAIA Terminal 3, P2,050/year (SkyMiles Mastercard), P5,000/year (SkyMiles Platinum Mastercard), P500 or 3% of the gaming transaction, whichever is higher, shall be charged for every gaming transaction in casinos and/or online betting. This way, you can avoid unauthorized use should someone gets a hold of your credit card. Useful, huh? Amex cards can be used in BDO ATMs, so if that’s your main card you’ll want to get … Transactions made in foreign currencies/merchants or those processed by foreign acquirers shall be automatically converted to Philippine Peso at the MasterCard currency conversion rate on the day the transaction is processed, plus a Foreign Currency Conversion Fee of 2.50% which is comprised of the MasterCard Assessment Fee and EastWest Service Fee. A sure-fire way to have a credit card granted to you is by applying for a secured credit card. Bank of Commerce Gold MasterCard Required Documents: See the full list of application requirements here. In terms of features, they’re generally the same with a standard credit card but differentiates itself with the types of perks and features it comes with. Students who find themselves in a tight financial spot will find tremendous value in having a credit card. They can also use it to infect your device with malware to steal all sorts of information about you. Especially when it comes to ride-hailing apps such as Grab and Uber. This is the amount that carries over when you don’t settle your monthly dues. Retail Monthly Effective Interest Rate: 3.50%, Citi Cash Advance Monthly Effective Interest Rate: 3.64% inclusive of the Citi Cash Advance Service Charge, Have a minimum income of P180,000 per year if you have another credit card, P250,000 per year if you have no credit card, Have an active landline or mobile phone number, Have a valid TIN, SSS, GSIS or UMID number, Proof of income (ex. RCBC’s secured credit card offering has a credit limit of up to 95% of your existing ATM/Passbook savings account. Off-the-shelf through partner convenience stores. However, to avail any of these conveniences, one must have a minimum monthly income of P71,000. This article is great for any Filipino looking to build their credit score. Much like a debit card. Secure a prepaid debit card at any BPI bank without opening a bank account. This list is especially for you. Use points to pay for purchases or redeem cash credits. These services also accept cash. – the amount you pay for your membership, charges every year. Credit history is a form of building assurance and trust that your account can borrow and return money to the bank, and as such, major loans you’d need in your adult life such as mortgage or auto loans can be approved much faster. Kudos to you, sir! Security Bank Fast Track Secured Credit Card application requirements: Must have a business or residence landline number, Completely filled out and signed Application Form, Completely filled out and signed Hold-out agreement form, Annual fee: P60 per month for Regular Cards; P150 for Premium Cards. Some may offer an option to transfer your existing credit card balance from another carrier and do so without incurring any charges. For self-employed: Latest BIR Form 170 (ITR), and Audited Financial Statements (AFS). Some banks accept other forms of personal items and properties that has monetary value as collateral. Its terms make it the best credit card to pay off when it’s time to settle dues. One thing to look out for is that HSBC has a hefty PhP700 penalty for late payments. Branch Availability – Easy to find in Quezon City, Pasig, Makati, Mandaluyong. When this happens, they will incur an overdraft fee (does not apply to prepaid debit cards). Your email address will not be published. It’s 100 percent legit. The earnings we get from the commissions is solely used to maintain this website, but if you’d prefer for us to stay poor, here’s the non-affiliate link . Use a universally-accepted credit card, Merchants will ask if you’d prefer to pay using Philippine Peso or the country’s local currency. So if you have Php10,000 in it, the secured credit card will have a credit limit of either Php8,000 or Php9,000 only. This account makes an attractive candidate for banks to approve their credit cards for. They have the ideal archetype and template of the perfect cardholder. We’ll just need your contact details so our resident real estate agents can reach you to provide you with the details for any of the listed property developments you’re interested to invest in. Do you simply throw it on the nearest garbage can? For Self-Employed: Copy of Registration of Business Name issued by DTI or SEC, latest ITR and W4, Latest audited financial statement (AFS), and/or Bank Statements for the last 3 months. Paying your credit card bills is one of the options provided in there. For example, an airline specific card will offer generous benefits that reward your frequent travel. Access to exclusive Diners Club Privileges across the world, Earns airline miles for every P30 spent, allowing for significant accumulation of miles to be used on airline tickets, Minimum monthly income required is P71,000, Principal card holder must be 21-65 years old, and at least 13 years old for supplementary card holders. Aside from making sure you’re following your. Exactly what I was looking for. It’s called Identity theft, and it’s one of the most common types of credit card fraud. Another alternative if you don’t want to physically visit the branch or transact online. Rewards and rebates, discounts, travel points, grocery bonuses, and others. A deposit account can give the bank an idea of how your cash and income flows in and out of your account. Its functions are widely used for offline and online shopping purposes. For every 20 pesos you spend using this card, you get 1 reward point which you can use  to redeem rewards items such as airline miles, items, and electronic gift certificates. Automatically converts all transactions and purchases to 2-months installment (0% interest and no minimum amount required) – which means you will only be billed half of the amount (per transaction) on the first cycle.