Applying for a Credit Card in the Philippines?
Dealing with banks can be a pain. This also applies when applying for a credit card. There are some regulations and processes you have to follow when applying for a credit card in the Philippines. In this article we show you how to do it smoothly!
1. Find the best credit card and bank for you
There are a couple of hundred credit cards in the Philippine market. Of course, it is very hard to compare all your options and find the best one. By checking our articles about credit cards, you can learn a lot about the different groups of cards and their specific benefits. After getting an overview about credit cards, how they work, and the different types, we recommend comparing different ones. The easiest and fastest way is to go to our credit card comparison page. It contains all the cards of the big Philippine banks and makes it a lot easier for you to compare them. You can filter them by type, such as Reward, Cashback, Travel, Speciality and Basic credit cards. You can even sort them by annual fee or interest rate. Right now, we are in beta and don’t process online applications, but the Apply button redirects you to the bank’s page for that specific card. Once, we are out of beta, you can handle most of your application process via our online platform!
2. Fill out the application form
Some banks in the Philippines provide an online application form. You can download it, print it and fill it out at home. Though, some other banks don’t provide their application forms online, therefore, you will need to visit a local branch to get it. The basic application sheet usually includes some details about your person, your income, your employee and other such things. You should be able to fill it out without having big troubles.
Also make sure, that you check the requirements for that specific card. Most cards require a certain minimum income and age.
3. Get all documents together
Your application is not ready, when you have filled out your application sheet, unfortunately. You, also, need to provide some more documents, which give proof about your identity and employment. Generally banks in the Philippines ask for a copy of the following documents:
- Proof of Identity (you can use a copy of your passport, driver’s license, company ID, TIN ID Card, SSS ID, GSIS ID, or any other government issued ID)
- Proof of Income
For your proof of income, there are different requirements for employed and self-employed applicants. In case you are employed, you usually need to submit all of the following documents:
- Latest Income Tax Return with bank/BIR stamp or form 2316
- Your payslips, which you have received within the last two or three months
- Original Certificate of Employment
For those of you, who are self-employed, there are four different documents most banks request:
- DTI or SEC registration
- Latest audited financial statement with bank/BIR stamp
- Latest Income Tax Return with bank/BIR stamp or form 2316
Remember, you don’t need to hand in the original documents, a photocopy (sometimes with a bank/BIR stamp) is fine!
4. Send it out
You can either bring your application to a local branch or send it by mail. By sending it by mail, they might check if your application includes all required documents, which definitely is faster. After sending it out, there is not much what you can do except being patient. Banks need from 1 to 3 weeks for processing your application. If they have decided to give out a credit card, it takes another 10 to 21 days for them to send out your credit card, since it needs to be produced first.
Once you got your credit card, don’t start spending right away. Check our guide on using credit cards first!
Get going and compare all credit cards in the market, right away!
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