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Frequently Asked Questions

What is a Credit Card?

Popular in the 1990s, it is a plastic card issued by a credit card company, identified by numerical and alphabetical values unique to the cardholder promoting cashless transactions. A credit card allows you to purchase goods and services on credit, payments depending on due date agreed upon by the card holder and issuing company.

How Credit Cards Work?

Like a personal loan, a credit card allows you to pay for services and goods that a consumer needs immediately, without owning the money to pay for it. The credit card company with the likes of BDO, BPI, Metrobank, etc. grants the short term loan, paying for your purchases first and then collects the money from the consumer on the settlement date.

What are the Types of Credit Card?

There are five types of you may encounter in your credit cards application, namely prepaid, virtual, supplementary, unsecured and secured credit cards. All these cards function as a credit card with different mechanisms. For a prepaid credit card in the Philippines, the cardholder has to first put an amount of money to the credit card which can be done online or over the counter. Virtual, on the other hand is mostly used for online transactions, a separate credit card number is assigned to the virtual credit card for safety purposes. Supplementary cards are the accessories of the main credit card holder. Unsecured cards are the most common credit cards, in which in this context referred only as ‘credit card’. Lastly, secured credit cards are usually tied to a savings account of the cardholder and the credit limit of the secured card depends on the deposited amount in the savings account.

Is there any Credit Card For Students?

No and Yes. No, because a student in the Philippines cannot apply for his or her own credit card (Philippines restrict minors) for credit card companies are strict about lending. Yes, because the student can always ask his or her parents for a supplementary credit card.

What is a Credit Limit?

A credit card limit is an amount set by the credit card companies depending on your the customer profile as to how much one can spend. Most of the time it is dependent on salary or how timely a customer pays his or her dues.

What is Credit Card Balance Transfer?

Credit card balance transfer works like debt consolidation. It is a way of credit card companies to reach out to new clients by paying off all the client’s debt. The credit card balance transfer is lucrative because it offers lower interest rates. Keep in mind though that these low rates are mostly under a promotional basis.

How to Apply: Credit Card Online?

There are dozens of different cards in the Philippines and they all have different conditions, for example other interest rates, cashback features and mileage. After that you can apply for it online, free of charge. Following these online application for credit card, a bank representative will be in contact assist you in completing your application.

What are the Credit Card Requirements?

There are certain documents required before a card is issued. Banks require some form of identification, for example, your driver’s license, as well as a proof of income and some other related documents. Requirements for credit card application (Philippines setting) may differ from bank to bank, but would mostly ask you about your income statement and employment certificate if you are employed. After submission, you will get your card and can start spending, but sometimes you have to activate the card by calling customer service first, so make sure before you use it, it is activated!

How Can I Make Credit Card Payments?

You can pay make credit card payments online through the company’s website, over the counter or to Bayad Centers.

What is the Consequence of Paying the Minimum Amount Due?

Paying only the minimum amount due on your credit card is fine, but should be highly avoided. Card companies normally require holders to pay only 5.00% of the principal balance plus interest. The remaining amount incurs finance charges. If your credit card charges 3.5% monthly, this could be 40% annually. One good tip is to definitely pay it off in full every month.

Will I Go to Jail without paying my Credit Card Debt in the Philippines?

Not paying credit card debt is not a criminal case under the Philippine Law, no one has been imprisoned for not paying debts. However, the creditor may file a civil case against you to collect the money. You may also consider that banks share information; you may find it difficult to apply for loan with other banks once tagged as delinquent payer.

What is Credit Card Fraud?

Fraud happens when there is deceit and there is intent to conceal it. Credit card fraud in the Philippines or anywhere happens online when your personal information such as birth date, residence, credit card number and security code are compromised. These details are then used to buy items online or even offline, the items being sent to the perpetrator’s fake address. Any form of fraud equates to money lost.

Got a question about Credit Cards? Ask us in the comment box below.





Best Credit Card in the Philippines

What is the best credit card in the Philippines? Choosing the best credit card in the Philippines requires research. The consumer have to know the specific features one credit card holds, is it good to for dining since it gives endless discounts to restaurants? Or are the traveling perks in the credit card unmatched by other credit cards? Is the cashback feature big for groceries and gas? Depending on what type of consumer, the card that suits you best can give you better cash management and cash flow. Consumers can choose from the list of credit cards in the Philippines from the table above.

Credit Card Online Application

Although it is still on the infancy stage, online credit card application is available through credit card company’s websites is on an uprise in the Philippines. The first stage of the application process requires you to fill out an application form and choose which credit card you like in the list provided by the credit card company. After 3-5 days, either via email or a phone call, you will be notified if your application has been approved or rejected after the assessment period. If approved, it takes roughly 5 more days for the credit card company to give you your card. If rejected, you have to try to apply to other banks, or wait six more months before you can apply again.

Credit Card Application Requirements

The basic requirements in a credit card application, online or not are payslips or latest Income Tax Return (ITR) and certificate of employment (if employed) or a proof of your existing business (if self-employed). All of these are necessary for credit assessment. Bear in mind that it in the Philippines, the money you make monthly or annually will be the sole deciding factor for eligibility.

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