Choosing A Credit Card in the Philippines

credit card philippinesThe use of credit card in the Philippines is fast becoming trendy, with the economy improving and us having more income to spend. There are also many different types of credit cards, with an increasing number of benefits when used to spend on movies, petrol, dining, and travel.

For this reason, the use of credit cards in the Philippines is increasing. Although credit card use is still in its infancy in the Philippines (compared to countries such as Singapore, and Western countries), credit cards are only going to become more popular as a payment method in the Philippines.

So what criteria should one consider when choosing a credit card. Which credit card, out of the tens or even hundreds of new credit cards introduced by banks should you pick?

Here are some factors to consider:

Easy Payment

Convenience is king and this is why credit cards were invented in the first place. Choose a credit card that you are able to conveniently pay, lest you defeat the convenience that credit cards should provide. Don’t choose a card which you have to travel to another city to pay, even if they provide the best benefits

Perks and Benefits

Choose a credit card that let you enjoy perks or privileges that suit your lifestyle. Some credit cards allows you to earn points that can be converted to free flight miles, shopping vouchers and other gifts. Imagine being able to go to your favorite summer destination at literally no cost just for using your credit card regularly. Other credit cards let you enjoy certain rewards or privileges in department stores, or discounts in popular store brands or get free stuff from your favorite bookstore or simply a free cup of your favorite latte at your favourite coffee shop.

Rewards and other cashback benefits are also handy to have in a credit card. Banks offering rewards-based credit cards have a point catalog where you can redeem items using points accumulated through credit card transactions.

Charges and Fees and the Fine Print

As cumbersome as it can be, look at the fine print. Compare various credit cards for their credit limits (total amount of credit available to you), interest rates, late charges and penalties, and fees. Also important are the minimum payment requirements and interest free periods (if any).

If you are one who always pays your credit card bills on time, this should not be a concern but for those who frequently lag behind in payments, leaving the fine print unchecked could cause fees to pile up become a financial burden.

Can’t wait to get started? Find out which are the best credit cards in the Philippines today!

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