All Articles With Category : Credit Card

The latest and the best financial news, tips and tricks.

Have You Tried These 4 Hacks to Save Money on Gas?

Fuel price hikes are a reality motorists in the Philippines can’t escape. Adding fuel to the fire is the tax reform or TRAIN law implementation early this year. Fuel and other car-related expenses are getting more expensive. As of March 2018, the average gasoline and diesel prices have reached PHP 52.42 and PHP 40.30 per liter, respectively, based on data from the Department of Energy[1]. What are you doing to manage your fuel costs? Money-savvy drivers know the drill: make fewer trips, use brakes correctly, ensure proper tire pressure, and go carpooling. Some even go the extra mile of replacing their gas-guzzler with a more fuel-efficient vehicle. Okay, so you’re doing all those gas-saving tips already. Can you further stretch your fuel budget? Yes! Here are some hacks to save money on gas you may not know about. Table of ContentsSave Money on Gas Hack #1: Use your Pag-IBIG Loyalty CardSave Money on Gas Hack #2: Get a Fuel Rebate Credit CardEastWest Bank Hyundai MastercardHSBC Credit CardsMetrobank Toyota MastercardPetron-BPI MastercardShell Citi VisaCiti Cash BackEastWest Bank EveryDay Titanium MasterCard Security Bank Complete Cashback MasterCardUnionBank Platinum MasterCardSave Money on Gas Hack #3: Sign Up for a Fuel Discount CardAAP-Caltex SavePlus Discount CardPetron Value CardRobinsons Rewards CardSEAOIL VIP CardSM Advantage CardSave Money on Gas Hack #4: Use a Fleet Card for Your Small BusinessFinal Thoughts Save Money on Gas Hack #1: Use your Pag-IBIG Loyalty Card Did you know that using your Pag-IBIG loyalty card allows you to save money on gas? Earn a one-peso point for every PHP 250 Petron fuel purchase and…

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Getting Calls from Credit Card Agents? Remember These Dos and Don’ts

Ever received a phone call from a credit card agent? The experience could be quick and breezy on one hand or messy and stressful on the other. Generally, credit card agents are either sales agents trying to persuade a customer into getting a credit card or collection agents trying to get delinquent credit cardholders to repay their overdue accounts. Clueless about the right way to deal with credit card agents? Here are some pointers to keep in mind. Table of ContentsScenario 1: A Sales Agent Offers a Credit Card, and You’re Considering to Get OneBeware of “Pre-approved Credit Card” OffersScenario 2: A Sales Agent Offers a Credit Card, But You Aren’t InterestedScenario 3: A Collection Agent Runs After Your Unpaid BalanceScenario 4: A Collection Agent Harasses YouKnow Your RightsWhat to Do When Collection Agents Harass YouFinal Thoughts Scenario 1: A Sales Agent Offers a Credit Card, and You’re Considering to Get One A common misconception about credit card agents is that they’re all scammers. Many of them are actually legitimate call center employees calling on behalf of banks. They act as the liaison between credit card applicants and providers, making the process easier for both parties. In fact, some banks recognize the important role of sales agents in sourcing new credit card applications. So, if you’re considering to get a credit card and coincidentally, a sales agent calls you, there’s no harm in accommodating the call. You’ll save yourself the trouble of going to the bank and filling out forms to apply for a credit card. Beware of “Pre-approved Credit Card”…

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6 Dual Currency Credit Cards for Filipino Travelers

Using a credit card abroad can cost you more than local transactions because overseas purchases in foreign currency are converted to Philippine Peso (PHP). Changing from dollar to peso (or any foreign currency to local currency) adds up to your credit card bill. On top of that, you have to pay a foreign currency transaction fee of 1.75% to 2.50%. If you want to save money on your overseas trips while still enjoying the convenience of a credit card, a smart choice is a dual currency credit card. Dual currency credit cards are useful for travelers who often shop abroad and earn or have money in US Dollar (USD) because local and international transactions are billed separately. Purchases made in the Philippines are billed and paid in PHP, while those made abroad are billed and paid in USD. Essentially, you have two currencies in a single credit card. You don’t need to worry about exchanging currency and paying foreign currency transaction fees. Apart from convenience, another great reason to get a dual currency credit card is enjoying premium travel-related benefits such as travel insurance, rewards, exclusive access to airport lounges, and more. In the Philippines, there are at least six credit cards that come with a dual currency feature. This article explores all the dual currency credit card options for frequent travelers looking to save money when using their credit cards abroad. Related Article: Best Travel Credit Cards in the Philippines Table of ContentsBank of Commerce Mastercard PlatinumFeatures and benefits:BDO Platinum MastercardFeatures and benefits:Equicom Credit CardFeatures and benefits:PNB Platinum MastercardFeatures and benefits:Security Bank Platinum…

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What is the Perfect HSBC Credit Card for You?

Filipinos who are looking to avail of an HSBC credit card have different card types to choose from, each designed to meet different lifestyles and needs. Ranging from basic to premium, HSBC credit cards come in either Visa and Mastercard brand. All HSBC credit cardholders enjoy a myriad of rewards and exclusive perks, such as 4x bonus points for every transaction, fuel rebates, 0% card installment plan, and balance transfer plan. They also benefit from HSBC’s worldwide presence, which means they can use their HSBC credit card even while traveling abroad. Last but not the least, online applicants (including those from Moneymax) for selected cards can now get their annual fee waived for life. Interested to learn more? Visit this page for more details on the promo! Wonder what HSBC credit card is perfect for you? Ask yourself these three important questions when deciding which HSBC credit card is the right one. Table of Contents1. What Will I Use the HSBC Credit Card For?2. Which Credit Card Fits My Budget?3. What Credit Card Rewards Do I Want?Final Thoughts 1. What Will I Use the HSBC Credit Card For? The first thing you need to think about when doing comparison shopping for HSBC credit cards is your reason for availing one. What will you use it for most often? Identify your spending habits, needs, and requirements, and then look at the features and benefits to see which ones match your criteria. For example, if you’re looking for a basic card with plenty of perks for a variety of expenses such as…

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Best HSBC Credit Cards for Millennials in the Philippines

Are you a twenty or thirty-something who’s starting a journey to financial independence? You’re on the right track if you’re looking to own a credit card for managing your finances and meeting your #adulting goals. The right credit card can be your trusty friend, as long as you use it wisely. You can count on it to help you make the most out of your purchases and payments with its rewards, air miles, fuel rebates, and other perks. Swiping a card is also more secure and convenient than carrying cash. For the long term, it can help you build a good credit history, too. Being a responsible credit card user will make it easier for you to get approved for loans when you buy your first home or a new car. For millennials, HSBC credit cards are worth looking into. They have 0% card installment plan and are accepted in more than 27,000 establishments nationwide. Additionally, the HSBC accelerated rewards program[1] makes racking up points fast and easy for your shopping, dining, traveling, online, and international transactions. Here are the three best HSBC credit cards for different lifestyles, needs, and preferences of young Filipino professionals. Table of ContentsBest HSBC Credit Cards for MillennialsFor Shopaholics and Frequent Travelers: HSBC Red MastercardFor Serious Foodies: HSBC Gold Visa Cash BackNotable benefits:For Travel Junkies: HSBC Platinum VisaNotable benefits:Final Thoughts Best HSBC Credit Cards for Millennials For Shopaholics and Frequent Travelers: HSBC Red Mastercard If you travel, shop, or dine a lot, the ideal card is one that maximizes rewards and savings on those kinds of expenses. The…

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2 Simple Steps to Find the Best Credit Card for You

With tons of credit cards now offered by different banks in the Philippines, it is so confusing to decide which credit card is the best choice for you. However, you do not need to be impulsive and just avail a random credit card. Aim for the best credit card experience and make the most out of it by making the right choice. Here are the 2 simple steps to find which credit card you will choose: Table of ContentsStep #1: Identify your needs and preferencesStep #2: CompareFinal thoughts Step #1: Identify your needs and preferences Credit cards are made based on type of consumers. Banks based it on: spending behavior and reward preferences. Thus, you have identify firstly what is your spending behavior. Here are the types of credit cards based from consumers’ spending behavior: Travel – This credit card serves as your buddy to your travel trips. It offers great perks from airline tickets to hotel deals. If you are a frequent traveler. This credit card will offer the best credit card experience for you. Shopping – Banks do partnerships with shopping malls to offer the best shopping experience from your credit card. You just need to find which is your favorite shopping mall and know which banks are tie up with them. If you love shopping, choose this credit card and get instant discounts, rebates and freebies every time you go shopping. Gas – If you spend that much for gasoline because you use your car everyday at work and for your travel trips, this type of credit…

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Credit Card Basics for Filipinos

    Credit cards provide a convenient way to pay for purchases and online shopping.  As a source of short-term financing[1], credit cards have a borrowing limit, and banks will earn interest from your credit card balance if you do not completely pay off the balance at the end of your paying cycle which usually is the end of the month. Before the banks approve you for a credit card, there are credit card requirements you must fulfill. The most basic requirements could be pay slips from the past six months as well as a certificate of employment to prove that you have the economic means to repay any borrowing using the credit card. The two biggest network processors of credit cards are Mastercard and Visa, but both are widely accepted, so it does not matter much which you choose. Table of ContentsAdvantages of having a credit cardDisadvantages of a credit cardDoing your credit card homework Advantages of having a credit card If you use your credit card strategically, you can earn rewards and various bonuses depending on the type of credit card you signed up for. Some credit cards provide rebates and others miles rewards which mean you collect points which you can exchange for free flights with the bank’s partner airlines. You can compare the different credit cards in the Philippines using this credit card comparison tool to find out the best rewards available to make the right decision for your lifestyle. As such, credit cards are a handy financial tool for people, who are good at managing their expenses…

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Book Your Trip With These Agoda Credit Card Promos

There are a lot of travel destinations where you can spend the long weekend together with your family and friends. You can definitely find great deals to lessen the expense of the trip by using promos with your credit cards. One website where you can compare is at Agoda.com. Here are Agoda promos that you can surely use for a travel junkie like you! Table of ContentsCitibank Credit CardsRCBC Credit Cards HSBC Credit CardsBDO Credit Cards Citibank Credit Cards Get up to 7% off using Citibank Credit Cards. Get more details on how to get Agoda promos by visiting their site[1]. Read more: Citibank Credit Card Application: Easy 5-Step Guide RCBC Credit Cards Get to stay at hotels with discounts using RCBC credit cards. Enjoy up to 7% off sitewide from September 15, 2019, to September 15, 2020. You can avail for up to 10% off by checking their promo mechanics[2]. HSBC Credit Cards HSBC has partnered with Agoda to provide travelers with discounts all year round. You can avail this promo by going to their promo page[3]. Read more: HSBC Credit Card Application: Quick Guide for First-Timers BDO Credit Cards Use your BDO Credit Card to book your next destination. They have various promos[4] for their different credit card lines. Are you missing out on credit card promos because you don’t have one yet? Compare credit card options with MoneyMax.ph so you can get the best choice for your travel needs.  Sources: [1] Citi Credit Card Agoda Promo [2] RCBC Credit Card Agoda Promo [3] HSBC Credit Card Agoda Promo [4]…

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What to Ask Yourself Before Getting a Credit Card

    A credit card isn’t exactly something that qualifies as a major life decision, but it’s a fairly big decision. After all, while having a credit card means that you can start building your credit score for when you want to take out a home loan, car loan, or personal loan. There’s also the exhilarating possibility of things you could do with a credit card in your hands. The card you end up with could be a gateway to debt if you aren’t careful, or you could end up with more rewards than you thought possible. So before you think about filling out an application, here are some things you should ask yourself before getting a credit card. Table of ContentsWhy do I want one?What’s the Monthly Interest Rate?Are the rewards worth it?How do I know which card is the right one for me?Final thoughts Why do I want one? Sites like Bankrate and Learnvest, as well as Bruce McClary, media director for ClearPoint Credit Counseling Solutions consider this the “very first question” that consumers need to ask themselves. If it’s your first time trying to get a credit card, you’ll want to gauge why you want a credit card, beyond not having to carry cash around. This question also informs the kind of credit card you should be applying for. If you’ve always managed to pay bills on time and in full, that also factors into how well you’ll be able to maintain your credit card use. What’s the Monthly Interest Rate? The monthly interest rate or effective interest…

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How to Avoid Credit Card Delinquency

According to a financial risk services company, 15% of all the credit card debt in the country had been reported to be delinquent. The cause is the Philippines’ economic soar. Consumer lending is growing and people have been more knowledgeable and dependent on using credit cards but the risk is higher for delinquencies as well. HJust to remind you, here are things you shouldn’t do so you can avoid being a delinquent payer with your credit card: Table of ContentsOverspendingLate PaymentsBank QueriesThird-Party Collectors Overspending Discipline will always be the first filter on your spending. Do a lot of thinking before you swipe your card and don’t buy with the credit card that you cannot buy with your cash-on-hand. Control yourself on temptations that are costly as soon as you receive your bill. Late Payments When you don’t pay on time and in full, your creditor will charge a late payment fee on your bill in the next month which is equal to a percentage of your outstanding balance. Your credit history will suffer because late payments make 35% of your credit score with most financial institutions. A significant drop could take effect as soon as your bank declares it and later on credit card delinquency. Bank Queries After all the late and missing payments, your bank will call you for minimum payments. They will ask you to pay for the minimum amount which is in bold on your credit card statement. Why? Because your outstanding balance will incur interests the next month. If you answer the call and paid the minimum amount, you’re…

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4 Ways to Ruin Your Credit History

    Your credit history is important as this could be your key to an approved credit card, postpaid broadband plan, or personal loan just when you need it for emergency situations. However, there are times when you lose track of your credit card use, and this will eventually your impact your credit score. Having a good credit history puts you in a position where you’d have FEWER difficulties taking out a loan or another credit card. Similarly, your credit score shows banks and other financial institutions what kind of debts you have, how much money you owe, and whether or not it was paid on time. Here are some of those ways: Table of Contents1. Run up a large balance on credit card.2. Inconsistent Payments3. Closing several accounts at once4. Opening several accounts at onceFinal Thoughts 1. Run up a large balance on credit card. The credit card balance is the unpaid amount on your credit card. Leaving a large amount in your credit card balance can hurt your credit history. This may mean that you spend a lot and do not pay them right away, or you only pay the minimum amount every cut-off.This means that the remaining amount piles up and acquires late fees and additional interest. How to avoid it: You can set when to pay the balance on your card. It’s to your advantage if you set your credit card payments when your paycheck comes in. 2. Inconsistent Payments Inconsistent payments on your credit card bill eventually reflect on your credit history. It’s all too easy to ruin…

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8 Credit Card Mistakes to Avoid

Have you ever been stuck in credit card debt? If yes, that is surely a situation that you wouldn’t want to go back to. Having a credit card can be rewarding and convenient for cashless payments, redeeming rewards, and consolidation of expenses. This is because the credit card is a financial tool but without the discipline of the credit card holder, there will be financial mistakes that you can make that will cost you a lot of money. Avoid the pitfalls like the following: Table of ContentsMaxing out your limitMaking late payments on your credit card billUnwise Balance TransfersMaking Minimum PaymentsUsing Multiple Credit Cards at the Same TimeTaking Cash Advances for Non-Emergency SituationsSpending for rewardsNeglecting Your Credit History Maxing out your limit The more you reach your limit, the higher repayment you need. According to VantageScore, you should ideally not go over at most 30% of your credit limit because it doesn’t look good on your credit history. Aside from this, there are other disadvantages of maxing out your credit card limit such as: Lenders not liking a maxed-out credit card limit. If you approach a lending institution to get a loan or apply for another credit card, the chances of getting it will be smaller because you are showing through your maxed-out credit card that you cannot handle your finances properly (unless you pay the balance in full before the next billing cycle). The balance will be harder to repay. Borrowing a high amount from a credit card will make it very hard to repay it if you don’t have extra…

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Credit Card Dos and Don’ts

These days, owning a credit card is considered a symbol of being responsible enough with your finances to handle payments on it, or having enough control of your impulses to not misuse it. Owning a credit card doesn’t mean you instantly have money to spend. Your credit card allows you to take out a loan against your next paycheck instantly, and you will have to pay it when your bill comes due. You can easily max out your card without noticing. You should at least know the dos and don’ts of credit card use to avoid falling into debt. Table of ContentsCredit Card DosTake advantage of seasonal promosControl your impulsesChoose cards with affiliated stores and establishmentsKeep your balance lowAnalyze your billing statementsTake credit card precautionsCredit Card Don’tsDon’t use your card for every transactionDon’t pay off just the minimum requiredDon’t be too luxuriousFinal Thoughts Credit Card Dos Take advantage of seasonal promos When shopping, most people go to malls and stores to buy their loved ones gifts. Instead of using cash, use your credit cards to purchase items. While already prevalent most other times of the year, it’s during the holidays that credit card companies offer additional perks and rewards to their clients. Take advantage of such offers to cut down on prices or receive discounts. Control your impulses Resist the temptation to splurge the second you’ve got that piece of plastic in your hands. Do you really need it or do you just want it? As with any purchase that could be deemed impulsive, it’s ideal to think about it for at least 24…

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What is a Credit Card?

It’s a plastic card that you’ve probably used over cash in certain instances, and when it comes to the big-ticket purchases, or to get items on layaway. You have one, or are thinking of applying for one. You know that it can be a risk to your finances if you can’t control your spending. A credit card is considered a great risk to your finances when you don’t understand how you can maximize the benefits you can get from it. Understanding what a credit card is will be essential to it becoming a tool that works for you instead of against you in the long run. Table of ContentsThe historyThe basicsUsageHow interest worksThe transactionThe types of credit cardsFinal thoughts The history Credit cards trace their origins to the Bank of America in 1958, with much of the world being unable to successfully establish a revolving credit financial system. It became popular among travelers to move their credit to places they couldn’t directly use their banking facilities. In 1966, the first credit card outside of the US launched, from Barclays in the United Kingdom. The late 1990s would be the time that widespread use of credit cards by other regions, with countries like France being much quicker to develop and adopt anti-credit card fraud measures. The basics A credit card, by definition, is a payment card issued to someone – who then becomes a cardholder – enabling them to pay merchants for goods and/or services. The bank or credit union who issued the credit card creates a revolving account of credit…

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5 Things First Time Credit Card Users in the Philippines Must Know

Getting a credit card is something of a rite of passage for some people. It might mean that you’ve got the financial capacity to handle the responsibility of having a credit card. Because it is a responsibility. It’s a big step towards eventually buying a car or a home because having a credit card means you’ll start building a credit score. Seeing as this is your first card, there are certain things that first-time credit card users in the Philippines must know, and here are some examples of things that you should have in mind when you start looking for a credit card. Table of ContentsInterest is a real thingAlways pay on timeRead the fine printKeep your information safeTrack your chargesFinal thoughts Interest is a real thing All credit cards charge interest. The standard is 3.5% and some banks might charge either lower or higher than that, depending on the type of card. This is the amount tacked to your bill if you don’t pay on time. Say that you’ve charged around Php 3,000 to your card, and only paid off about Php 1,000 on your billing statement for the month. When your next billing statement rolls around, you’ll find that you’ve got Php 2,150 due. The extra Php 150 is the interest, and this is compounded annually on the total amount left on your card. It can be frustrating, which brings us to the next point: Always pay on time Unless most of the items on your card were purchased on an installment plan, it’s more helpful if you pay the total amount on your statement as soon as it’s due. This eliminates the risk of compounded interest and having…

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Credit Cards That Help Motorists Save Money

Credit card use is fast becoming widespread in the country. Most people will use it for larger purchases or the smaller things like groceries and clothing purchases. With repeated use, one can earn rebates on money spent or rewards that can be traded for freebies. Many gas stations in countries like the US are largely self-serve, with patrons simply swiping their cards through a reader to unlock the pump and fill up. There are a lot of motorists in the country who are aware that they could use their credit cards for car expenses, but actively choose not to in order to avoid the possibility of debt. There are benefits to it, and here are some of them. Table of ContentsRebates on fuelService benefitsFinal thoughts Rebates on fuel There are at least eight credit cards available in the country that caters specifically to motorists. These cards are either co-branded with gas stations, or car manufacturers. These cards entitle the holder to fuel rebates. Here’s a quick look at the cards and their rebates: BPI Petron MasterCard – You can get a 3% rebate at participating Petron  A maximum of Php 15,000 in rebates per calendar year is applicable. East West Bank Hyundai MasterCard – You can get a 5% rebate at any gas station, and up to Php 1,000 in rebates every month. HSBC Credit Cards – All HSBC credit cards can get a 3% rebate at participating Caltex  Transactions up to Php 20,000 per month will also earn a rebate. Metrobank Toyota MasterCard – You can get a 3% rebate at participating Petron  A maximum of Php 15,000 in rebates per calendar year applies. Security Bank MasterCard Complete Cashback – You can earn a 4% rebate on fuel. This also includes a maximum cashback up to Php 12,000 including…

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Discover Which Schools Accept Credit Card Tuition Fee Payments

Whenever the next school semester starts up, parents end up needing to bring massive amounts of cash with them to pay for their kids’ tuition fees. The risk of having that much cash on one’s person notwithstanding, it can be a hassle owing to the fact that most ATMs have a Php 20,000 withdrawal limit, and lines for over-the-counter transactions tend to be twice as long. To remedy this, most schools will allow check payments. Even better is that apart from check payments, ATM and debit card payments have also been integrated into their systems. While not quite new, many schools and banks allow credit card tuition fee payments, and here are some of them. Table of ContentsBanksBDOApplicable for the following schools and universities:You can get the proceeds through these ways:BPISchoolsCIIT College of Arts and TechnologyDe La Salle UniversityUP DilimanFinal Thoughts Banks These are some of the banks that allow payments via credit card, or installments via credit card. BDO Enjoy longer, lighter payments on tuition fees with as low as 0.75% converted monthly factor rate for 9, 12, 18 and 24-month tenors; 1.00% converted monthly factor rate applies to 3 and 6-month tenors. Applicable for the following schools and universities: Asian Institute of Management Colegio de San Agustin De La Salle University De La Salle Zobel School Exploration School First Academy of Computer Arts John Robert Powers (Makati and Quezon City) Keys School La Salle Greenhills Miriam College O.B. Montessori (Angeles,Greenhills, Fairview, Las Pinas, Sta. Ana) Our Lady of Perpetual Succor College PAREF Northfield School for Boys PAREF Southridge School Phil. Center for Creative Imaging St. Mary of the Woods School St. Paul College ofPasig St….

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5 Wrong Assumptions About Credit Cards

    Many Filipinos think that having a credit card will automatically be bad for you. This misconception is one of the reasons why there is still a low credit card penetration rate in the Philippines, as shown in the United Nations Conference on Trade and Development (Unctad) B2C E-commerce Index 2016 that among adult consumers, only 3% have credit cards. One factor where we can attribute this is because of the negative connotation of credit cards among Filipinos. Here are some of them: Table of ContentsTOP MISCONCEPTION: Credit cards are bad for me.Credit cards will put me in debt.Credit cards will make me spend more than I should.Finding the best credit card for my need is hard.I won’t feel the impact of the credit card discounts and cash backs on my purchases.Parting Thoughts TOP MISCONCEPTION: Credit cards are bad for me. People highlight that credit cards are evil because of what they read in the news or hear from the press. The Bangko Sentral ng Pilipinas regulates all financial products, including credit cards, so that they designed to serve the best interest of consumers. Credit cards will only officially opened once they are activated, even in the event of agents cold calling you or banks proactively sending you credit cards for activation. Credit cards will put me in debt. Debt from credit cards come from the accumulated spending and compounding interest due to late payments. Owning a credit card doesn’t put you automatically in debt all the time because it is up to you on how to manage your finances….

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7 Reasons Credit Cards Are Better Than Cash

With 7 million credit cardholders in the country, the Philippines is still below a number of its Southeast Asian neighbors in terms of penetration rate. This means that Filipinos are still averse to the use of plastic with 65% of mall sales still done through cash. With the high monthly interest charges and above-Php 1,000 annual fees, many do not see the benefits of using credit cards. However, when used right, they can actually save you money in the long run. Here are 7 reasons credit cards are better than cash: Table of ContentsProtection for youProtection for your purchasesCashback rewardsExclusive discounts and promosRewards pointsAir miles0% interest in installmentsThe good, the bad, and the better Protection for you Insurance is one of the best ways to keep your finances secure from emergencies and unforeseen events. A number of credit card providers offer insurance covering travel, accidental death, permanent disability, and medical coverage – often, at no extra charge. Make the most out of it by: If you don’t have health insurance yet, BDO credit cards come with health insurance for as low as Php 350 a month. Monthly health insurance usually costs above Php 1,000 a month so you can save Php 650. Also, some credit cards will give you free travel insurance if you buy your tickets with your card. What to look out for: Read the fine print of the insurance policy carefully to ensure everything you discussed and agreed upon is included. You don’t want to make a claim and then have it be disapproved because it wasn’t part of the…

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Why You Need to Maintain a Good Credit History (Infographic)

Roughly 4 to 7 million Filipinos own a credit card. Of that number, how many do you think pay off their full balance monthly? Many people assume that credit cards only serve to drive a person in debt, and it can be true when a person is unable to manage their spending properly. The way you handle your credit card or debts of any sort directly tie into your credit history. A credit report is how financial institutions measure whether or not you can manage timely payments on any amount you borrow. Your credit report is determined by your credit history, which also determines your credit score. Most other countries have a centralized agency that collects this information. In the Philippines, this information is handled by private contractors like TransUnion[1], which partnered with BPI, Banco de Oro, MetroBank, HSBC and Citibank in 2011. The Credit Information Corporation aims to change this when it begins operations later in 2015. As a government-owned and -controlled corporation, it will be the central bureau for all credit information. A centralized credit bureau allows for more transparency, meaning that the ordinary borrower will have access to their credit score information. Private agencies, such as TransUnion, do not distribute this information. Your credit history – good and bad – can affect whether or not you can finance your dream home or get approval for a credit card. Building a good credit score means that interest rates on any money that you borrow will be lower, and approval on loans you make will be faster. So what…

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