All Articles With Category : Credit Card

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

Credit Cards in the Philippines: A Complete Guide for Expats

Been living in the Philippines as an expat for some time now and planning to stay for long? Getting a Philippine-issued credit card is a critical part of managing your finances. It will make living in your second home a lot easier and safer than always paying in cash. While many transactions in the Philippines are cash-based, credit cards are still useful. You can use a credit card in big malls, upscale hotels and restaurants, gas stations, pharmacies, and other businesses with a Visa or Mastercard signage. Credit cards are also used for electronic transactions such as online shopping, booking flights and hotels, and utility bills payments. Even if you already have a card from your home country, it makes sense to get a locally-issued credit card for practical reasons. Some businesses in the Philippines, especially the smaller ones, don’t accept international credit cards as a payment mode. If you have American Express, Discover, or Diners Club, you won’t be able to use it as much as a Visa or Mastercard. Credit cards in the Philippines are also less expensive to use locally than international cards. For one, you won’t be paying a foreign transaction fee for every purchase charged to a local credit card. Learn more with this comprehensive credit card guide for expats in the Philippines. Table of ContentsHow to Choose a Credit Card to Fit Your New Life in the PhilippinesTips on Choosing a Credit CardHow Expats Can Apply for a Credit CardList of Banks that Issue Credit Card to ExpatsCredit Card Requirements for Expats in the…

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Co-branded Credit Cards: Should You Get One?

Are you a loyal customer of a particular brand? Using a co-branded credit card will help you save money and maximize rewards on your purchases. To fully appreciate the value of co-branded credit cards and use them to your advantage, it’s important to understand how they work. Here’s what you need to know about co-branded credit cards in the Philippines. Table of ContentsWhat are Co-branded Credit Cards?How do Co-branded Credit Cards Work?What are the Benefits of a Co-branded Credit Card?Should You Sign Up For a Co-branded Credit Card?What are the Available Co-branded Credit Cards in the Philippines?BDO Co-branded Credit CardsBPI Co-branded Credit CardsCitibank Co-branded Credit CardsEastWest Bank Co-branded Credit CardsMaybank Co-branded Credit CardMetrobank Co-branded Credit CardsPNB Co-branded Credit CardsRCBC Co-branded Credit CardsUnionBank Co-branded Credit CardsFinal Thoughts What are Co-branded Credit Cards? Co-branded credit cards offer brand-specific benefits to loyal customers of a retail brand or members of an organization. Banks in the Philippines issue these cards in partnership with malls, airlines, oil companies, car dealerships, restaurant chains, clothing retailers, universities, alumni associations, and charities. Typically, co-branded cards bear the logos of the credit card network[1] (Mastercard, Visa, American Express, etc.) and the partner brand. Some cards also carry the issuing bank’s logo. How do Co-branded Credit Cards Work? Co-branded cards work just like any regular credit card. Even if a card is jointly issued with a particular merchant, you can use it at any retailer that accepts cards from the bank or credit card network. What makes co-branded credit cards different from other cards is that on top of standard benefits,…

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7 Wrong Reasons to Get a Credit Card

Tempted to apply for a credit card? Make sure you do it for good reasons. Before signing up for a credit card, check your motivations first. Does one of these reasons to get a credit card resonate with you? If so, it might not be the best time yet to become a credit cardholder. Table of Contents1. The Low Minimum Payment is Tempting2. You Just Want the Perks3. All Your Friends Have Credit Cards4. You Need to Borrow Money5. You Want to Make a Big Purchase That You Can’t Save Up For6. Your Current Credit Card is Almost Maxed Out7. You’re “Pre-Approved” for a Credit CardFinal Thoughts 1. The Low Minimum Payment is Tempting One of the most enticing features of a credit card is its very low required minimum payments. Some banks charge only a minimum of 3% to 10% of what a credit cardholder actually owes. Seems easy on the pocket, right? But thinking you’re ready to own a credit card just because you can afford the minimum amount due[1] can set you up for a huge financial mistake. If you just pay the minimum amount due every month, you’ll be paying a higher interest over time. You should be thinking instead in terms of whether you can pay off the full balance every month. 2. You Just Want the Perks Some credit cards come with certain perks or rewards that are so irresistible you want to grab them right away. Sign-up bonuses, in particular, attract people into getting a credit card. Nothing wrong with wanting to take…

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12 Ways to Get a Flight Upgrade Without Paying Extra

Dreaming of flying lavishly on a first or business class flight without having to pay the hefty price tag? Being nice and doing a little flirting with the cabin crew are some ways to score an upgrade on your flight. However, if these don’t work for you, Skyscanner[1] has a few more handy travel hacks and industry insider tips that will help you bump up to first or business class. Read all about them below. Table of ContentsAsk and say “please” and “thank you”Take advantage of loyalty pointsDress to impressAvoid peak seasons Share your flight issuesGet an upgrade for good reasonInform them about special occasionsEnjoy flying soloTiming is everything Consider flight upgrade auctionsStay informed Don’t let delays get the best of you Ask and say “please” and “thank you” Sometimes, a smile and a positive attitude can go a long way. Simply ask the airline’s agent to be considered or listed if flight upgrades are being granted for your trip. While it seems a pretty simple trick, a friendly approach can do wonders for almost everything in life, including air travel. Just don’t forget to say the magic words, “please” and “thank you”, and top it with a friendly and genuine smile. Take advantage of loyalty points Joining an airline’s frequent flyer is a sure-fire way to score flight upgrades for your future trips. Remember, airline companies reward loyalty points and the first cluster of free flight upgrades will most definitely go to their loyal frequent flyers. Dress to impress Trust us, you have a better chance of scoring a flight upgrade if you…

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Max Investigates: The BPI Express Online Banking Experience Review

As the third largest bank in the Philippines with more than eight million depositors, BPI serves a lot of clients during peak periods. BPI clients who want to avoid the long lines at their branches and ATMs have an alternative: BPI Online banking. All BPI and BPI Family Savings Bank clients can access the online banking platform 24/7 and free of charge. To date, more than 1.4 million customers are active Express Online users. Read More: BPI Online Banking Guide: How to Register, Send Money, Pay Bills, and More 15 Mobile Banking Apps to Manage Your Accounts Better UnionBank Online Banking: How to Bank Using Your Smartphone What is the BPI online banking experience like? Is it worth using? Here’s a detailed look at the BPI Express Online to help you decide. NOTE: This is the first in a series of articles by MoneyMax.ph that explore and probe deep into the online banking experience provided by the leading banks in the Philippines. Table of ContentsBPI Express Online EnrollmentWho Can Enroll?Is It Easy to Register Online?Any Issues with Enrolling in BPI Express Online?BPI Express Online Banking ServicesNotable BPI Online Banking FeaturesLog-in ProblemsTransaction-Related Issues1. Trouble viewing statement of account2. Bills payment issueBPI Online Banking Access ProblemsNotable BPI Online Banking Security Features1. Password Protection2. Pre-enrollment for Critical Transactions3. Log-in Email Notification4. Email Confirmation Alert5. ATM Withdrawal AlertReported BPI Online Banking Security ThreatsFinal ThoughtsStay tuned for the next articles in our Max Investigates series! BPI Express Online Enrollment Who Can Enroll? To open an Express Online account, you need to have a deposit account, credit…

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Best Credit Cards to Earn AirAsia BIG Points

    Flying to a local or international destination has become cost-efficient thanks to low airfares and loyalty programs. Unlike in the past, Filipinos can now fly to their chosen destination for less than a thousand pesos. Loyalty programs, on the other hand, reward members with points, which they can convert to miles and use to book a flight. Speaking of loyalty programs, one you should not miss is AirAsia BIG Loyalty program. Launched in 2011, BIG Loyalty does not only aim to provide low flight fares but also a more seamless booking and flying experience to all members. Here are just some of the benefits you can receive when you sign up for Air Asia BIG: Redeem trips to over 130 AirAsia destinations Priority access to sales Fixed points redemptions Exclusive partner promos and offers AirAsia BIG also partner with financial institutions (like MoneyMax.ph) to offer more sulit deals to their customers. If you’re planning to apply for an Airasia credit card, today is a great day to do so. With the following, you can double your AirAsia BIG points and fly to your dream destination in no time. Choose the one that suits you best and don’t forget to click the apply button. Table of ContentsRCBC Credit Cards RCBC Bankard ClassicRCBC Bankard Gold VisaRCBC Bankard Diamond Card Platinum MastercardRCBC Bankard Black Card Platinum MastercardRCBC Bankard World MastercardRCBC Bankard Infinite VisaBPI Credit Cards BPI Blue MastercardBPI Edge MastercardMaybank Credit Cards Maybank Standard MastercardMaybank Gold MastercardMaybank Platinum Mastercard RCBC Credit Cards  RCBC Bankard Classic Ideal for: Young professionals who enjoy financial independence AirAsia…

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Don’t Miss Out on These Credit Card Promos for June 2018

    Summer is already here and you’re probably planning your trips with family and friends. Make the season more memorable by booking a hotel room, flying to a unique destination, or simply dining out. Do all of these without spending much by taking advantage of the following credit card promos. Swipe your card to the most sulit deals we’ve compiled below! Table of ContentsBDO50% off on All Home appliances and furnitureBPI50% off from Fairmont and Raffles MakatiCITIBANKFree Booky subscriptionSECURITY BANK30% Bonus AirAsia BIG PointsFinal Thoughts BDO 50% off on All Home appliances and furniture Upgrade your home and enjoy a 50% discount when you purchase select appliances and furniture from All Home. Hurry! Promo runs until July 15 only. Qualified cards: BDO Mastercard, VISA, JCB, Diners Club, and UnionPay Credit Cards BPI 50% off from Fairmont and Raffles Makati Save money on your staycation by dining and booking a room with Fairmont and Raffles Makati using your BPI credit card. Enjoy up to 50% off until June 30. CITIBANK Free Booky subscription Subscribe to Booky using your Citi credit card to receive a free 3-month subscription. Enjoy up to PHP 20,000 worth of deals and discounts when you subscribe before June 30. SECURITY BANK 30% Bonus AirAsia BIG Points Convert your Security Bank rewards points into AirAsia BIG points and receive 30% more. Promo is available every Monday from April 2 to June 25 only. Final Thoughts Use your credit card wisely and make sure that you earn points and rebates while at it. Know the latest credit card promos by…

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10 Beach Resorts That Accept Credit Cards

Summer is already here and you’re probably searching for beach resorts to spend your vacation. With so many beautiful beaches and unique accommodations in the Philippines, finding one that suits your needs isn’t really that difficult. However, finding one that suits your budget can be quite a challenge. Fortunately, there are beach resorts near Metro Manila that accommodate credit card payments. They may be few but it helps to know that such establishments can make your vacation more convenient. Whether you’re planning to surf up north or just chill in the south, here are 10 beach resorts that accept credit card payments. Table of ContentsBalerCosta Pacifica[1]L’Sirene Boutique Resort[2]BatangasCoral Beach Club[3]La Chevrerie[4]Acuaverde Beach Resort[5]Puerto GaleraThe Manor[6]Tropicana Castle Resort[7]La UnionKahuna Resort[8]San Juan Surf Resort[9]ZambalesCrystal Beach[10]Final Thoughts Baler Long drives are worth it, especially if you’re heading to Baler. This municipality in Aurora is famous for its year-round waves, attracting surfers from various parts of the world. Costa Pacifica[1] Located right in front of Sabang Beach, Costa Pacifica is a favorite by many tourists and locals due to their spacious rooms and modern interiors. Here, guests can enjoy beach and garden views while relaxing on a daybed inside their room. Meeting and banquet facilities are also available for big groups. Costa Pacifica honors senior citizens, PWD, and diplomat discounts. Rate per night: PHP 4,600 to PHP 14,600 Amenities: complimentary breakfast, outdoor pool, car rental, free Wi-Fi, free parking L’Sirene Boutique Resort[2] If you’re looking for a place to bum while enjoying a bottle of beer, head on to L’Sirene Boutique Resort. Their rooms…

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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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