All Articles With Author : Janine Daquio

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

11 Credit Cards for First-Time Applicants in the Philippines

Thinking of applying for a credit card? One of the first things you should know is that credit card companies will look at your credit history. Banks are after low-risk, consistent payers. Having a credit history[1] shows that you can responsibly use your credit card and not go over your credit limit. This is good for banks but difficult for those who are looking for credit cards for first-timers. If you’re a fresh graduate starting your first job, you may have difficulty getting approved for a credit card, more so if you don’t have any billing statements proving your capacity to pay. Don’t let the stringent process for credit card approval dishearten you. As long as you find out the credit card that you’re most qualified for and suits your needs best, you’ll go along just fine. Features to Look For in a Credit Card for First-Timers To trim down your options and save the most money, here are the things to prioritize when choosing the best credit card for beginners in the Philippines. Low annual fee Consider only cards with annual fees not exceeding PHP 2,000 so you can save money in the long run. Ideally, choose one with no annual fee for life. Low income requirement Most first-time applicants have entry-level income. If you don’t earn that much, look for credit cards for first-timers with a minimum income requirement that’s equal to or lower than your income. Low credit card fees Focus on the two most common fees: the late payment fee and the over credit limit fee (sometimes…

Read the Article

13 Personal Loans with Low Interest Rate in the Philippines

You can hit two birds with one stone when you take out a personal loan in the Philippines with low interest rate . Not only can it fund whatever it is you need to buy or pay for, you can pay off the loan in affordable monthly payments as well.  Majority of borrowers in the Philippines take the interest rate into account when applying for a loan. According to the Bangko Sentral ng Pilipinas financial inclusion survey, the interest rate is one of the top considerations for 47% of Filipino borrowers[1]. This is the main reason why many Filipinos go for a low-interest personal loan. The best personal loans in the Philippines are usually from government agencies and banks. Getting a personal loan with low-interest rate helps you save money, as it keeps the interest payments low over the loan’s duration. Lenders typically advertise two types of interest rates: the monthly add-on and effective interest rate. Also called the annual percentage rate, the effective interest rate reflects the true interest you’re paying on a loan. On the other hand, the monthly add-on interest rate is calculated by combining the amount of the loan and the annual interest rate, then multiplied by the number of years you hope to repay the loan. This results to a more expensive monthly amortization cost for the borrower. Thus, when checking for different types of personal loans, try searching for a lower monthly add-on interest rate. How to Get a Low Interest Personal Loan A personal loan with a low interest rate is helpful to…

Read the Article

My Credit Card Application Was Denied. What Should I Do?

Received a denied credit card application? It’s natural to be disappointed and paranoid—what if you’re rejected again on your next credit card application? But you don’t have to wallow in despair. Just because you’re rejected for a credit card doesn’t mean you can’t be approved in the future. You can take steps to ensure that your next attempt at getting a credit card will be successful. Here’s what you can do on how to get approved for a credit card. What to Do When You Received a Denied Credit Card Application Check Your Credit Card Application Status After you’ve applied for a credit card, the bank will contact you after one to three weeks about its status. However, in some cases, banks take longer than usual to process a credit card application, leaving applicants uncertain about whether they’re approved or have a denied credit card application. If you aren’t sure if your credit card application is declined, you can check its status by calling the bank or making an online inquiry. Here’s how to check the status of a credit card application with some of the major issuers in the Philippines. BDO Credit Card Application Status Inquiry To know your card application status with BDO, simply enter your TIN or SSS number on the BDO Application Status page[1]. BPI Credit Card Application Status Inquiry You can find out the status of your credit card application with BPI through its phone banking and online banking facilities. Steps to Check Application Status via BPI Phone Banking: Call the BPI customer hotline at…

Read the Article