All Articles With Author : Janine Daquio

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

Best Balance Transfer Credit Cards in the Philippines to Help You Save Money

Are your credit card payments becoming too much of a burden? If you’re paying high interest on your balance every month, it’s time to shop for balance transfer credit cards in the Philippines. Doing so prevents worst-case scenarios like accumulating huge credit card debt. Manage your credit card payments better through balance transfer. Don’t know what a balance transfer credit card is? Get started with this guide. What are Balance Transfer Credit Cards? A balance transfer credit card is a low-interest card where you can move the amount you owe on your other high-interest cards. Because of the lower interest rate, most of your payments will go toward your principal balance instead of the interest charges. This helps you save money on interest payments and pay off your debt faster. This type of credit card also simplifies your payments by consolidating your balances on other cards into one monthly payment and due date. How Do Balance Transfer Credit Cards Work? When you’re approved for a credit card balance transfer, your new card provider will pay your outstanding balance to the original issuing bank. The balance will then be moved to your new card, this time with an interest rate that’s lower than regular rates. The rates of balance transfer credit cards in the Philippines go from as low as 0% to 2%, depending on the balance transfer amount and the cardholder’s selected repayment period. Considering that regular credit cards have an interest rate of 2%, a balance transfer credit card can help you save money on interest payments. This makes…

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Shopping in the Time of COVID-19: 30 Online Grocery Stores with Delivery Services

How do you keep your pantry stocked without leaving home? Use an online grocery delivery service. Online grocery stores in the Philippines have been around for a while. Some of these online shops even started operating before the COVID-19 outbreak. More online supermarkets have opened during the pandemic. Suddenly, Filipinos have realized their value now that the country is under quarantine. So that you don’t risk spreading or getting infected with the coronavirus, just stay at home and order your needed food and supplies from online grocery shops with delivery service. Know if you are at risk for COVID-19 with our COVID-19 Self Assessment tool. Click here. What is Online Grocery Delivery? Online grocery delivery is a web-based service that makes it convenient and safe for people to order groceries, food, and other household essentials and then have them delivered to their homes. Back to the main article: 21 Online Shopping Sites for Every Type of Need How Does Online Grocery Delivery Work? Online ordering is quickly and easily done using a smartphone or laptop through the store’s e-commerce site, mobile app, Facebook/Instagram page, online order form, and/or partner online shops. Usually, online shops accept cash on delivery. But more stores have shifted to safer, contactless payment methods such as credit cards, debit cards, e-wallets, and online bank transfers. Once the customer’s payment is confirmed, the items are gathered by a personal shopper, the order is processed, and the delivery is arranged. Supermarkets, delivery apps, online marketplaces, and stand-alone e-commerce stores (typically small businesses) provide online grocery delivery in the Philippines….

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6 Strategies to Manage and Quickly Pay Off Your Credit Card Debt

A credit card can be a two-edged sword. Use it properly, and you’ll surely enjoy its convenience and the exclusive incentives that come with wise spending. Overuse it, and the debts that you ignore will come back to bite you. Paying off credit card debt should be second nature to you—very much like how you settle your monthly electric bills or home mortgage. But even the most responsible credit card user will struggle with their balances, especially during this pandemic when people can’t go to work or they’re compelled to accept reduced salaries. Regardless, you’ll find a way out if you know how to pay off credit card debts. We’ve come up with a list of ways that may help you pay your credit card debt much more easily. Remember, though, that what has worked for others may not work for you, so you must analyze your situation thoroughly. Why You Should Pay Off Your Credit Card Debt Quickly Financial freedom is the ultimate benefit of successfully dealing with your credit card debt. But if you want to go into the specifics of this benefit, here are the things you need to take note of: Deal with Less Interest When your credit card debt drags on, you’re just prolonging your agony. You’re not only paying for the amount of money that you’ve borrowed; you’re also paying for the interest. So, the longer you pay off your debt, the longer you deal with the interest. And if you falter along the way, you’ll also cover the penalties. If you pay off…

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5 Easy Ways to Check Your Credit Card Balance

A credit card makes spending a whole lot easier–from your everyday purchases to lifestyle pursuits. It’s even much safer, as you don’t have to bring wads of cash with you whenever you go out. But keep in mind that your credit also runs out unless you pay your credit card debts immediately. As a responsible credit card user, you should know how the balance of your card works and how to check credit card balance, billing statements, and transaction history. What is a Credit Card Balance? A credit card balance is the total amount of money that you owe to the bank that issued your card. The balance gets higher each time you spend using your credit card. So it follows that when you pay your credit card provider, the balance also decreases. How Can I Check My Credit Card Balance? Checking your credit card balance not only lets you know how much you owe to the bank. It also allows you to detect any unauthorized transaction and discrepancy, so you can report it and file a dispute with the bank. Usually, the bank sends printed statements of account every month. But if you’re asking how to check credit card balance much more easily, we’ve listed five paperless ways to consider. Here are the step-by-step instructions to access your credit card balance if you have a credit card with AUB, BPI, Citibank, EastWest Bank, HSBC, Metrobank, RCBC, Security Bank, UnionBank, or PNB. 1. Online Banking All major credit card issuers in the Philippines provide credit cardholders easy access to their…

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9 Car Insurance Payment Options in the Philippines

To avoid any hassle when making your car insurance claim, you have to keep your policy active. To avoid missing your premium payments, you have to explore your car insurance payment options. Yes, because there are more than one way to pay your premiums. Nowadays, car insurance companies in the Philippines made it easy and convenient for their clients to pay for their premiums on time, with various offline and online payment options available. Here are just some of them. Car Insurance Payment Options in the Philippines 1. Bank Deposit You can make a car insurance payment in cash at any branch of your provider’s partner bank. Here are some of the companies that accept car insurance payment via bank deposit: How to Pay Car Insurance Policy via Bank Deposit Get a queue number at the bank’s entrance. Fill out a bills payment slip. Make sure to provide the following details correctly: Account Name/Biller Name – Complete corporate name of the car insurance company Payor’s Name – Policyholder’s full name Account Number/Reference Number – Policy number Total amount to be paid When your number is called, present your completed slip together with your payment to the teller. Receive your copy of the machine-validated payment slip. The insurance provider might require you to send a scanned copy of the validated slip as proof of your payment through email, so keep your copy after it has been issued to you. 2. Online Banking A more convenient way to pay for your car insurance policy than over-the-counter bank deposit is to use the…

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10 Advantages of Credit Cards for People Who Are Afraid to Get One

You’ve probably heard horror stories from family and friends about credit cards. Like how fees are so expensive, or how they never get approved for one, or how their credit card bills are piling up. They might have also talked about the advantages of credit cards at one point, but their credit card woes far outweigh credit card plus points. According to the 2018 Moneymax Financial Life Survey, Pinoys don’t get a credit card for three reasons: the interest fees, the approval process, and lack of financial discipline. But as long as you swipe responsibly and pay your bills on time, you can fully enjoy the advantages of credit cards. What are the Advantages of Credit Cards? It’s good to know the pros. But to manage your expectations, it’s good to know the cons as well. If you need help deciding, we’ve listed down 10 reasons why you should get a credit card, and why it’s even better than cash and debit cards. 1. Credit Cards Teach You to Be a Responsible Cardholder One of the benefits of having a credit card is that it teaches you to be a responsible credit cardholder. Other people’s credit card horror stories don’t need to be your own, too. At the end of the day, it really just boils down to how responsible you are with your credit card usage. In short, one should not blame credit card debts on credit cards. After all, cards don’t swipe themselves at malls or key in CVVs on their own, right? If you often max out…

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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…

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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…

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Need a Card? Here’s a Guide to Credit Card Online Application

The number of credit cardholders in the Philippines increased from 7.5 million in 2013 to 9 million in 2018[1]. Apart from the different credit card types and perks offered by banks, the convenience brought by a credit card online application may have also played a part in the increase. Traditionally, you need to head down your bank’s nearest branch to apply for a credit card. You would have to wait in line for your turn to submit your requirements and wait for approval, which can be time-consuming. Thanks to modern technology, long queues for credit card applications have become a thing of the past. Online application allows potential customers to apply for a card at the comforts of their homes. Why You Should Apply for a Credit Card Online A credit card online application offers various advantages compared to its traditional counterpart. Here are some of them: Convenience This is probably the number one reason why more and more people prefer online credit card applications. You don’t have to spend time going to your preferred bank’s nearest branch and wait in line. There is no extra time wasted as you can just submit your requirements for a credit card through your preferred bank’s website. All you need is a computer with internet access. Access to a wide range of credit card products Traditionally, if you want to compare credit cards from various issuers, you need to visit each institution separately or call up different hotlines to review their offerings. These days, you can look up credit cards offered by various issuers…

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12 Credit Card Fees in the Philippines to Watch Out For

“Having a credit card is expensive and often leads to unmanageable debt.” Agree or disagree? This is a common concern—and a big misconception—of the average Filipino about owning a plastic card. But credit cards don’t deserve such a bad rep. Just as money isn’t the root of all evil, a credit card in itself won’t drown you in debt. Rather, it’s how you choose and use it. Whether you already own a card or still looking for one, you should be thinking of ways to avoid—or at least reduce—your credit card fees. This can really help you save money on your credit card bill. The importance of checking and understanding the fine print cannot be stressed enough when researching your credit card options or applying for one. Take time to understand the credit card payment and fees so you can use your credit card without any problems and avoid unnecessary expenses. Credit Card Fees: Service Fees for Use/Transactions 1. Annual Fee: PHP 300 to PHP 12,000 The annual fee is the membership fee you’ll pay every year for the convenience of using a credit card. The amount remains the same whether you use your card often or rarely. How to Avoid Annual Fees Apply for or switch to a credit card with no annual fee. Banks like AUB, BPI, Citibank, EastWest Bank, and Metrobank offer some credit cards with a free annual fee for life. Get a card with a waived annual fee for the first year. If none of the credit cards with zero annual fee matches your needs, the…

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