Top 5 Credit Cards for First-Timers

|Posted by | Product Overviews
Tags: , , , , ,

Credit Cards for First-Time Users

Thinking of applying for a credit card? One of the first things you should know is credit card companies will look at your credit history. This is because banks are after those who are consistent payers and are low-risk. Having a credit history shows that you can responsibly use your credit card and not go over your credit limit. This is good for banks, but bad for first-timers. If you’re a fresh graduate starting your first job, you may have difficulty getting approved for a credit card, even more so if you don’t have billing statements proving your capacity to pay. Don’t let the stringent process for credit card approval dishearten you.

Suggested Credit Cards for First-Timers


1. Metrobank Classic Visa

Metrobank Classic Visa


Annual Fee: Php 1,500 (waived for the first year)
Interest: 3.50% per month


Other Features:
Chip Card
Metrobank Card has an embedded chip that can protect you from credit card fraud due to cloning – an occurrence when your personal and account information are copied and transferred to a fake card.
Earn 1 point for every Php 20.00 that you spend using your Metrobank Credit Card. Use your points and redeem premium items or air miles from Philippine Airlines, Cathay Pacific Airlines, or Singapore Airlines.

2. EastWest Bank Classic Visa



Annual Fee: Php 1,500
Interest: 3.50% per month


Other Features:
Cardholders will have a travel insurance coverage of up to  Php 20 million. 1% of the cash advance amount or Php 500, whichever is higher; and 3.50% finance charge imposed on the cash advance amount, which shall accrue from the date of availing until full settlement or payment.

3. RCBC Bankard myDream JCB

RCBC Bankard myDream JCB
Annual Fee: Php 800 (waived for the first year)
Interest: 2.90% per month
Special Features: Lowest interest rate and annual fee among RCBC Bankard’s classic cards

Other Features:
MyDream JCB’s Pay-Easy-Plan is the best in payment flexibility. Cardholders can charge in various currencies abroad and pay in pesos when they get back home. Plus, they have the option to pay the minimum of 1/20 of their outstanding balance or Php 500, whichever is higher, at a very low effective revolving interest rate of 2.50% per month.

4. BPI Blue MasterCard

BPI Blue MasterCard


Annual Fee: Php 1,550 (waived for the first year)
Interest: 3.40%Per month
Travel Insurance: Up to Php 2 million

Other Features:
Accepted in over 29 million establishments worldwide, the BPI Express Credit Blue MasterCard is your start-up international credit card. It gives you Php 2 million worth of travel insurance. Plus, it lets you withdraw cash of up to 30% of your credit limit in over 1 million Maestro/Cirrus ATMs globally.

5. BDO Visa Classic

BDO Visa Classic


Annual Fee: Php 1,500 (waived for the first year)
Interest: 3.25% per month


Other Features:
Every Php 50 you charge on your card earns you 1 Credit Card Point. Accumulate these points and use them to redeem freebies with an exciting selection to choose from. You may also use your points to waive your Monthly or Annual Membership Fees.

What do I need to apply

When applying for a credit card, you will need to present the following documents and provide photocopies:

Basic requirements:

  • Bank Application Form
  • 2 valid government-issued IDs (UMID, Voter’s ID, TIN ID card, SSS ID, Passport, Driver’s License)

Additional requirements:

For employees:

      • Most recent payslip
      • Certificate of Employment (CoE)
      • Latest Income Tax Return/ BIR stamp or Form 2316

For self-employed applicants:

  • Copy of DTI or SEC registration
  • Latest audited financial statements with bank/BIR stamp
  • Latest Income Tax Return with bank/BIR stamp or form 2316

For foreign applicants:

  • Philippine VISA
  • Alien certificate of registration stating type of Visa held
  • Immigration Certificate of Residence(ICR)

It’s important to submit complete documents, being that it’s your first credit card. You have to prove to the bank that you have a continuous flow of income. This shows that even if you don’t own a credit card yet, you are responsible enough to pay your monthly balance because you receive income every month. Credit cards are useful tools and are not as bad as you think. They enable you to build your credit history, which will help you in applying for loans and mortgages in the future. As long as you pay the full balance each month and avoid hidden charges, getting your first credit card is a step in the right direction.

Read more: