Top Credit Cards for First Timers

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Top Credit Cards for First Timers

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.
Rewards
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

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: 3.50% 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 or Cirrus ATMs globally.

5. BDO ShopMore Mastercard

BDO ShopMore Mastercard

Annual Fee: Php 900 (waived for the first year)
Interest: 3.5% per month

Other Features:

Get 1 point for every Php200 spend on SM Partner Retailers and an additional 0.5 points for your SM Advantage card. You will also get a 5% rebate on a minimum Php5,000.00 spend during the SM 3 Day Sale. 
Compare Credit Cards

6. Asia United Bank Easy Mastercard

Asia United Bank Easy Mastercard

Annual Fee: None
Interest: 2.95% per month
Special Features: Card holders can conveniently make credit card payments at 7-Eleven & ECPay Partners. Also, supplementary card holders also do not have an annual fee. 

Other Features:

This credit card lets you choose how many times you will pay per month, when you will pay, and how much you will pay on each payment date. You can earn rewards points fast since Php20 spent equates to 1 reward point. 

7. HSBC Red Mastercard

HSBC Red Mastercard

Annual Fee:
Interest: 3.5% per month
Special Features: Get big savings when getting gas at Caltex with 10% rebate on your first transaction and 3% rebate all-year round. You can also get reward points fast with 1 point earned per Php10.00 spent.

8. Security Bank Mastercard Classic 

Security Bank Mastercard Classic

Annual Fee: Php2,000
Interest: 3.5% per month
Special Features: Accumulate reward points fast by getting 1 reward point per Php20.00 spent. You can also use the eSecure feature that sets limits when you use your Security Bank Mastercard Classic while shopping online.

Other Features:

Use the ChargeLight feature of the Security Bank Mastercard Classic so you can have flexible payment terms of 3 – 24 months. No foreign transaction fees will be charged when you use your credit card abroad.

What do I need to apply for my first credit card?

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 because it’s your first credit card. You have to prove to the bank that you have a continuous flow of income. This will show that even if you don’t own a credit card yet, you are responsible in paying 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.

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