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There are many types of credit cards in the Philippines, each with its own features and fees. Secured credit cards, for example, require collateral as compared to unsecured credit cards that represent a non-collateralized line of credit. Other types of credit cards include rewards credit cards, cashback credit cards, shopping cards, and travel credit cards.
Before submitting a credit card application, make sure you meet and submit the basic credit card requirements.
  • At least 21 years old
  • Regular employment status
  • Proof of identity
  • Proof of income
  • Accomplished credit card application form
Learn more about credit cards for beginners here.
There are many ways to use a credit card. Most cardholders use them to pay for products and services such as grocery items, utility bills, and airline tickets. Some cardholders, however, use them to build a good credit score and earn credit card rewards points. When getting a credit card, make sure to apply for one that suits your lifestyle and needs so you can use it to your advantage.
Common credit card fees include annual fee, finance charge fee, late payment fee, over-the-limit fee, and cash advance fee. You can avoid certain credit card fees when you make full and timely payments. Read more about this here.
You can get credit card rewards points by simply using your credit card in partner establishments. Earned rewards points can be used to redeem gift cards, products, and even flights. Basically, credit card rewards points are incentives given by banks to frequent cardholders. Know about the latest credit card promos and how to redeem rewards points from your credit card provider.
Apart from the printed monthly statement of account, you can check your credit card bill via online banking, mobile banking, and e-mail. As for the credit card payment, you can pay your credit card balance over-the-counter (in a branch of your bank), online, or via payment centers like Bayad Center, Cebuana Lhuillier, and SM Bills Payment.
Many things could happen if you don't pay your credit card bill. First, you can easily get into credit card debt. When you skip a credit card payment, your unpaid balance will go over to the next billing cycle, which will then include a finance charge and late payment fee. You'll also lose your credit card perks and ruin your credit history.
Banks conduct credit evaluations when deciding on an applicant's credit limit. To accurately determine your creditworthiness, banks consider a variety of factors such as your income, credit history, and debt-to-income ratio. Read more about credit limit in this article
While a higher income raises the chance of getting approved for a credit card, it doesn't mean that low-income earners can't get a credit card too. If you have a low monthly income, apply for a credit card with the following features: low annual income requirement, zero to low annual fee, and low interest rate.
Just because you were denied for a credit card doesn't mean you can't be approved the next time you apply. To raise the likelihood of getting an approval, wait at least three months to reapply (this is to avoid hurting your credit score) and make sure to compare and apply for the right card.