Published: December 22, 2020 | Updated: December 23, 2020 | Posted by: Venus Zoleta | Credit Card
If there’s one thing 2020 has taught us about money, it’s the value of cashless payments. Being in a predominantly cash-based society, Filipinos were used to paying cash for every transaction. But the COVID-19 pandemic changed that. People are now embracing cashless and contactless payment methods, such as credit cards and e-wallets, for their own convenience and safety.
A credit card can also be a helpful tool in managing your finances, as long as you get the right one and use it responsibly.
Is getting your finances in order among your resolutions for 2021? Then one of the things you need to do is to find the best credit card for your needs. Here are the best credit cards in the Philippines for different categories this 2021.
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There’s no single credit card that works best for everyone. Your choice would still depend on your budget, needs, lifestyle, spending habits, priorities, and preferences, among others. Also, each credit card in the Philippines is made for a specific type of cardholder.
Consider these important factors so that you can easily trim down your choices and decide on what best credit card Philippines to get.
You should first check the eligibility and documentary requirements for the credit cards you’re considering to get. Of course, you can apply only for cards that you can qualify for. For example, if you’re earning below the minimum income requirement of a certain card you like, chances are high that the bank won’t approve your application.
Pay close attention to the annual fee, late payment fee, and overlimit fee. If you’ll use a credit card abroad, you must also take a look at the foreign currency transaction fee.
These credit card fees may not seem much, but they add up over time. To save money, compare the fees and charges of different credit cards and go for the one that offers the best features with the lowest fees. Ideally, get a no annual fee for life credit card in the Philippines—it can save you up to PHP 6,000 a year.
Look for credit cards that offer the most attractive deals such as rewards, rebates, discounts, and freebies for the things you spend the most, like dining, groceries, fuel, online purchases, gadgets, etc. Find out how much and how fast you can earn such perks.
This way, it will be easy for you to enjoy the benefits of a credit card. Because, aside from payment convenience, that’s what credit cards are for, right?
Citibank makes owning a credit card simple for first-timers through the Simplicity+ card. This beginner-friendly card doesn’t charge annual fees, late payment fees, and overlimit fees.
All AUB credit cards have their annual fees waived for life. But the easiest to own are the Classic Mastercard and Easy Mastercard because of their lower income requirement. They’re also the most flexible in terms of monthly payment frequency, due date, and minimum amount.
For first-timers, a credit card from one of the major banks in the Philippines is within reach. Case in point: the Metrobank M Free Mastercard with a waived annual fee for life and low income requirement.
PNB doesn’t charge an annual fee for the Ze-lo Mastercard. Coupled with a low interest rate of less than 2% and a low income requirement, this PNB credit card is one of the best credit cards for beginners and low-income earners in the Philippines. What makes it even more affordable to own is that there’s no fee for late payment and exceeding the credit limit.
The HSBC Red Mastercard is one of the best credit cards in the Philippines for frequent shoppers. It lets you earn rewards points fast, which can be redeemed for gift certificates, air miles, and items.
Points earned with the Citi Rewards Card don’t expire, so you can keep accumulating them until you want to redeem your rewards. Making this rewards credit card even more sulit is Citibank’s No Annual Fee Forever welcome gift for new cardholders. If you apply for a Citi Rewards Card until February 28, 2021, you won’t have to pay annual fees for life.
Using the Citi Cash Back Card for your purchases in supermarkets can earn you a high rebate rate of up to 6%. It also saves you money when you use it to pay for your Meralco bills. An eGift worth PHP 5,000 will be yours if you apply for this Citibank credit card on or before February 28, 2021.
Security Bank offers a five-tiered rebate system on its cashback credit card. You can earn cashback on the five most essential expenses—groceries, gas, utility bills, dining, and shopping—as long as they’re swiped transactions in the Philippines. The rebate rates apply no matter how much you spend. Your rebate gets immediately credited to your credit card balance.
Unlike most cashback credit cards in the Philippines, UnionBank offers a fixed rebate rate of 1.5% regardless of the spending category. Another unique feature of this cashback credit card is that there’s no limit on how much rebate you can earn in a month or year. Cashback earned doesn’t expire, so it can be redeemed anytime you want.
With this Metrobank rewards credit card, you get rewarded twice for your transactions at restaurants, department stores, and online shopping and booking sites. You can rack up points fast, as you have to spend only at least PHP 20 to earn 1 point. The card also comes with the E-Commerce Protection feature, which provides insurance coverage for product damage or loss due to delivery issues.
If most of your shopping is done online, it makes sense to have a separate credit card for your e-commerce transactions. Metrobank’s ON Virtual Mastercard is one of the best credit cards in the Philippines for online shopping because it provides security and flexibility.
Cardholders, for instance, are protected against product and/or delivery issues such as incomplete, damaged, or wrong items. The ON virtual card earns points quickly on all online transactions, which you can redeem for air miles, Lazada and Shopee vouchers, Globe/Smart prepaid load, GrabPay credits, and more.
When you need to spend more on your online purchases, you may choose to transfer the credit limit of your physical Metrobank credit card to your virtual card.
You may get the Metrobank ON Virtual Mastercard as a companion card when you apply and get approved for a regular Metrobank credit card. Receive the virtual card in as fast as 24 hours after approval.
The first e-commerce credit card in the Philippines, the UnionBank Lazada Credit Card was launched in August 2020 to provide a secure payment option for online purchases.
Apparently, this credit card for online shopping offers generous, exclusive shopping benefits to loyal Lazada customers.
If you get approved for the UnionBank Lazada Mastercard, you’ll receive a physical card for face-to-face, point-of-sale transactions and a virtual card (which can be accessed through the UnionBank Online app) with a different card number for online transactions.
Powered by RCBC, the AirAsia credit card allows you to quickly earn BIG points from your local and international purchases. Accumulated BIG points can be redeemed for free AirAsia flights. It also comes with perks that make your pre-departure and in-flight experiences more convenient.
This HSBC credit card suits frequent travelers because of its low peso-to-mile conversion rate, plus plenty of other exciting perks.
The RCBC Bankard Visa Platinum is the best credit card for travelers who fly with different airlines such as Philippine Airlines, AirAsia, Cebu Pacific, and Cathay Pacific. It’s particularly quick to earn air miles when you use this card for overseas spending. This RCBC credit card also comes with a lot of travel benefits.
Earning air miles for redeeming free flights is fast when you use the Metrobank Travel Platinum Visa for your travel-related expenses, such as flight and hotel bookings and purchases made abroad.
If you often gas up at Shell gas stations, this Citibank credit card can help you save money through rebates on your fuel purchases, toll fee payments, and auto services.
Metrobank claims that the Toyota Mastercard is the first complete motorist credit card in the Philippines. True enough, it lets cardholders enjoy discounts, rewards, rebates, and other perks.
EastWest Bank’s Hyundai Mastercard is the card you need if you drive a Hyundai model. What makes it one of the best credit card Philippines for motorists is its high rebate rate of 5% on fuel purchases regardless of where you gas up. The fuel rebate is not exclusive to just one brand of gasoline station.
HSBC offers a high cashback rate of 5% on dining transactions with its Gold Visa Cash Back card. This lets you save money when you pay for your dining bill in restaurants. Cashback earned using this card gets automatically credited to your account.
Although this BPI credit card is being marketed as one of the best cards for shopping, it’s also ideal for people who often eat out at restaurants, especially in Ayala Malls. It offers a high cashback rate of 4% on dining transactions.
This list of the best credit cards in the Philippines for 2021 is only meant to guide you through making that all-important decision. Your final choice will boil down to the credit card features and benefits that are most important to you.
Still can’t make up your mind about the best credit card Philippines? Confused on which credit card to get? Use the Moneymax credit card comparison tool for free to receive recommendations based on your financial capacity.
Source:  Citibank No Annual Fee Forever Promo