"Do credit cards require proof of income? If you're unemployed, can you still get a credit card? How do you get a credit card without income documents?"
If you have the same burning questions, then we have the answer. In the Philippines, it's really challenging to get a credit card without proof of income. Most freelancers, stay-at-home parents, fresh graduates, and college students can't apply for a credit card without payslips and income documents. Business owners even need to submit DTI and SEC registration papers.
But thankfully, there are ways to apply for a credit card even without payslips, COEs, and ITRs. Yes, you can still enjoy the perks of a credit card without the hassle of securing income documents. Just choose from great credit card alternatives such as secured credit cards, supplementary credit cards, and prepaid cards. You can also swipe and enjoy cashless transactions while earning rewards points as well.
These credit card alternatives have the same functions and offer the same benefits that regular credit cards do. But they don't require income documents, and banks don't need to conduct background checks. So if you're unemployed or self-employed with no fixed income or have zero/poor credit history, try these credit card alternatives.
3 Alternatives to Credit Card Without Proof of Income
1. Secured Credit Cards
What is a Secured Credit Card?
A secured credit card works just like a regular credit card. The only difference is that banks will require collateral in the form of a savings or time deposit account. How much you deposit into the account will determine your credit card limit. Usually, the credit limit will be 80% to 95% of your deposit amount.
To maintain your credit limit on your secured credit card, you should keep your deposit for at least one year. After which, you may request the bank to convert your secured credit card to a regular card.
Because of the collateral, it's easy to get approved for a secured credit card even without proof of income. In case of missed payments, the bank will simply deduct your unpaid balance from your bank account.
What are the Available Secured Credit Cards in the Philippines?
| Secured Credit Cards | Available Cards | Minimum Deposit | Credit Limit |
|---|---|---|---|
  | Any AUB Credit Card | PHP 25,000 | PHP 20,000 to PHP 10,000,000 |
  | Any BPI credit card | PHP 10,000 for ATM / PHP 50,000 for Time Deposit | 90% of deposit |
 | Any Metrobank credit card | PHP 12,000 | 90% of deposit |
 | Any RCBC credit card | PHP 10,000 | 90% of deposit |
 | Any Security Bank Mastercard | PHP 15,000 for savings account / PHP 100,000 for time deposit | 80% of deposit |
Still undecided on what secured credit card to apply for? Compare credit cards for free and find the right one for you!
How to Get a Secured Credit Card
If you've got a secured credit card in mind, visit the bank that issues that card and inform the staff that you're applying for one.
Like the regular account opening process, you'll fill out an application form (if you don't have one with the bank yet). You'll also need to sign the Deed of Assignment form, present a valid ID, and make a deposit, the amount of which will depend on your desired credit limit.
Read more:
- 14 Credit Cards With No Annual Fee in the Philippines
- 8 Best Cashback Credit Cards to Help You Save Money
2. Supplementary Credit Cards
What is a Supplementary Credit Card?
Most banks in the Philippines issue supplementary cards as an extension of the credit they offer to their primary (or principal) cardholders. A bank may offer from three up to nine supplementary cards to their credit card customers.
Supplementary cards are usually assigned to family members, especially those who aren't qualified for a regular credit card due to age or lack of income documents. Supplementary cardholders can be a primary cardholder's unemployed spouse and siblings, children (at least 13 years old), and aging parents.
Like regular credit cards, supplementary cards are meant for cashless transactions. They also earn rewards, qualify for promos, and share the same credit limit with the primary card. However, the primary cardholder has full control of how much each supplementary cardholder can spend.
Read more:
- Save Money With These 8 Rewards Credit Cards in the Philippines
- 11 Credit Cards for First-Time Applicants in the Philippines
How to Get a Supplementary Credit Card
You can't apply for a supplementary card by yourself. Only the primary cardholder can apply for one. If you wish to have your own, ask a credit cardholder in your family to enroll you as a supplementary cardholder.
If no one in the family has a credit card yet, try to ask anyone who might be qualified for a credit card to apply for one and sign you up as a supplementary cardholder.
Once someone agrees to your request, visit the bank together to apply for a supplementary credit card. You'll both complete and sign the application form and present your photo-bearing valid IDs.
3. Reloadable Prepaid Cards
What is a Prepaid Card?
Prepaid cards have become a popular alternative to credit cards and debit cards. That's because they also allow convenient cashless transactions at any establishment that accepts Visa or Mastercard.
But before you can use a prepaid card, you need to top up first. Some people may find this inconvenient, but it can actually be very beneficial, too. Unlike credit cards, you won't overspend with a prepaid card because you're limited to spending only the amount you've loaded into it. And unlike debit cards, you don't need to open a bank account just to get one.
Prepaid cards have these features in common:
- Used for cashless payments for online, local and overseas in-store purchases, ATM withdrawals, bills payment, money transfer, and/or mobile phone reloading
- No required maintaining balance
- No credit checks
- Can be linked to a PayPal[1] account
- Different reloading options: over-the-counter deposit, ATM, online banking, mobile app, phone banking, malls, convenience stores, pawnshops, and more
- Minors as young as 7 years old can apply for a prepaid card
Read more:
- Got GCash Mastercard? Steps to Order and Activate Your GCash Card
- Debit Card vs. Credit Card: Which is the Better Card to Use?
What are the Available Prepaid Cards in the Philippines?
| Prepaid Credit Cards | Unique Features | Fees | Maximum Reloading Amount | Validity Period |
|---|---|---|---|---|
 | Earn a point for every PHP 200 spend | No loading fees | PHP 100,000 through BPI electronic channels and PHP 50,000 over the counter at BPI branches | 2 years for cards issued on November 1, 2020 onwards |
 | Tap and go at Mastercard PayPass merchants | PHP 150 card application fee | PHP 100,000 | 4 years |
 | Control card spending via BPI Online and mobile app | N/A | PHP 20,000 | 2 years |
 | Use it for cashless shopping, dining, or online purchases | PHP 100 card application fee; no reloading fees | N/A | N/A |
 | Multi-currency and locked-in exchange rates | PHP 500 card application fee | Equivalent of USD12,000 combined currencies per customer per month | N/A |
 | Access PayPal balance through GCash app | PHP one-time card fee | PHP 500,000 GCash wallet monthly limit | N/A |
 | A virtual card for local and international online purchases; Comes with a personalized virtual US address for payments to websites that allow only cards with a US billing address | PHP 250 annual fee | GCash wallet cap | Displayed on the card |
 | Mobile app for easy fund management; Built-in Beep card; Link to a PayPal account | PHP 200 card application fee | PHP 50,000 | 4 years |
 | Cashless shopping, remittance, withdrawal, bills payment | PHP 10 at PSBank branches | up to PHP 500,000 from PSBank accounts | N/A |
  | Starter, Lite, Plus, Pro, Cyber accounts have different monthly add funds limit | PHP 350 annual fee for EON Cyber | Unlimited for EON Cyber Account | N/A |
 | Cashless convenience, Yazz Perks | PHP 20 loading fee | PHP 10,000 per day; PHP 100,000 per month | 5 years |
How to Get a Prepaid Card
Visit any branch of your chosen bank or use its online application facility. After that, present a valid ID and complete an application form. As for non-bank prepaid cards, you can buy them directly from their respective websites or partner retailers.
Final Thoughts
If you want to get a credit card without the income documents, consider getting one of these options. We know how challenging it is to get a credit card if you're unemployed in the Philippines. But now that you have several options for credit cards with no income requirements, it's time to get one ASAP.
Which of these credit card alternatives suit your needs best? Have you tried applying for one in the past? Share your thoughts or experience with us!
Related articles:
- 8 Credit Cards with Easy Application Requirements
- Credit Cards with Low Interest Rate in the Philippines
Source: [1] Linking Credit or Debit Cards to Your PayPal Account (PayPal)
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