credit card for low income earners in the Philippines l Moneymax

Having a monthly salary below PHP 20,000 makes you think you’ve got a slim chance of getting approved for a credit card. But now that e-commerce and electronic payment methods are a priority in efforts to boost both financial and digital inclusion throughout the country,[1] banks in the Philippines have also made credit cards for low income earners available.  

So, can you really get a credit card even with a low salary? Yes, you can! A high-paying job can strengthen your credit card application, but having a low income can still let you own a credit card. Here’s a list of credit cards you can apply for. 

What is a Credit Card for Low Income Earners?

While a higher income raises one’s chance of getting approved for a credit card, it doesn’t mean low income earners in the Philippines can’t get a credit card. In fact, around 17 credit cards are within reach of employees with a modest monthly salary. 

Typically, a credit card for low income earners has the following features:

  • Low annual income requirement (ranging from PHP 120,000 to PHP 200,000) – This means people earning from PHP 10,000 to PHP 15,000 may qualify for a credit card.
  • Zero to low annual fee – Some low-income credit cards have no annual fee for life. Others have a low annual fee that’s waived for the first year.
  • Low-interest rate – Some credit cards for people with low salary have an interest rate of 2% or lower (As of writing, some credit cards offer 1.82%). You can avoid paying interest by making full and timely credit card payments.

Read more: Nothing Like Your First: Top 13 Credit Cards for First-Timers

15 Credit Cards for Low Income Earners in the Philippines

For Filipinos earning less than PHP 20,000 monthly, here are the best credit cards you can apply to with low-income requirements, annual fees, and interest rates. Check out these low income credit cards and their features and fees.

PNB Visa Classic

credit card for low income earners in the Philippines - PNB Visa Classic
  • Monthly income requirement: PHP 10,000
  • Annual fee: PHP 300
  • Interest rate: 2%

Is there a credit card for people with a PHP 10,000 salary in the Philippines? Yes, there is! Check out the PNB Visa Classic. Aside from the low-income requirement and annual fee, the PNB Visa Classic also comes with a PHP 1 million travel insurance. Perfect if you’re also a travel enthusiast!

PNB Visa Gold 

credit card for low income earners in the Philippines - PNB Visa Gold
  • Monthly income requirement: PHP 10,000
  • Annual fee: PHP 600
  • Interest rate: 2%

The PNB Visa Gold shares many similarities with the Visa Classic, except for its slightly higher annual fee that’s still lower than most credit cards in the Philippines. This credit card is perfect for minimum wage earners.

Read more: PNB Credit Card Promos for 2022: Exclusive Deals and Privileges You Can Enjoy

EastWest Practical Mastercard

credit card for low income earners in the Philippines - EastWest Practical Mastercard
  • Monthly income requirement: PHP 10,000
  • Annual fee: PHP 1,400
  • Interest rate: 2%

The EastWest Practical Mastercard is as practical as it gets, with a low-income requirement and a lower interest rate for common purchases like groceries, medicines, and fuel.

Read more: How to Apply for a Credit Card: What Beginners Need to Know

Citi Simplicity+

credit card for low income earners in the Philippines - Citi Simplicity+
  • Monthly income requirement: PHP 15,000 for those with another credit card and PHP 20,833 for first-time cardholders
  • Annual fee: No annual fee for life
  • Interest rate: 2%

The Simplicity+ is one of Citibank’s most popular cards because of its free annual fee for life. Qualified for this credit card for low income earners are existing cardholders with a ₱15,000 monthly salary. For first-timers, the required monthly income is ₱20,833.33.

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See the Moneymax Citibank GCash/AirPods promo terms and conditions here. Hurry and apply now!

PSBank Credit Mastercard

credit card for low income earners in the Philippines - psbank credit mastercard
  • Monthly income requirement: PHP 15,000
  • Annual fee: No annual fee for life
  • Interest rate: 2%

Aside from being relieved of the annual membership fee, the PSBank Credit Mastercard also saves you from worrying about your available credit limit and available balance.

You can also get supplementary cards for your loved ones, or apply for a balance transfer in easy installments of 6 to 24 months, or get instant cash via its cash advance facility called Cash Rush.

And just by sending an SMS, you automatically generate information about your account. No need to log in to your account or call the bank through its hotline.

Metrobank M Free Mastercard

credit card for low income earners in the Philippines - Metrobank M Free Mastercard
  • Monthly income requirement: PHP 15,000
  • Annual fee: No annual fee for life
  • Interest rate: 2%

Here’s another credit card for people with a PHP 15,000 salary in the Philippines. This is the cheapest Metrobank credit card for low income earners in the Philippines as it doesn’t charge an annual fee.

Read more: Need a Card? Here’s a Guide to Credit Card Online Application

RCBC Bankard Classic

credit card for low income earners in the Philippines - RCBC Bankard Classic
  • Monthly income requirement: PHP 15,000
  • Annual fee: PHP 1,500 (free for the first year)
  • Interest rate: 2%

RCBC offers three types of classic credit cards for yuppies starting out their journey to financial independence: JCB, Mastercard, and Visa. Consider these if you want an RCBC credit card for low income earners in the Philippines.

HSBC Red Mastercard

credit card for low income earners in the Philippines - HSBC Red Mastercard
  • Monthly income requirement: PHP 16,667
  • Annual fee: PHP 2,500 (waived on the first year)
  • Interest rate: 2%

Love dining and shopping online? Then the HSBC Red Mastercard is a great credit card for you. Apart from its low income requirement, cardholders also get 4x bonus points on online, shopping, dining, and overseas transactions.

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HSBC Gold Visa Cash Back

credit card for low income earners in the Philippines - HSBC Gold Visa Cash Back
  • Monthly income requirement: PHP 16,667
  • Annual fee: PHP 2,500 (waived on the first year)
  • Interest rate: 2%

Ideal for paying bills and dining transactions, the HSBC Gold Visa Cash Back boasts of a cheap annual income requirement and exclusive perks for cardholders that can be redeemed worldwide.

PNB Ze-Lo Mastercard

credit card for low income earners in the Philippines - PNB Ze-Lo Mastercard
  • Monthly income requirement: PHP 10,000
  • Annual fee: Free for life
  • Interest rate: 1.88%

With a low interest rate and no annual fee for life, the PNB Ze-Lo is a great option when you need to do a balance transfer, convert your purchases to installments, or use your credit limit as cash. 

LANDBANK Classic Credit Card

  • Monthly income requirement: PHP 12,500
  • Annual fee: PHP 1,000
  • Interest rate: 2%

The LANDBANK Classic Credit Card[2] is a good credit card option for minimum wage earners. With this card, you can avail of the Easy Pay Program or the Equal Monthly Installment at an add-on rate of just 1%.

Robinsons Bank DOS Mastercard

credit card for low income earners in the Philippines - Robinsons Bank DOS Classic Mastercard
  • Monthly income requirement: PHP 15,000 (PHP 20,000 for married applicants)
  • Annual fee: PHP 3,000
  • Interest rate: 2%

The Robinsons Bank DOS Classic Mastercard is one of the best answers to your installment woes. It automatically converts your purchases into two installments without the need to call and make a request. Also, there’s no need to worry about annual fees because it can be waived if you use your  card at least 12 times within a year. 

AUB Easy Mastercard

credit card for low income earners in the Philippines - AUB Easy Mastercard
  • Monthly income requirement: PHP 21,000
  • Annual fee: Free for life
  • Interest rate: 2%

For those who are finding it difficult to pay their credit card, the AUB Easy Mastercard is the answer. AUB gives you the freedom to choose how much and when to pay your credit card bill. You can decide whether to pay once a month, twice a month, or even weekly. If you go for the weekly payment option, you need to pay at least PHP 250. 

Read more: Get Them While They’re Hot: AUB Credit Card Promos This 2022

Security Bank Classic Rewards Mastercard

credit card for low income earners in the Philippines - Security Bank Classic Rewards Mastercard
  • Monthly income requirement: PHP 15,000 for existing credit cardholders (PHP 30,000 for first-time cardholders)
  • Annual fee: PHP 2,000 (waived for the first year)
  • Interest rate: 2%

The Security Bank Classic Rewards Mastercard is a great choice for existing cardholders who want to have another card. With a low income requirement, you can enjoy non-expiring rewards points and up to five supplementary cards. 

Bank of Commerce Classic Mastercard

credit card for low income earners in the Philippines - Bank of Commerce Classic Mastercard
  • Monthly income requirement: PHP 10,000
  • Annual fee: PHP 1,500
  • Interest rate: 2%

The Bank of Commerce Classic Mastercard offers financial flexibility for your everyday purchases. Earn rewards points and avail installment payments with this low income credit card. Bank of Commerce offers exclusive promos to their cardholders.

What to Consider When Choosing a Low Income Credit Card in the Philippines

Credit cards can help you better manage your finances, but they can also be a debt trap. So before you apply for any of these credit cards with low income requirements, consider the following first: 

1. Perks That Fit Your Lifestyle

If you want to use your credit card for shopping, choose one that allows you to earn rewards points with a minimum spend requirement. This way, you’re not just benefitting from the credit line but also earning rewards for your purchases. 

If you’re a frequent traveler, choose a credit card for low income earners in the Philippines that convert your credit card points to air miles as well.

2. Your Own Bank’s Credit Card 

If you apply for a credit card from your own bank, the chances of credit card approval will be a bit higher. Your bank can evaluate your creditworthiness by how long you’ve been a client and how well you’ve managed your accounts over the years. 

3. Low Credit Card Fees

Low interest charges, easy payment terms, and low minimum payments each month are features you want your credit card to have. These are especially useful if you want to maintain liquidity of your finances, or if you’re finding it hard to cover the total amount due for a particular billing period. 

FAQs on Low Income Credit Cards in the Philippines

1. Can I apply for a credit card even without proof of income?

No. Credit card companies will require you to submit proof of income to ensure you can pay your credit card dues. You can submit any of the following income documents:

  • Income Tax Return
  • Salary Certificate or Employment Certificate
  • Payslip
  • Proof of remittances

2. Can I submit proof of income coming from different sources? 

Yes. Some credit card issuers accept proof of income from full-time and part-time employment (such as freelance jobs). You might be required to submit proof of remittance that shows regular payments or money transfers aside from your company payslip. 

3. Do I need a guarantor or co-borrower when applying for a credit card?

No. Individuals can apply for a credit card without any guarantor. Credit card issuers evaluate the applicant’s creditworthiness on individual merit. 

4. Do credit cards for low income earners lack privileges and benefits?

Not all credit cards are created equal. Credit cards are tailored to fit different lifestyles, spending habits, and needs. Most credit cards for low income earners also have special features, just like any other higher-tier credit cards. 

For example, the HSBC Red Mastercard allows you to get 4x bonus points when you use the card for dining or for online shopping. Also, the LJC-RCBC Bankard Mastercard gives a 10% discount every time you dine at any LJC Restaurant.

5. Do credit cards for low income earners have low credit limits?

Although most credit cards assign credit limits based on your income, some still come with high credit limits, especially if you’re an existing credit cardholder. Some credit card issuers base their decisions on your current credit limit, as long as you’ve proven you’re worthy of it.  

Read more:

Final Thoughts

As you can see, credit cards made for people with a low salary aren’t rare. There are also credit cards with easy application and approval process. You just need to do your research.

From the options listed above, which credit card for low income earners in the Philippines do you think suits you best? Make sure to compare your choices and get a low income credit card that suits your budget and needs. You can use Moneymax to compare credit cards quickly and easily, too.

Sources:

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