Earning Below P20,000? Consider These Credit Cards for Low Income Earners

Published: December 8, 2020 | Updated: December 16, 2020 | Posted by: Venus Zoleta | Credit Card


Credit Card for Low Income Earners in the Philippines | Moneymax

Can you really get a credit card even with a low salary? Yes, you can! Don’t lose hope because there is a credit card for low income earners in the Philippines.

Whoever says that only people with high-paying jobs can qualify for a credit card is mistaken. That’s a common credit card myth that has to be debunked.

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 20 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 180,000) – 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 3% or lower. You can avoid paying interest by making full and timely credit card payments.

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.

1. 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 (free for the first year)
  • Interest rate: 2%

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!

2. 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 (free for the first year)
  • 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 earner.

3. 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: Applying for a Credit Card? Prepare These Credit Card Requirements First

4. 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 PHP 15,000 monthly salary. For first-timers, the required monthly income is PHP 20,833.33.

5. BPI eCredit

credit card for low income earners in the philippines - bpi ecredit

  • Monthly income requirement: PHP 15,000
  • Annual fee: No annual fee for life
  • Interest rate: 2%

Designed for online shoppers, the BPI eCredit[1] comes as a free companion card to any BPI Mastercard without charging an annual fee.

6. 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%

Both principal and supplementary cardholders of PSBank Credit Mastercard enjoy free annual fee for life.

7. Metrobank M Free Mastercard

credit card for low income earners in the philippines - metrobank mfree mastercard

  • Monthly income requirement: PHP 15,000
  • Annual fee: No annual fee for life
  • Interest rate: 2%

This is the cheapest Metrobank credit card for low income earners in the Philippines as it doesn’t charge an annual fee.

8. Metrobank ON Internet Mastercard

credit card for low income earners in the philippines - metrobank on

  • Monthly income requirement: PHP 15,000
  • Annual fee: PHP 500 (free for the first year)
  • Interest rate: 2%

The Metrobank ON Internet Mastercard offers secure online payments on top of a low annual fee, which is waived for the first year.

9. BPI Family Credit Card

credit card for low income earners in the philippines - bpi family credit card

  • Monthly income requirement: PHP 15,000
  • Annual fee: PHP 1,000 (free for the first year)
  • Interest rate: 2%

The BPI Family Credit Card is ideal for low income earners who want to keep their credit card costs low.

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

10. LJC-RCBC Bankard Mastercard

credit card for low income earners in the philippines - ljc rcbc

  • Monthly income requirement: PHP 15,000
  • Annual fee: PHP 960 (PHP 80 per month)
  • Interest rate: 2%

Another co-branded RCBC credit card, the LJC-RCBC Mastercard suits people who often dine at LJC restaurants and pay with their card.

11. BDO ShopMore Mastercard

  • Monthly income requirement: PHP 15,000
  • Annual fee: PHP 1,500 (PHP 125 per month; free for the first year)
  • Interest rate: 2%

Ideal for loyal customers of SM retail stores, the BDO ShopMore credit card offers plenty of shopping rewards.

12. BDO Standard Mastercard

  • Monthly income requirement: PHP 15,000
  • Annual fee: PHP 1,500 (PHP 125 per month; free for the first year)
  • Interest rate: 2%

If you want a no-frills BDO credit card that your low income can qualify for, then the Standard Mastercard is worth considering.

13. RCBC Bankard Classic

credit card for low income earners in the philippines - rcbc bankard

  • 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.

The AUB Classic Mastercard shares the same features with the Easy Mastercard, except for the options for minimum amount due.

14. HSBC Red Mastercard

credit card for low income earners in the philippines - hsbc red mastercard

  • Monthly income requirement: PHP 16,667
  • Annual fee: PHP 1,500
  • 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.

15. 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
  • 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.

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.

Which credit card for low income earners in the Philippines suits you best? Make sure to compare your choices and get a low income credit card that suits your budget and needs.

Sources:

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