by Venus Zoleta, on category "Credit Card"
September 27, 2018
Can you really get a credit card even with a low salary? Yes!
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.
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:
For Filipinos earning less than PHP 20,000 monthly, here are the credit cards with low income requirement, annual fee, and interest rate.
True to its name, the AUB Easy Mastercard is easy to get even if your income is low. It’s cheap to maintain, too, because it has no annual fee for life. You’re also free to choose your credit card payment frequency, due date, and minimum amount due.
The AUB Classic Mastercard shares the same features with the Easy Mastercard, except for the options for minimum amount due.
A co-branded credit card, this PNB card caters to loyal customers of The Travel Club who want a card that’s affordable to use.
Aside from the low income requirement and annual fee, the PNB Visa Classic also comes with a PHP 1 million travel insurance.
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.
Among all BDO credit cards, this credit card for low income earners has the lowest annual fee and interest rate.
Read More: 5 Simple Steps to Apply for a BDO Credit Card
This low-income credit card comes with up to PHP 250,000 purchase protection insurance and up to PHP 1 million travel insurance.
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.
Designed for online shoppers, the BPI eCredit comes as a free companion card to any BPI Mastercard without charging an annual fee.
Both principal and supplementary cardholders of PSBank Credit Mastercard enjoy free annual fee for life.
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.
This is the cheapest Metrobank credit card a low-income earner can get, as it doesn’t charge an annual fee.
The Metrobank ON Internet Mastercard offers secure online payments on top of a low annual fee, which is waived for the first year.
With a low annual fee and interest rate, this RCBC JCB card makes a great first credit card for low income earners.
The BPI Family Credit Card has the lowest interest rate of all credit cards in the Philippines, making it ideal for low income earners who need to keep their credit card costs low.
One of the best co-branded credit cards in the Philippines, the HBC-RCBC Bankard Mastercard keeps the annual fee easy on the pocket with a PHP 80 monthly payment.
Another co-branded RCBC credit card, the LJC-RCBC Mastercard suits people who often dine at LJC restaurants and pay with their card.
Every PHP 50 spent using the BDO JCB Lucky Cat earns one non-expiring rewards point. You can use accumulated BDO rewards points to waive the annual fee.
Ideal for loyal customers of SM retail stores, the BDO ShopMore credit card offers plenty of shopping rewards.
If you want a no-frills BDO credit card that your low income can qualify for, then the Standard Mastercard is worth considering.
This BDO Visa card is also an affordable credit card for low income earners.
RCBC offers three types of classic credit cards for yuppies starting out their journey to financial independence: JCB, Mastercard, and Visa.
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.