Published: September 3, 2020 | Updated: September 5, 2020 | Posted by: Moneymax | Credit Card
The number of credit cardholders in the Philippines increased from 7.5 million in 2013 to 9 million in 2018. Apart from the different credit card types and perks offered by banks, the convenience brought by a credit card online application may have also played a part in the increase.
Traditionally, you need to head down your bank’s nearest branch to apply for a credit card. You would have to wait in line for your turn to submit your requirements and wait for approval, which can be time-consuming. Thanks to modern technology, long queues for credit card applications have become a thing of the past. Online application allows potential customers to apply for a card at the comforts of their homes.
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A credit card online application offers various advantages compared to its traditional counterpart. Here are some of them:
This is probably the number one reason why more and more people prefer online credit card applications. You don’t have to spend time going to your preferred bank’s nearest branch and wait in line. There is no extra time wasted as you can just submit your requirements for a credit card through your preferred bank’s website. All you need is a computer with internet access.
Traditionally, if you want to compare credit cards from various issuers, you need to visit each institution separately or call up different hotlines to review their offerings. These days, you can look up credit cards offered by various issuers online. Some websites also let you compare different types of credit cards based on your needs and lifestyle. You can also use these websites to sign up for a credit card online.
The process for a credit card online application is usually faster. You simply have to fill up the online application and upload a copy of your requirements. Unless you have issues with the requirements, your application can be approved as fast as a day after submission.
Data security is one of the primary concerns we have when using the internet. However, a credit card online application is safe and secure. Banks and other credit card application platforms ensure that their systems protect each customer’s private information.
While it only takes 20 minutes to fill out your credit card online application, preparing the requirements takes longer than that. Here are a few pointers to consider before applying for a credit card:
There is no one-size-fits-all credit card. Different credit cards suit different individuals, so you need to consider what you want, need, and can afford.
The following can help you determine which type of credit card may best suit you:
Different credit card types appeal to different people. Here are some of the types available in the market:
Take your time and do your research about various credit card products and issuers in the market. Don’t jump at the first credit card deal that pops up on your search results. Spend some time comparing your credit card options to find the best one that suits your financial needs.
You can compare your credit card choices based on the following:
It’s futile to submit a credit card online application if you don’t qualify, so it’s best to check the eligibility and requirements of your preferred bank before filling out an online form. It will also help you prepare any documents you may need to get beforehand.
Here are some general eligibility and requirements you need to fulfill before applying for a credit card online:
Your issuing bank may ask you to submit additional requirements and fulfill other eligibility criteria. Check their website first before submitting your credit card online application.
Applying for a credit card online is easy. Here are the steps:
The processing time for online application can be as fast as one business day after you submit your form. However, it typically takes three to 10 days before you get any update about your credit card application.
Apart from your preferred bank’s official website, you can also file your credit card online application through comparison websites like Moneymax.
Moneymax partners with different banks in the country to provide a hassle-free and tailored application process. They also let you narrow your credit card choices based on the information you provide. They are also safe to use as well, making sure that your information is secured.
After your credit card online application is approved, you can now use your credit card. Credit card debt is a problem for many Filipinos. In 2015, the total credit card in the country totaled PHP 157.394 billion. However, when used wisely, a credit card can help in building your finances.
Here are a few tips that can help you be a responsible credit cardholder:
Delay in credit card payments can result in penalty charges. Some banks charge up to PHP 500 every month for delayed payments. Pay your bills in full every month to avoid any penalty. It is also a great way to keep your interest rates low and improve your credit history.
If you don’t want to end up with any card delinquency, you need to stay out of credit card debt altogether. Only use your card for what you can afford and pay your bill in full. It may seem challenging, but it can help you avoid getting into credit card debt and paying hefty penalty charges.
Being on top of your expenses can help you plan your monthly budget and see if you’ve reached your credit limit. You can track your credit card spending by checking your account online frequently, saving your receipts, and maintaining a ledger.
View your credit card statement monthly. It has important information such as any reward points earned, which you can redeem for perks. Your credit card statement also explains your monthly charges and deadlines.
Applying for a credit card is easier than ever because of the internet. While it only takes a few minutes of your day to submit a credit card online application, you must do your due diligence to find the card that fits your needs the best. Once you have your credit card, use it wisely to avoid any debts that may strain your finances.
With a goal to help Filipinos lead healthier financial lives, Moneymax regularly publishes tips and tricks on personal finance and lifestyle, among many other topics. For more finance-related news and articles, follow Moneymax on Linkedin.