Applying for a Credit Card? Prepare These Credit Card Requirements First
Published: September 1, 2020 | Updated: September 17, 2020 | Posted by: Moneymax | Credit Card
Credit cards can help you build a good credit history and save money with numerous benefits and rewards. Despite these perks, only less than 10% of Filipinos own a credit card[1]. Perhaps, many are discouraged by credit card requirements imposed by banks.
In addition, many individuals are deterred by credit card debt—even if debt and credit cards do not come together[2]. Credit cards, when used responsibly, can be great for your financial well-being.
Preparing for the application is vital to ensure that you’re getting the best chance of approval. To help you get your application ready, we listed down the credit card requirements from some of the top banks in the country.
Table of Contents
Credit Card Requirements in the Philippines
AUB
Credit cards offered:
Eligibility:
- Must be 21 to 65 years old
- Must be a Filipino citizen or local resident foreigner
- For employed: must be employed for at least a year
- For self-employed: business must be operating for at least a year
Basic credit card requirements for AUB:
- One valid ID
- Accomplished application form
- Proof of income (pay slips, latest BIR form 2316, Certificate of Employment, etc.)
- DTI/SEC Registration for self-employed applicants
- Alien Certificate of Registration for foreign applicants
Processing time:
- Seven to 10 working days upon submission of complete requirements
BDO
Credit cards offered:
- Visa Classic
- Standard Mastercard
- ShopMore Mastercard
- Gold Mastercard
- Titanium Mastercard
For a more complete list, visit the BDO website.
Eligibility:
- Must be 21 to 70 years old
- Must be a Filipino citizen or local resident foreigner
- Gross annual income of at least PHP 180,000
- For employed: must be a regular employee
- For self-employed: business must be operating for at least two years
Basic credit card requirements for BDO:
- Accomplished application form
- One valid ID
- Landline phone number
- Proof of income (pay slips, latest BIR form 2316, Certificate of Employment, etc.)
- DTI/SEC Registration for self-employed applicants
- For foreigners, copy of employment contract and valid passport with resident visa
Processing time:
- Seven to 10 working days upon submission of complete requirements
Read more: Visa vs Mastercard: Which Credit Card Brand is Better?
BPI
Credit cards offered:
- Visa Signature Card
- BPI Family Credit Card
- Edge Mastercard
- Gold Mastercard
For a more complete list, visit the BPI website.
Eligibility:
- Must be at least 21 years old
- Gross annual income of at least PHP 15,000
Basic credit card requirements for BPI:
- Accomplished application form
- A mobile number and a landline number
- One valid ID
- Proof of income (pay slips, latest BIR form 2316, Certificate of Employment, etc.)
- DTI/SEC Registration for self-employed applicants
Processing time:
- One to two weeks upon submission of complete requirements
Chinabank
Credit cards offered:
- World Mastercard
- Platinum Mastercard
- Freedom Mastercard
- Cash Rewards Mastercard
For a more complete list, visit the Chinabank website.
Eligibility:
- Must be a Philippine resident
- Must be 21 to 70 years old
- Gross annual income of at least PHP 180,000
Basic credit card requirements for Chinabank:
- Accomplished application form
- One valid ID
- Proof of income (pay slips, latest BIR form 2316, Certificate of Employment, etc.)
- DTI/SEC Registration for self-employed applicants
Processing time:
- 10 to 15 working days upon submission of complete requirements
Citibank
Credit cards offered:
- Simplicity+ Mastercard
- Rewards Mastercard
- Cash Back Mastercard
- PremierMiles Mastercard
- Prestige Mastercard
- Shell Citi Card
- Mercury Drug Citi Card
Eligibility:
- Must be at least 21 years old
- Gross annual income of at least PHP 180,000
- Must have a mobile number or a landline number
Basic credit card requirements for Citibank:
- Accomplished application form
- Have a valid TIN, SSS, GSIS, or UMID number
- Proof of income (pay slips, latest BIR form 2316, Certificate of Employment, etc.)
- Payroll account bank statement, stating your one-month salary
Processing time:
- One to two weeks upon submission of complete requirements
Read more: Citi Credit Card Application: An Easy 5-Step Guide
EastWest Bank
Credit cards offered:
- Priority Visa Infinite
- Platinum Mastercard
- EveryDay Titanium Mastercard
- Practical Mastercard
For a more complete list, visit the EastWest Bank website.
Eligibility:
- Must be at least 21 years old
- Must be a Filipino citizen or local resident foreigner
- Gross annual income of at least PHP 120,000
Basic credit card requirements for EastWest Bank:
- One valid ID
- Landline or mobile phone number
- Accomplished application form
- Proof of income (pay slips, latest BIR form 2316, Certificate of Employment, etc.)
Processing time:
- 10 to 15 working days upon submission of complete requirements
HSBC
Credit cards offered:
- Red Mastercard
- Gold Visa Cash Back Credit Card
- Platinum Visa Credit Card
- Advance Visa Credit Card
Eligibility:
- Must be 18 to 70 years old
- Must be a Filipino citizen or local resident foreigner
- Have a primary credit card for at least one year
Basic credit card requirements for HSBC:
- A mobile number or a landline number
- Two valid IDs
- Accomplished application form
- Proof of income (pay slips, latest BIR form 2316, Certificate of Employment, etc.)
- DTI/SEC Registration for self-employed applicants
- Alien Certificate of Registration for foreign applicants
Processing time:
- Five to 10 working days upon submission of complete requirements
Read more: HSBC Credit Card Application: A Guide for First-Timers
Maybank
Credit cards offered:
- Standard Mastercard
- Platinum Mastercard
- Platinum Visa
- Gold Visa
- Visa Infinite
- Visa Classic
For a more complete list, visit the Maybank website.
Eligibility:
- Must be 21 to 65 years old
- Must be a Filipino citizen or local resident foreigner
Basic credit card requirements for Maybank:
- A mobile number or a landline number
- One valid ID
- Accomplished application form
- Proof of income (pay slips, latest BIR form 2316, Certificate of Employment, etc.)
- DTI/SEC Registration for self-employed applicants
- Alien Certificate of Registration for foreign applicants
Processing time:
- 10 to 15 working days upon submission of complete requirements
Metrobank
Credit cards offered:
- ON Internet Mastercard
- M Free Mastercard
- M Lite Mastercard
- Femme Visa
- World Mastercard
- Travel Platinum Visa
- Dollar Mastercard
For a more complete list, visit the Metrobank website.
Eligibility:
- Must be at least 21 years old
- Must be a Filipino citizen or local resident foreigner
- Gross annual income of at least PHP 180,000
Basic credit card requirements for Metrobank:
- One valid ID
- Accomplished application form
- Proof of income (pay slips, latest BIR form 2316, Certificate of Employment, etc.)
- DTI/SEC Registration for self-employed applicants
- Alien Certificate of Registration for foreign applicants
Processing time:
- Two to three weeks upon submission of complete requirements
PNB
Credit cards offered:
- Ze-Lo Mastercard
- Essentials Mastercard
- Platinum Mastercard
Eligibility:
- Must be 21 to 65 years old
- Must be a Filipino citizen or local resident foreigner
- Gross annual income of at least PHP 120,000
- For employed: must be a regular employee
- For self-employed: business must be operating for at least two years
Basic credit card requirements for PNB:
- One valid ID
- Accomplished application form
- Proof of income (pay slips, latest BIR form 2316, Certificate of Employment, etc.)
- DTI/SEC Registration for self-employed applicants
- Alien Certificate of Registration for foreign applicants
Processing time:
- Four to six weeks upon submission of requirements
RCBC
Credit cards offered:
- Visa Platinum
- JCB Platinum
- Flex Visa
- Flex Gold Visa
- AirAsia Credit Card
- Black Platinum Mastercard
For a more complete list, visit the RCBC website.
Eligibility:
- Must be at least 21 years old
- Must be a Filipino citizen or local resident foreigner
- For employed: must be employed for at least a year
Basic credit card requirements for Metrobank:
- Accomplished application form
- One valid ID
- A landline or mobile number
- Proof of income (pay slips, latest BIR form 2316, Certificate of Employment, etc.)
- DTI/SEC Registration for self-employed applicants
- Alien Certificate of Registration for foreign applicants
Processing time:
- As fast as one hour upon submission of complete requirements, depending on the eligibility of the client.
Security Bank
Credit cards offered:
- Classic Rewards
- Mastercard Gold Rewards
- Mastercard Platinum
- Complete Cashback
For a more complete list, visit the Security Bank website.
Eligibility:
- Must be 21 to 65 years old
- Must be a Filipino citizen or local resident foreigner
- Gross annual income of at least PHP 180,000
- For employed: must be a regular employee for at least a year
- For self-employed: business must be operating for at least three years
Basic credit card requirements for Security Bank:
- A landline number
- Government-issued ID
- Proof of income (pay slips, latest BIR form 2316, Certificate of Employment, etc.)
- DTI/SEC Registration for self-employed applicants
- Alien Certificate of Registration for foreign applicants
Processing time:
- At least five working days upon submission of complete requirements
UnionBank
Credit cards offered:
- Classic Visa
- Gold Visa Card
- Platinum Visa
- Platinum Mastercard
- Cebu Pacific Get Go
- Miles + Platinum Visa Card
For a more complete list, visit the UnionBank website.
Eligibility:
- Must be 18 to 70 years old
- Must be a Filipino citizen or local resident foreigner
Basic credit card requirements for UnionBank:
- One valid ID
- Accomplished application form
- Proof of income (pay slips, latest BIR form 2316, Certificate of Employment, etc.)
- DTI/SEC Registration for self-employed applicants
- Alien Certificate of Registration for foreign applicants
Processing time:
- Seven to 10 working days upon submission of complete requirements
5 Tips When Applying for a Credit Card
To have a smooth credit card application process, consider the following tips:
Get a card that fits your budget
Consider applying for a credit card that fits both your needs and budget. Ask yourself: where will I use my credit card? How much can I afford for monthly payments? Will payments strain my current budget? These may help you determine the best card for you.
Compare credit cards
Compare credit cards in terms of interest rates, features and benefits, minimum repayment amount, fees, and charges. Again, consider your finances when comparing credit cards to see which one suits you best.
Limit your credit card applications
Don’t apply for too many credit cards at once. Banks may inquire about your recent financial history, including existing credit card applications. It may appear that you’re having a hard time getting an application approved, or you’re taking on more debt, which negatively affects your chance of getting approval.
Prepare your documents beforehand
Getting all the required documents in order before sending your credit card application can save you a lot of time. Make a checklist of your bank’s application requirements and tick each one off once you get them ready.
Understand the terms and conditions
Read the conditions to know more about the credit card fees, interest rates, and other details of the card. This will help you use your credit card more responsibly. It will also help you maximize the benefits the credit card has to offer that you may not be aware of otherwise.
Final Thoughts
Getting a card is exciting, but it’s important to prepare the credit card requirements beforehand to ensure a smooth-sailing application process. Make sure to apply for a credit card that you qualify for and can afford. Read the terms and conditions, so you’re aware of what you’re signing up for. Once you get approval, use your credit card responsibly.
Read More: How to Apply for a Credit Card: What Beginners Need to Know
Sources:
- [1] Credit card usage remains low in the Philippines (Lorenciana, The Freeman, 2019
- [2] Avoiding credit card default amid pandemic (Leyco, Manila Bulletin, 2020)
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