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. 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. 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.
For a more complete list, visit the UnionBank website.
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
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.
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.
DISCLAIMER: Moneymax strives to keep its article information accurate and up to date. The information you read may be different from what you see when you visit a partner, provider, or financial institution’s website. All information we publish is presented without warranty and may change overtime. If you find discrepancies or outdated information, please contact Moneymax directly.
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.
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