by Venus Zoleta, on category "Credit Card"
January 30, 2019
What’s keeping many Filipinos from getting a credit card? As a recent Moneymax survey found out, one of the top three reasons for not having a credit card is the approval process. This finding is hardly surprising since most banks in the Philippines take a month or longer to process. It can certainly be frustrating for someone to wait for approval.
However, there are a few credit cards with easy application requirements and approval process. For example, secured credit cards and regular credit cards with low income requirement don’t require a deposit account with the bank. Some cards also don’t require proof of income for existing cardholders.
If you’re looking for a credit card with easy application and approval process, here are your best options:
Citi credit cards are known to be among the easiest to apply and get approved for in the Philippines. Moreover, Citibank doesn’t require applicants to have a deposit account with the bank.
Through Citibank’s online credit card application and approval system, applicants know in just a matter of minutes if they’re qualified. It takes only five to seven days to verify the submitted documents, after which the client may get his or her Citibank credit card.
Citi Simplicity+ is one of Citibank’s most popular cards because it doesn’t come with annual fees, late payment fees, and overlimit fees. Getting this Citi credit card is easier if you already have an active credit card with Citibank or any other bank in the Philippines. The income requirement is lower and no income documents are required for existing credit cardholders. Citibank still accepts applications from those without a credit card, though.
The easiest way to get a BPI credit card for Filipinos who have bad credit or no credit history is to apply for a secured card under the BPI Express Start program.
If you apply for a secured BPI credit card, you won’t be asked to submit income documents. Your credit history won’t be checked, too. You just need to open a savings account (ATM or passbook) or a time deposit account with BPI. The deposit amount in your account will serve as your collateral to the bank.
The InstaCard is RCBC’s secured credit card offering for people who want to get a credit card but have no income documents. For instance, freelancers and students can easily apply for this card. Like the BPI Express Start, the RCBC Bankard InstaCard guarantees 100% approval without requiring any financial document. All you need to do is to open a savings account with the bank and deposit its required minimum hold-amount.
Security Bank’s Fast Track program is a secured credit card that guarantees 100% approval for both new and existing clients of the bank. To get a Security Bank credit card without having to submit income documents, simply open a deposit account with the bank and deposit the required minimum hold-out amount for your collateral.
Credit card application processing is also fast at three days after submission of required documents.
With monthly income requirement of at least PHP 10,000, PNB credit cards are among the easiest to get for Filipinos with low income. The PNB Visa Classic, in particular, is affordable to own because of its low annual fee that’s waived for the first year.
If you’re looking for a credit card with a low income requirement and low annual fee, the EastWest Practical Mastercard is a great option. Processing an EastWest credit card application, however, takes two to three weeks.
The Classic Rewards Mastercard is the easiest Security Bank credit card to get approved for because of its low income requirement. As a result, this makes it ideal for first-time cardholders.
Among BPI’s regular credit cards, the easiest to apply and get approved for is the Family Savings Credit Card because of its income requirement and annual fees, one of the lowest in the market.
If you’re a credit cardholder for at least one year, you don’t have to submit any income document to BPI. Just submit your latest credit card billing statements and a photocopy of your credit card so you can get started.
While you can easily get your hands on credit cards with easy application requirements, you can increase your chances of approval by keeping these helpful tips to mind.
Since getting a credit card is essentially borrowing money, it’s best to eliminate any outstanding debts under your name. Make a good impression to credit card providers by proving you are a responsible applicant who can maintain a good credit score.
This is ideal for anyone without a stable source of income, particularly freelancers and students. Open a savings account with the bank where you’re planning to apply for a credit card so you can easily get approved for a secured credit card.
Before you apply for a credit card, make sure you are eligible for it. Complete all the required documents and be ready for any additional requirements the bank might ask you. Go above and beyond and prepare some documents that you think can help you get approved.
If you apply for a cheaper credit card, there’s a big chance the requirements are a lot easier as well. Aim for a credit card that your budget can maintain. If possible, choose credit cards with lower interest rates or waived annual fees.
You can also increase your chances of getting approved by studying the common reasons for rejection and try your best to avoid them. Learn from the mistakes of others and adjust your strategy accordingly.
In conclusion, credit cards with easy application requirements and approval process aren’t hard to come by. Just do your research and be diligent in contacting credit card providers regarding their easy approval cards so you can get the best deal possible.