Credit Cards with Easy Application Requirements

by Venus Zoleta, on category "Credit Card"

January 30, 2019


Credit Cards with Easy Application Requirements Philippines | Moneymax

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:

1. Citi Simplicity+

Credit Cards with Easy Application Requirements - Citi Simplicity+

Monthly income requirement:

  • With existing credit card: PHP 13,846.15
  • Without a credit card: PHP 19,230.78

Annual fee: No annual fee for life

Interest rate: 3.50%

Citi Simplicity+ application requirements:

  • At least 21 years old
  • Active landline or mobile number
  • Valid SSS, GSIS, TIN, or UMID number
  • With existing credit card: Government-issued ID
  • Without a credit card: Government-issued ID, certificate of employment, payslip/income tax return, and bank statement of payroll account showing one-month salary

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.

Read more: Citibank Credit Card Application: An Easy 5-Step Guide

2. BPI Express Start Secured Credit Card

Monthly income requirement: None

Annual fee: PHP 1,000 to PHP 5,500 (depending on the BPI credit card you qualify for)

Interest rate: 2.75% (BPI Family Credit Card) / 3.50% (all other BPI credit cards)

BPI Express Start application requirements:

  • At least 18 years old
  • Home or office landline number
  • BPI savings account with at least PHP 10,000 hold-out amount or time deposit with at least PHP 50,000 hold-out amount
  • Accomplished application form
  • Accomplished Deed of Assignment
  • For foreign residents: Work permit, Alien Certificate of Registration, or embassy accreditation papers

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.

3. RCBC Bankard InstaCard Secured Credit Card

Monthly income requirement: None

Annual fee: 

  • Regular RCBC cards: PHP 60 per month (free for the first year)
  • Premium RCBC cards: PHP 150 per month (free for the first year)

Interest rate: 2.50%

RCBC Bankard InstaCard application requirements:

  • At least 21 years old
  • RCBC savings account with at least PHP 10,000 hold-out deposit
  • Accomplished application form
  • Valid IDs
  • Accomplished savings account opening forms
  • Accomplished Deed of Assignment

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.

4. Security Bank Fast Track Secured Credit Card

Monthly income requirement: None

Annual fee: PHP 2,000 to PHP 4,000 (depending on the Security Bank credit card you qualify for; free for the first year)

Interest rate: 3.50%

Security Bank Fast Track application requirements:

  • 21 to 65 years old
  • Home or office landline number
  • Security Bank savings account with at least PHP 15,000 hold-out amount or time deposit with at least PHP 100,000 hold-out amount
  • Government-issued ID
  • Accomplished application form
  • Accomplished holdout agreement form
  • For foreign residents: Work permit, Alien Certificate of Registration, or embassy accreditation papers

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.

5. PNB Visa Classic

Credit Cards with Easy Application Requirements - PNB Visa Classic

Monthly income requirement: PHP 10,000

Annual fee: PHP 300 (free for the first year)

Interest rate: 3.25%

PNB Visa Classsic application requirements:

  • 21 to 65 years old
  • Filipino citizen residing in the Philippines
  • Regular employee for at least one year or self-employed for at least two years
  • Government-issued ID or company ID issued by companies registered with the SEC, BSP, or Insurance Commission
  • Employees: Certificate of employment, latest three-month payslips, or latest ITR
  • Self-employed: Latest ITR, DTI or SEC registration papers, or latest audited financial statements

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.

6. EastWest Practical Mastercard

Monthly income requirement: PHP 10,000

Annual fee: PHP 1,400 (free for the first year for new EastWest credit cardholders)

Interest rates:

  • 3.25% for supermarket, drugstore, and fuel purchases
  • 3.49% for other purchases

EastWest Practical Mastercard application requirements:

  • At least 21 years old
  • Home landline or mobile phone and office landline
  • Home or office address must be within Metro Manila Cavite, Bulacan, Laguna, and other locations specified by EastWest Bank
  • Accomplished application form
  • Employees: Certificate of employment, latest ITR, latest three-month payslips, or any income document accepted by EastWest Bank
  • Self-employed: Latest ITR and latest financial statements
  • Foreign residents: Work permit or ACR with income document

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.

Read More: Don’t Miss These EastWest Bank Credit Card Promos for 2019

7. Security Bank Classic Rewards Mastercard

Credit Cards with Easy Application Requirements - Security Bank Classic Rewards Mastercard

Monthly income requirement: PHP 15,000

Annual fee: PHP 2,000

Interest rate: 3.50%

Security Bank Classic Rewards Mastercard application requirements:

  • Filipino citizen residing in the Philippines
  • 21 to 65 years old
  • Landline number
  • Regular employee for at least one year or self-employed for at least three years
  • Government-issued ID
  • Employees: Certificate of employment, three-month payslip with company ID, or ITR
  • Self-employed: ITR and DTI or SEC registration papers or three-year audited financial statements

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.

8. BPI Family Savings Credit Card

Credit Cards with Easy Application Requirements - BPI Family Savings Credit Card

Monthly income requirement: PHP 15,000

Annual fee: PHP 1,000 (PHP 1,350 starting March 1, 2019; free for the first year)

Interest rate: 2% (3% starting March 1, 2019)

BPI Family Credit Card application requirements:

  • Valid ID
  • Employees: Certificate of employment, latest two-month payslips, or latest ITR
  • Self-employed: Latest ITR and latest audited financial statements
  • OFWs: Contract of employment validated by POEA, latest two-month proof of remittance, and other income documents required by BPI

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.

Read more: Quick and Easy Guide to BPI Credit Card Application

How to Get Approved for a Credit Card

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.

1. Settle Outstanding Debts

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.

2. Open a Savings Account

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.

3. Meet the Eligibility Requirements

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.

4. Choose a Cheaper Credit Card

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.

5. Learn How Not to Get Rejected

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.

Final Thoughts

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.

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