A common credit card myth that Filipinos believe is that all cards charge high interest rates. In the 2018 Moneymax survey, respondents cited “interest fees” as their top reason for not having a credit card.
If you’re sure that you can make credit card payments in full and on time, the interest rate shouldn’t matter as much as the annual fee when choosing a card for you. However, if you tend to carry a balance every month, it’s practical to switch to a credit card with low interest rate.
While it’s true that many cards have finance charges as high as 3.50%, you won’t be hard-pressed to find credit cards with low interest rate. All it takes is doing your research (and comparing your options to determine the best card).
Do you feel like you’re paying too much for owning your credit card because of its high interest rate? You can cut down on your credit card costs if your card has a low interest rate. So make that switch as soon as possible. Compare the credit cards with low interest rate listed above to see which one suits your needs best.
However, if you like to keep your existing card but want to lower its finance charge, check this article to learn the different ways to reduce your card’s interest rate.
You might also want to read:
Brand New or Second Hand Car: Which is the Right Option for Me?
This article was originally published on April 2, 2018 and was updated on December 2, 2019. Prices of brand new cars in the Philippines have gone up in 2019, following the higher excise taxes imposed by the TRAIN or tax reform law. It’s now harder to afford a new car than a few years back. […]
Tired of Samsung or Apple? Check Out These Smartphone Brands
Getting tired of the same smartphones from Samsung and Apple year after year? You’re not alone. These two smartphone juggernauts have been the standard in the Philippines for far too long. Whether it’s because of their skyrocketing prices or their uninspired designs and gimmicks, there are plenty or reasons to try other smartphones out there. […]
Even though banking has gone digital these days, traditional financial products like checking accounts are still common in the Philippines. Some businesses and lending institutions even prefer payments in checks that serve as tangible proof of transaction. For regular folks, the need for a checking account may not be as urgent as that of a […]
Do you love shopping? When purchasing something, using a credit card is much better than paying in cash. Swiping a card is more convenient and secure than bringing cash. It also earns you rewards, rebates, discounts, freebies, and other privileges you won’t get from cash payments. But which credit cards for shopping is the best […]
9 Sulit Tiangges in the Philippines for Budget Shoppers
This article was originally published on December 8, 2018 and was updated on November 26, 2019. The holiday season for the typical Pinoy isn’t complete without a trip to the tiangge or flea market that offers bagsak presyo items to shoppers . Even if online shopping sites provide an easy alternative to those who have no time to […]