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MoneyMax.ph's Glossary to Credit Cards in the Philippines

Annual Fee
This is the yearly cost of owning a credit card that works partly for administrative fees. Some banks waive credit card annual fees for premium credit cards. There are also instances when credit card companies waive this upon hitting a minimum spending requirement.
This term refers for the amount of money reflected in an account. This means the amount you still have if referring to a debit account and on the other hand, the amount you owe if pertaining to a credit account.
Credit Limit
This is the maximum number allowed by the bank for a credit card holder to spend.
Grace Period
The period of time that banks allow after the payment due date when they will still accept payments without penalty fees.
Introductory Rate
Banks may offer lower interest rates and annual percentage rates upon sign-up of a credit card account with them. Remember to check the duration of introductory rates to avoid the misconception of permanently having them on your account.
Minimum Payment
This is the lowest amount you need to pay in order to keep a good standing of your credit card account.
Online Banking
Access your spending history, bank statement, and other details about your account using an online banking account that you can access through the website or mobile application of the bank.
These are the cash rewards that you can use in order to get cash back as a reward for spending from partnered establishments using the partnered credit card.
Rewards Program
Receive complimentary items and services such as free flights, shopping vouchers, cake on your birthday, free massages and many more.
Secured Cards
Your credit limit is determined by the deposit you declared as the collateral. The credit limit granted varies from 80% to 100% of total deposited amount that was declared.

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