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There are many types of credit cards in the Philippines, each with its own features and perks. Here are the most common types of credit cards out there.

• Rewards Credit Cards offer incentives in the form of exciting rewards. These cards earn you rewards points for every purchase you make with your credit card.

• Cashback Credit Cards offer rebates as incentive for using your credit card. You can then use your rebates to save money or pay off your credit card balance.

• Air Mile Credit Cards earns you air miles for every purchase made with your credit card. You can then use air miles to book free flights here and abroad.

• Travel Credit Cards offer exclusive travel perks aside from earning you air miles. The usual perks include free travel insurance, airport lounge access, and others.

• Shopping Credit Cards offer discounts and exclusive deals for shopping in-store or online. Usually, these cards are co-branded by popular brands.

• No Annual Fee Credit Cards are perfect for first-time credit cardholders because these cards don’t require annual fees to use.

To get started, you need to compare and apply first! But before you apply, make sure you meet the minimum criteria for the credit card.

• At least 21 years old
• Regular employment status or business venture
• Filipino citizen or foreigner with local residence

The exact requirements may vary depending on the credit card provider, but here are the most common credit card requirements.

• Proof of identity (valid IDs like passport, UMID, driver’s license, etc.)
• Proof of income (certificate of employment, payslips, BIR forms, etc.)
• Accomplished credit card application form

Yes! As to how to apply for a credit card online, you can apply through the bank’s website or through online comparison platforms like Moneymax. Don’t forget to compare credit card rates, perks, and other features before you send your credit card application.

It depends on the bank you applied from. After submitting your credit card requirements, some banks might take a week or two to process your application. Other banks can be as fast as three to five days, while virtual credit cards like the Metrobank ON Internet Mastercard can be processed in as fast as 48 hours.

Most cardholders use them to pay for products and services such as grocery items, utility bills, and airline tickets. Some cardholders, however, use them to build a good credit score and earn credit card rewards. When getting a credit card, make sure to apply for one that suits your lifestyle and needs so you can use it to your advantage.

Apart from the printed monthly statement of account, you can check your credit card bill via online banking, mobile banking, and e-mail. As for the credit card payment, you can pay your credit card balance over the counter, online, or via payment centers like Bayad Center, Cebuana Lhuillier, and SM Bills Payment.

Credit cards come with corresponding fees, but you can avoid some of them when you use your credit card responsibly. Here are the most common fees to remember.

• Annual Fee - the yearly charge for using your credit card
• Finance Charge - the interest rate added to your credit card expenses
• Late Payment Fee - additional charge for late credit card payments
• Over the Limit Fee - the payment when you max out your credit card
• Cash Advance Fee - additional charge for taking out a cash advance

Many things could happen if you don't pay your credit card bill. First, you can easily build up credit card debt. When you skip a payment, your unpaid balance will go over to the next billing cycle, which will then include a finance charge and a late payment fee. This can also lead to a bad credit score, which will jeopardize your chances of getting a new credit card. And more importantly, you’ll end up losing your credit card perks.

Banks conduct credit evaluations when deciding an applicant's credit limit. To accurately determine your creditworthiness, banks consider a variety of factors such as your income, credit history, and debt-to-income ratio.

Just because you were denied for a credit card doesn't mean you can't be approved the next time. To increase your chances of approval, wait at least three months to re-apply. This is to avoid hurting your credit score and also give you enough time to compare credit cards until you find the right one for you.