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