All Articles With Category : Credit Card

The latest and the best financial news, tips and tricks.

7 Reasons Credit Cards Are Better Than Cash

With 7 million credit cardholders in the country, the Philippines is still below a number of its Southeast Asian neighbors in terms of penetration rate. This means that Filipinos are still averse to the use of plastic with 65% of mall sales still done through cash. With the high monthly interest charges and above-Php 1,000 annual fees, many do not see the benefits of using credit cards. However, when used right, they can actually save you money in the long run. Here are 7 reasons credit cards are better than cash: Protection for you Insurance is one of the best ways to keep your finances secure from emergencies and unforeseen events. A number of credit card providers offer insurance covering travel, accidental death, permanent disability, and medical coverage – often, at no extra charge. Make the most out of it by: If you don’t have health insurance yet, BDO credit cards come with health insurance for as low as Php 350 a month. Monthly health insurance usually costs above Php 1,000 a month so you can save Php 650. Also, some credit cards will give you free travel insurance if you buy your tickets with your card. What to look out for: Read the fine print of the insurance policy carefully to ensure everything you discussed and agreed upon is included. You don’t want to make a claim and then have it be disapproved because it wasn’t part of the policy. Protection for your purchases If you buy your big-ticket items with cash, it won’t come with an extended warranty. However, some banks…

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Why You Need to Maintain a Good Credit History (Infographic)

Roughly 4 to 7 million Filipinos own a credit card. Of that number, how many do you think pay off their full balance monthly? Many people assume that credit cards only serve to drive a person in debt, and it can be true when a person is unable to manage their spending properly. The way you handle your credit card or debts of any sort directly tie into your credit history. A credit report is how financial institutions measure whether or not you can manage timely payments on any amount you borrow. Your credit report is determined by your credit history, which also determines your credit score. Most other countries have a centralized agency that collects this information. In the Philippines, this information is handled by private contractors like TransUnion[1], which partnered with BPI, Banco de Oro, MetroBank, HSBC and Citibank in 2011. The Credit Information Corporation aims to change this when it begins operations later in 2015. As a government-owned and -controlled corporation, it will be the central bureau for all credit information. A centralized credit bureau allows for more transparency, meaning that the ordinary borrower will have access to their credit score information. Private agencies, such as TransUnion, do not distribute this information. Your credit history – good and bad – can affect whether or not you can finance your dream home or get approval for a credit card. Building a good credit score means that interest rates on any money that you borrow will be lower, and approval on loans you make will be faster. So what…

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Pay Pag-IBIG Loans and Savings Through Credit Card

Pag-IBIG Fund partnered with institutions to make payments for housing loan (HL) amortizations and individual membership savings (MS) more convenient for 13.8 million members and employers worldwide. Members can now choose to pay through over-the-counter or online transactions or the use of credit card or mobile phone. With the new partnerships, member-borrowers can now pay their HL bills at any Bayad Center outlets, SM Business Centers – including HyperMarket and Savemore, Landbank branches, and Metrobank branches. Member-borrowers can also pay via mobile phone through Globe GCash, a payment option available 24/7 to Globe subscribers. Members can also use their VISA or Mastercard Credit Card issued here or anywhere in the world to remit their Pag-IBIG membership monthly. “We at Pag-IBIG continuously seek ways to utilize modern technology in providing the best possible service to our members. The directive of Pag-IBIG Board Chairman Vice President Jejomar C. Binay is to embark on innovations that will bring Pag-IBIG on a par with the best in the private sector in providing payment solutions to our members, and to do so without sacrificing the quality of our service. Increasing payment channels for our members is a big step towards this direction.” Pag-IBIG President Atty. Darlene Marie B. Berberabe explained. Meanwhile, overseas Filipino workers can conveniently pay their HL and Short-Term Loan dues and MS remittance at the following payment centers: Philippine National Bank, Metrobank, Asia United Bank, i-Remit, and Ventaja. [tags] MoneymaxWith a goal to help Filipinos lead healthier financial lives, Moneymax regularly publishes tips and tricks on personal finance and lifestyle, among many other…

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4 Benefits from Your Credit Card You Forgot You Had

    If you’re like most people, you probably signed up for a credit card hoping to earn enough points to earn air miles and other rewards. It’s also likely that you signed up for a card to take advantage of the 0% interest for getting that shiny new tablet or smartphone. Read more: 13 Savings Tips Filipinos Always (ALWAYS) Forget Credit cards sure come in handy in helping you pay for stuff online and at your favourite shops and restaurant—but there are other credit card benefits that you may have forgotten, or haven’t been informed, about. Let’s look at more surprising perks that you can get out of that card in your wallet! 1.      Free Travel Accident and Inconvenience Insurance We Pinoys love to travel. With budget airlines like Cebu Pacific offering Piso Fares and Tiger Air offering cheap flights for local and international destinations, it’s become more affordable for us to take vacations to nearby countries. But are you aware that you can also get free travel insurance when you book your flight ticket using your card. Some credit cards in the Philippines offer travel insurance coverage, such as the BDO Platinum MasterCard, the PNB Mabuhay Miles Platinum MasterCard, and the Metrobank Dollar MasterCard. A quick search on MoneyMax’s credit card page will show you options for credit cards that have this feature. 2.      Complimentary Passes at the NAIA MIASCOR Airport Lounges Get VIP treatment the next time you wait for your international flight at NAIA, by staying at the MIASCOR VIP lounge with your credit card. What can…

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5 Things You Forgot to Ask Yourself Before Getting a Credit Card

There are few better things in the world than slipping in a brand new, shiny, scratch-free credit card into your wallet. That’s exactly the seduction of that little piece of plastic—you instantly feel like a million dollars because you think you can buy anything your heart fancies. Before you get carried away, though, let’s take a look at a few questions you might have forgotten to ask yourself in the excitement of getting a new card. Why am I getting a credit card? If you’ve never had a credit card before and were able to pay your bills and buy your necessities without problems, you probably shouldn’t have a credit card in the first place. The only reason you should own one is because you need it. A good reason to own a credit card is for emergencies — and we’re not talking about shoes on sale here. Another good reason is if you want to make big-ticket purchases that are otherwise impossible to do with cash, like a powerful laptop or home appliances that you can pay on installment. How much will it cost me? You may have been drawn in by the promise of a zero annual percentage rate (APR) when you signed up for a credit card. It’s probably a good idea to call your bank representative and ask if it was just an introductory rate, how long it will last, and how much the regular APR is, because that’s the rate you’ll have to live with for the rest of your card’s existence, once the promotional offer…

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5 Tactics to Acquire More Credit Card Points

Do you know how to really maximize your credit card? Use it for more points! Most points are acquired when you travel. But, how can you accumulate more points when you’re not the traveler type? Take the full advantage of your credit card use, promos and rewards, but don’t be fooled by all of them as they may incur a big cost on your part without you knowing. Here are some tactics that you can use to make the most out of your credit card: 1. “Savings over points.” It doesn’t make sense to be eager for points when you end up buying things you don’t really need. It’s not always a better option when you’re buying through a credit card. Always compare prices and make sure you’re getting the best deal for you. 2. Use your credit card on your purchases. Gas and groceries are the best channels to start because of the frequency you’ll need to use it. For instance, most have a weekly grocery and gassing up. So there is a greater chance that you’ll get used to it like a habit of using your card. Also, the more use you it, more points can be accumulated. And as soon as you master paying through your card, you will have more points to follow. But, never forget to pay in time and in full to avoid interests. Using your card will majority of your expenses can also help you track your budgeting as it will be on paper. Read more: Have You Tried These 10 Ways to Save Money on Gas?…

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Which Metrobank Credit Card Suits You?

One of the largest bank in the Philippines, Metrobank, offers a variety of credit cards to serve your needs. One of the ways to maximize the benefits of your credit card is to apply for the one that really suits your personality and financial behaviour to gain more rewards and promos from Metrobank. Here are Metrobank credit cards to choose from: Metrobank ON Internet MasterCard A more secure payment solution for all your internet transactions Personalize your credit card with your favorite photo through designmycard Receive your monthly statement of account via your email address P20 spent = 1 reward point No points multiplier e.g. P500 Online Shopping Credit (10,000 points) Points only redeemable for Online Shopping Credit ₱ 500First year waived 3.5%Per month Metrobank Classic Visa Get discounts, free gifts and great deals at ‘M here! partner establishments Comes with an embedded EMV-chip that protects you from credit card fraud Personalize your credit card with your favorite photo P20 spent = 1 reward point No points multiplier e.g. Union 16″ Stand Fan (35,450 points) Only principal cardholders are eligible to redeem reward points ₱ 1,500First year waived 3.5%Per month Metrobank Classic MasterCard Get discounts, free gifts and great deals at ‘M here! partner establishments Comes with an embedded EMV-chip that protects you from credit card fraud Personalize your credit card with your favorite photo P20 spent = 1 reward point No points multiplier e.g. Union 16″ Stand Fan (35,450 points) Only principal cardholders are eligible to redeem reward points ₱ 1,500First year waived 3.5%Per month Metrobank Toyota MasterCard Get fuel rebates and other…

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Getting the Most Out of Your Credit Card

It is easy to apply for a credit card but using it requires control and discipline. If not used properly, this can cause financial trouble on your end, and you might even end up in huge debts! If you are a credit card owner, read on the following tips on using your credit card wisely and using it to your own advantage: 1. Take advantage of reward points. Credit card providers offer a slew of benefits that most people don’t take advantage of like the reward points. Every time you make a purchase, you earn reward points. You can accumulate these reward points in exchange of special items or other offers such as discounts on airline tickets, gift certificates, hotel accommodations, and a lot more. 2. Use it for your needs. Always identify the thin line between your needs and wants. As much as possible, use your credit card for your needs rather than your wants. For instance, use it to purchase your groceries, your fuel, and any other items that you would normally use your debit card for. The more you spend, the bigger the rewards you get. 3. Use but don’t abuse. Do not use your credit card to pay for that next shoe purchase just because you want to. Try your best to resist on swiping away on an item that you think is a mere want of the moment, especially if you think it is out of the budget. Make sure you purchase something that you will be able to pay on the next billing. 4. Pay in full and pay on…

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All About the EON Visa Debit Card (Part 2)

Are you planning to get your own EON Visa Debit Card?   In this second part, we answer other questions that you may have regarding the EON Visa Debit Card. Can I immediately use my EON Visa Debit Card once I receive it? Yes, you can use your new EON Visa Debit Card for any money transactions once you receive it. For online applicants, they can claim their card after submitting their documents at the UnionBank pick-up branches. On the other hand, cardholders who fill out the application form over the counter can only receive their EON Visa Debit Cards after 5 banking days. You can use your EON Visa Debit card at the instant you receive it. You can swipe it at any accredited Visa merchants all around the world and withdraw your money at any Megalink ATMs and Visa Plus ATMs. Apart from these, you can also immediately link the EON Visa Debit Card to your PayPal account. (Click here if you wish to know how to sign up for a PayPal account.) Can I replace/renew my card online? The EON Online Application is only meant for new card EON Visa Debit Cards application. If your EON Visa Debit Card has been damaged or needs to be renewed, the card replacement and card renewal actions cannot be performed online. (UnionBank EON Visa Debit Cards will expire after 3 years.) In claiming the cards, we need to go to the bank and pay P150. You will receive an email 60 days prior to the expiry date of your EON Visa Debit…

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