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Credit Card Interest Rates in the Philippines

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DESCRIPTIONS:

There are many things to keep in mind when choosing the right credit card. Whether you are just applying for your first piece of plastic or contemplating on a second one, it is best to ask yourself some important questions to get the most out of your application.

The Kind of Credit Card You Want

There are different types of credit cards that you can avail of, and it is best to weigh the pros and cons of each before deciding on the best card that would suit your lifestyle and your purpose for getting one. If you intend to pay balances in full at the end of each moth, then a charge card is the best choice. If you need something for balance transfers, then look among credit cards with low rates on such transactions. A card with low interest rates is ideal for someone who plans on carrying a balance from one billing period to another.

The Annual Percentage Rate

The APR or the annual percentage rate is also important, as it applies to the balances that are carried beyond the allowed grace period. The higher the rate is, the higher the finance charge will also be. It is also better to get a credit card scheme with a longer grace period, so you won’t incur as much cost when you miss a payment.

The Applied Fees

There are also various kinds of fees that are incurred, including late fees, over the limit fees, annual fees, and others. It is best to assess the amount of these kinds of fees to avoid great costs on your monthly bill.

The Credit Limit

Your credit limit is also an important factor, as it determines your purchasing power. A low credit limit is ideal for someone who is just starting out, to familiarize himself with responsible handling and payment habits.

Comparing credit interest rates is also a wise move, especially when you want to get the best deal on the platter. There are many online sites and services that you can look into to help you with your decision when it comes to interest rates. These sites offer comprehensive listings and comparisons on every credit card type there is in the country, their finance charges, cash advances, annual fees, balance transfer rates, interest free dates, and things of the like.



Featured Credit Cards:

BPI Credit Card – PETRON MasterCard


FEATURES:

  • Pay an annual fee of Php1550 for your primary card. Plus you get FREE Php200 worth of fuel once you receive your Petron-BPI MasterCard!
  • Get FREE Full Tank every year with its 3% fuel rebate!
  • Avail of a finance charge of just 3.4%
  • Get 24-hour Roadside Assistance and Towing Service wherever and whenever you need it!
  • Relish on very exclusive privileges and discounts on car dealerships and car accessory merchants only with your Petron-BPI MasterCard!

METROBANK CLASSIC CREDIT CARD


FEATURES:

<ul>
<li>Have only 3.5% finance charge on your account with Mertobank Classic and Gold Credit Card.</li>
<li>Knowing your balance is just one beep away. Get wind of your balance by just TEXTING anytime, anywhere.</li>
<li>No collection of annual fee for the first year.</li>
</ul>

MABUHAY MILES WORLD MASTERCARD


FEATURES:

  • Enjoy an annual fee of only Php6000 for the primary card and Php3000 for the supplementary cards. But guess what, the first year is actually for free for both cards
  • Pay a cash advance rate of only 3.25%
  • Cash advance fee of only Php50 plus 5%, whichever is higher.
  • Get individual Dollar and Peso billings for your international and local transactions.
  • Avail of free flights out of the country with the Mabuhay Miles World MasterCard that has the lowest point of Mile conversion of only Php38!
  • Relish on customized assistance as you get special access to the Allied World Service.

HSBC Red MasterCard


FEATURES:

  • No annual fee for the first year
  • 3.25% finance charge
  • Enjoy Php500 or 3% cash advance whichever is higher
  • Get loads of royal pampering with RED HOT DEALS exclusive only to Red MasterCard holders.

Featured Articles:

MANAGE YOUR MONEY: USE YOUR CREDIT CARD WISELY

Like majority of things in life, credit cards give us power that we could use to maximize our way of living. We should learn to use it wisely to avoid any hassles in the future.

But what are really the advantages of having a credit card? We, at comparecreditcards.com, did a survey about the merits of having a credit card and you will be surprised at what came out…

It is a lot easier to buy things with a credit card. It gives you purchasing power that can let you buy things without you having to carry huge amounts of cash around.

You get added security if in case something you bought got lost, stolen or damaged. With both your credit Card Company and your credit card statement guaranteeing you made the purchase, you could actually get insurance on whatever you bought.

Having a good credit history not only helps you apply for a new credit card, but also helps you build a solid financial foundation when applying for other things like loans or sometimes even jobs.

Although we should avoid any expenses that is way out of our budget, it is sometimes unavoidable due to emergencies like fire, floods and the like. But the worst thing is it leads to large purchases in huge amounts of money. With a credit card, you can use money with cash advances and worry about paying it later once you’re back on track.

In addition to those, a credit card also presents further benefits like discounts, free air miles and insurances. But you have to remember that credit card companies start making money once you can’t afford paying off your charges!

The benefits of having a credit card are real and are very helpful on the condition that you take into account your spending limits.

Life is made easier with a credit card, but if used unwisely, they become financial break downs for you. If you do decide to get yourself a credit card, keep in mind these following rules:

  • Track all of your purchases.
  • Never spent beyond your budget.
  • Settle your balance at the due date.

Always bear in mind the responsibility of having a credit card. Spend within your budget and use it wisely.