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Credit cards are trendy and popular among Filipinos. Anybody practically has one because it’s convenient. Remember the time when you had to make an emergency purchase and you don’t have any cash with you? How about the feeling of having your credit card being swipe through the machines in one of your favorite stores? Credit cards come in handy these days at the time when the economy is suffering from recession. It’s very practical to have one or two credit cards—depending on your needs and wants.

Credit cards enable you to purchase items in a jiffy without having to worry about paying it on the spot. It’s also better than carrying a bagful of cash for safety reasons. It’s less hassle to write a check.

It’s convenient to purchase items with the plastic cards on your hands. The trend now is purchasing airplane tickets online and using credit cards as mode of payment. Major airlines such as Cebu Pacific or Philippine Airlines have discounts and promos often so you have to be fast in availing them. Some shoppers prefer online shopping at Ebay, Multiply and other online boutiques. Their purchases give them the luxury of having their items delivered to their doorsteps. Even bookstores such as National Bookstore, Powerbooks or Fully Booked now follow the same trend. It’s the new era of shopping. Although there are still a few who prefers going inside the stores to purchase items to their hearts content.

However, credit cards users have to be wise so they don’t end up paying more than what they bargained for. Read and understand the fine print of the credit card you are using. Acquaint yourself with the terms use such as finance charges, credit limit, minimum dues and total amount dues. Understanding the definition of these terms prevent credit card users from going into huge debts. The terms and conditions are also important because it provides information on the proper usage of credit cards.

Most people write down their daily purchases. It helps them keep track where their money goes to. Also, keep receipts and billing statements in case there are discrepancies from credit card companies.

Having a credit card also comes with responsibility so it’s important to know how to use it properly. Due dates for credit cards bills are better paid on time and in full. There are some who charge a percentage of the minimum payment. If you don’t have enough cash to pay in full then give as much as you can instead. Also prioritize paying for the credit card bill with the highest interest rate.

These days, credit cards are for everyone who knows how to use them properly. Researching on what banks has to offer is crucial to finding the right one that fits you and your lifestyle.



Featured Credit Cards:

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.

LJC Credit Card


FEATURES:

  • Monthly membership fee of Php80 and P60 for the extension
  • Get year round discounts
  • Avail of birthday discounts and enjoy fine dining all with RCBC Bankard LJC credit card

RCBC Bankard JCB Credit Card


FEATURES:

  • Worldwide Acceptance in more than 180 countries on all major establishments
  • Shop, dine and travel anywhere and pay in any currency required
  • Convert your outstanding balance to your new RCBC Bankard JCB Credit Card.
  • Enjoy 24/7 customer service wherever you are.
  • Get as much as 30% of your credit limit anywhere you may be!

RCBC Bankard Diamond Card


FEATURES:

  • Finance Charge: 2.75 %
  • Balance Transfer Rate: 1.488% (6months)
  • Annual fee of only Php2,500
  • Cash advance service fee 300% or 5%, whichever is higher

Featured Articles:

Should you let your kid have his own credit card?

Fact: there is already an increase of teens and college students who have their own credit cards. Credit card companies now aim on the two groups since they are the ones who spend more money than adults.

Educate your child on how to manage spending with a credit card. Parents an even use instances in the present state of affairs as an example to discuss to kids the pros and cons of credit cards.

Smaller credit limits are usual with these types of cards and while it may be easy to apply for one, credit card companies charge large interest rates and fees to the teenage credit card holders.

People who are below 18 are not legitimate in obtaining credit cards without the consent of their parents. Unfortunately, some kids fill out forms and receive credit cards without the knowledge of their parents. To avoid this, talk to them and help them realize the importance of beginning a solid credit history with their first card. Emphasize that it is of utmost importance to their future.

As a parent, start by reading the guidelines with your child. Make sure you call to attention all the terms written on the fine print. Avoid coming to the rescue if the bills get way out of control. This will teach him to be responsible in handling his money. A credit card spent by a teenager and paid by his parents initiates bad credit habits

Let the child bear in mind that his credit card sho uld be used in emergencies only. Monitor ALL his spending activities. Some credit cards even allow the parents to create their own credit limit for the supplementary cards. This is very logical especially if you are too busy with your career.

Parents can help their kids spend sensibly with the correct use of credit cards. At this early stage, it is better to prepare them in the reality of life by teaching them not to abuse its benefits.