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Repair your credit rating

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If you find out that you have a low credit score impeding you from taking out any more loans, it’s time to repair your credit rating. Failing to do this causes other banks to reject your application for another loan (personal, car, home, another card) or cause them to charge you higher interest rates. There really is no such thing as a “quick” way to repair your score, but you can gradually improve your score over time. Here are some tips:

1. Make regular monthly payments on time

If you’ve been delinquent in paying off your credit card, it’s time to get your act together. Simply paying at least the minimum amount due before the due date for 6 months straight can repair your credit rating.

2. Don’t spend too much

Did you know that maxing out your credit card can lower your credit rating? The rule is simple: If you can’t pay it off in one go, don’t spend it. And while you’re still paying off the balance on your card, try not to charge any more purchases on it. This will make repayment more manageable. You savings account will thank you, too.

3. Use a balance transfer

If the current interest rate on your card is really too high for you to handle, maybe it’s time to take advantage of zero-interest transfers. Scout for a new credit card that has significantly lower interest charges, and then transfer all your balance to that.

4. Pay as much as you can

There’s always extra money in your life somewhere. Maybe it goes to that daily latte or that unnecessary gadget upgrade. Maybe you have too many shoes. Maybe you eat out too much. Cut out whatever it is that is putting a strain on your cash flow. Save that money instead and use it to pay off your credit card as fast as you can. The sooner you get rid of that debt, the sooner you can repair your credit rating.



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.

ALLIED BANK PREMIER MASTERCARD


FEATURES:

  • Pay an annual fee of only Php3000 for the Principal card and Php1200 for the supplementary cards. But
  • worry not because the first year is actually FREE.
  • Cash advance limit of 30% of assigned credit limit in both the Peso and Dollar currency.
  • Pay only an interest rate of 3.25% a month

HSBC Mabuhay Miles VISA Classic and Gold Credit Card


FEATURES:

<ul>
<li>Earn miles with everything you buy</li>
<li>Free annual fee for the initial year for both primary and supplementary cards</li>
<li>Get 24/7 Concierge Service anytime anywhere to free you of any credit card concerns</li>
</ul>

GOLD CARD ! The BPI Credit Card for the Exec!


FEATURES:

  • Pay an annual fee of just Php2250 for your BPI Express Credit Gold MasterCard!
  • Avail of a finance charge of 3.4%
  • Travel anywhere you want ad get FREE travel insurance of up to Php1000000 once you charge your fare to your BPI Express Gold Credit Card!
  • Shop in more than 30 million establishments here and abroad and enjoy lots of discounts and perks!
  • Convert your foreign purchases into pesos with no processing fees
  • Purchase high ticket item with no worries with the S.I.P. facility available with your BPI Express Credit Gold MasterCard!

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.