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Credit Card Interest Rates in the Philippines

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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:

EastWest Bank Practical Card


FEATURES:

  • Enjoy the lowest finance monthly charge of 2.25%  to 2.75% for different purchases
  • Relax with the 24-hour Customer service hotline for EastWest Bank Cardholders.

 

Share your spending power to love ones for up to 9 times

 

  • Get cash advances of up to 50% of your credit limit!
  • Avail of the Flexible Membership Fee Payment Option that will allow you to choose how you want to pay your membership fee.
  • Get rewards points in every transaction made with EastWest Bank Practical card
  • Pay an annual fee of Php2000

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

Citibank Shell VISA


FEATURES:

  • Get the HIGHEST fuel rebate in the market with Citi Shell Visa
  • Enjoy 24/7 emergency service for Gold Card holders in making any alternate plans in any cases of emergency.
  • gency cash once in need..
  • Pay an annual fee of only Php3000 for the primary card.

EASTWEST BANK PLATINUM MASTERCARD


FEATURES:

  • Get FREE LIFETIME MEMBERSHIP!
  • Delight in your ability to shop anywhere in more than 300 countries with almost 30 million establishments.
  • Finance charge of only 3.75% a month!
  • Cash advance of 5% or Php300 whichever is higher
  • Share your power to purchase to special people by requesting supplementary cards with the annual membership fees waived perpetually.

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.