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Choosing a Credit Card

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Having your first credit card marks a step on your financial independence – a “privilege” that most consumers desire. However, you need to ensure you are getting the right credit card so you can make the most of your credit line without overextending your finances. Choosing a credit card is easy: You just have to consider your overall financial standing, your needs, and most importantly, your age.

Credit cards for young adults

If you’re a college student or a young working professional, your finances could be tight. It will be wise for you to choose a credit card like you would choose your first bicycle — and end up with “training wheels.”

For starters, ask a willing parent to give you an extension of their credit card. Otherwise, you can go for a prepaid card, which is connected to your collateral money. With a prepaid card, you are basically borrowing your own money so you won’t be tempted to spend too much. This type of card is also ideal if you want to discipline yourself when handling your finances.

Credit card for people in their thirties

More financial responsibilities come when you are nearing your thirties. These may include paying a mortgage, paying for higher education, or expenses related to childcare. Because of several financial duties, you may find yourself relying mostly on your credit card to pay your way through life. Consider signing up for a credit card that lessens the after-effects of your spendings and debt. Check the fees and the interest rate – the lower, the better.

Credit card for people with stable careers

If you’re lucky and able to reach the peak of your dream career and save some money in the bank, you can make the most of your earnings with a good credit card. At this point in time, your main concerns may include business trips and vacations, enabling you to spend more time on the go. In that case, pick a card that offers mileage or travel rewards. Some credit cards also have special features that give you access to an exclusive airport lounge or provide you with concierge services during your trip.

Credit card for retirees

In your retirement years, you are likely to have a complete grasp of your finances. If you do not have huge debt, the rewards can help you make the most of the golden years by enabling you to go on a trip around the entire country or around the world. Still, remember you have to pay the bills at home. If that is the case, pick a credit card that can work together with your accounts (i.e. your checking account). If you just want to lay low, consider a credit card suitable for paying basic needs like groceries, home improvement, meals out, etc.



Featured Credit Cards:

BDO TITANIUM MASTERCARD


FEATURES:

  • Avail of an Annual Membership fee that is absolutely FREE for the first year! Spend Php300000 per year and you get it FREE FOR A LIFETIME!
  • Enjoy a flexible credit limit where you can access anywhere you may be and use it on your own terms!
  • Purchase anything you want, anywhere you are and avail of the Dual Currency Feature!
  • Get Cash Advance Service of up to 50% of your credit limit during emergencies!
  • Enjoy worldwide recognition and acceptance with your BDO Titanium MasterCard on over 20 million territories and locations wherever MasterCard is accepted!
  • Relish on affordable Installment Plans that are exclusive only for BDO MasterCard Titanium cardholders!
  • Share your purchasing power for up to six times!
  • Travel anywhere you want and be at ease with the BDO Titanium MasterCard as it gives you Php20000000
  • Get 24/7 Concierge Service anywhere you are!

PNB Visa Credit Card


FEATURES:

  • Apply for a PNB Visa credit card and the first year’s annual fee is FREE!
  • The PNB Visa Credit Card allows you access to over 25 million establishments all around the world!
  • Need cash? There is no need to worry as PNB Visa Credit Card lets you have cash advance anytime of the day at any PNB ATM outlets near you for emergencies!
  • Avail of financial flexibility and pay for as low as 5% of your whole purchase with their Easy Payment Terms and Installment Plans!

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!

RCBC Black Card


FEATURES:

  • Highest credit limit
  • Peso Payment convenience (gives cardholders the option to purchase in any currency abroad and then pay in pesos when they get back home)
  • Revolving Facility (allows cardholders to pay the minimum of 5% of their total outstanding balance or P500, whichever is higher.
  • Get Cash Advance of up to 50% of your credit Limit or Php250000
  • Annual fee of Php3,600

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.