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Carrying a lot of cash can be dangerous and risky, and sometimes, making huge payments is impossible to do with a limited budget. That’s why people rely on credit cards to make necessary payments for the meantime. Thousands of Filipinos have at least one credit card issued by a bank for buying goods or paying for services. Basically, a credit card lets you borrow money from the bank to pay for your things, but you are required to pay back the debt by the end of the month.

With so many banks in the Philippines offering credit cards, it is important to choose the right one which fits your needs and lifestyle. Therefore, here are a few tips on choosing a card.

Determine your reasons for getting a credit card and know what you are using it for. Some credit cards are specially tailored for different lifestyles including travelers and frequent shoppers.

Choose a credit card that offer sensible benefits for your lifestyle. These benefits may include no or low annual fees, air travel miles, rewards points, gasoline mileage, and low interest rates. If the benefits are only offered as a promo or for a limited period of time, inquire about their expiration date. Most credit card companies come with low interest rates first and then after it expires, you will be charged with a regular or a much higher rate.

Always check for additional charges or fees such as an application fee, over-limit fees, annual fees, late payment fees, and others so you won’t be surprised when you see your credit card bill later on.

Find out how often and when you are likely to receive your billing statement to determine if you can commit to paying your dues on time.

Do your research on credit cards issued in the Philippines by going online. That way, you can compare the credit cards with one another. You can also search for feedback among users on which credit card is the best. That way, you can have an idea on whether the credit card you want is really worth getting for your needs or not.



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

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>

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!

MASTERCARD BLACK – BDO Credit Card


FEATURES:

  • Enjoy FREE membership for both your primary card and supplementary card for the initial year!
  • Earn rewards points on every Php50 worth of transactions on your BDO MasterCard Black!
  • Get special assistance whenever you travel with BDO Travel Desk!
  • Stay in the comfort of your homes and let BDO Black MasterCard do the payment of your monthly utility bills!
  • Supervise your finances with simplicity as you get lots of savings and discounts!
  • Avail of 24/7 customer service whenever you need it!

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.