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Easy Credit Card Application

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With several banks offering credit cards in the Philippines, it sounds easy to apply for one in any bank of your choosing. Nowadays, the internet makes it even easier for you to apply for a credit card because instead of going to an actual bank just to get more information on the card you want, you can read about it online. Not all banks allow online applications, though. While major banks like BPI and Metrobank allow you to apply online, most banks still require you to show up in person at their branch close to your home or workplace.

In the Philippines, you need to comply with the basic requirements when applying for a credit card to make it smooth and easy for you. BPI is one of the banks where you can easily apply for a credit card. Here is an overview of BPI’s credit card application and approval process.

Basic requirements

For starters, you should be at least 21 years old and earning a fixed income. You are qualified to apply for any of BPI”s credit cards if your minimum fixed monthly income is at least P10,000, but if you want to get the BPI Gold MasterCard, your minimum income should be at least P50,000.

Provide a residence or business landline number so the bank can easily get in touch with you. The application form should also be completely filled out before you sign it so it can be processed immediately. You can also apply for your credit card online.

Other documents you need

If you are employed, submit your latest income tax return with the stamp from a bank or the BIR, or the W2, but if you are self-employed, a businessman, or a proprietor, submit your latest Audited Financial Statements with the bank or BIR stamp and your latest income tax return with the BIR or bank stamp.

Also, be sure to submit a photocopy of any of the following:

  1. Previous month”s pay slips
  2. Certificate of Employment
  3. Previous month”s credit statements

BPI may also demand for additional income documents later on.



Featured Credit Cards:

PNB Astra Secured Kredit (ASK) Card


FEATURES:

<ul>
<li><span style="font-size: x-small; line-height: 11px;">Apply for a credit card and the first year&rsquo;s annual fee is FREE!</span></li>
<li><span style="font-size: x-small; line-height: 11px;">The PNB ASK Card allows you access to over 25 million establishments all around the world!</span></li>
<li><span style="font-size: x-small; line-height: 11px;">Need cash? There is no need to worry as PNB ASK Card allows you to have a cash advance anytime of the day at any PNB ATM outlets!</span></li>
<li><span style="font-size: x-small; line-height: 18px;">Avail of financial flexibility and pay for as low as 5% of your whole purchase with their Easy Payment Terms!</span></li>
</ul>

CITI SILVER MASTERCARD AND VISA


FEATURES:

  • Pay an annual fee of Php1500 for your primary card!
  • Go over your credit limit and pay for just Php500 or 3% whichever is higher!
  • Enjoy a finance charge rate of 3.50%
  • Earn rewards points with every Php30 spent with your Silver Card!
  • Travel with comfort with Travel Inconvenience Insurance provided by your Silver Card when you buy your plane ticket!

Citibank Rustans Credit Card


FEATURES:

  •  Pay an annual fee of just Php2500 and enjoy 2% rebate on all Rustan purchases!
  • Transfer your old account to your new Citi Rustan’s Card absolutely for FREE!
  • Relish on a Cash Advance Rate of 3.50%!
  • Get a Cash Advance Service fee of Php500 or 3% which ever is higher!
  • Go over your credit limit of over Php500! 

The EDGE MasterCard | BPI Credit Card


FEATURES:

  • Pay a monthly fee of just Php110!
  • Get wonderful discounts and privileges with the trendiest shops and stylish clubs!
  • Avail of finance charge of 3.4%
  • Reload your mobile phone automatically thru SMS and get 24/7 access to credit limit online and through your phone!
  • Maximize your spending power with the BPI Edge MasterCard as you enjoy discounts and perks with your friends in over 30 million institutions worldwide!
  • Earn 1 Reward Points with just Php50 worth of transaction charged with your card!

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.