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How to Apply for a Credit Card

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Applying for a credit card is a wise move, especially when you are responsible enough to handle your expenses. There are many great benefits that one can get from credit, but it can also be a pain when your bills pile up and your spending is uncontrollable. Before considering availing of a credit card, assess your spending habits and how you manage your expenses.

There are a number of eligibility requirements that should be met before a credit card company or a bank approves of your application. There is also a wide choice of credit card options to choose from, depending on your preference. The first step in applying for a credit card is to explore your options, read about plans, credit rates, as well as their terms and regulations and see which kind of credit card fits you and your lifestyle.

There are also a lot of ways in which you can apply for a credit card. A paper application is one of the oldest and most traditional ways of application, while applying by phone is still pretty common. Today’s technology also gives way to online applications, which is considered more convenient and faster than the earlier methods.

There are certain things that you should take note of when choosing the right credit card, including features such as the interest rates, the credit limit, penalties, interest free days, APR, balance transfer schemes, cash advances, grace periods, and other offers as well as implied costs.

Most companies have preconditions for applying. They will require your including your social security system (SSS) number, driving license number, proof of address as well as proof for your date of birth. There are also some eligibility requirements to be met, from age criteria to annual income, and things of the like.

Credit companies also look into credit scores to determine your eligibility. Your credit history includes the number of credit cards you have or have had, the amount you owe on these credit cards, the loans you have taken out, and other things like your payment scheme, how many you have missed and if you pay your bills on time. This information is important in determining your credit score and your eligibility.



Featured Credit Cards:

RCBC Bankard VISA


FEATURES:

<ul>
<li><strong style="mso-bidi-font-weight: normal;">&nbsp;</strong>Worldwide recognition</li>
<li>Peso Payment Convenience</li>
<li>Round the clock customer service</li>
<li>Gain unlimited rewards with transactions done with RCBC Bankard Visa</li>
</ul>

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>

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

BDO MASTERCARD SHOP MORE


FEATURES:

  • Pay just Php900 for the initial year!
  • Avail of a cash advance fee of 5% or Php300 whichever is higher
  • Have a finance charge of 3.50%
  • Avail of up to 30% Cash Advance of your credit limit!
  • Get rewards points each time you purchase items at SM by the Peso Payback Rewards Program
  • Get up to 5 supplementary cards on your first year!
  • Relish on exciting freebies and discounts through SM Exclusive programs and BDO Delights!
  • Avail of the ongoing installment promos for as low as 0% interest in different electronics ad appliance stores, furniture shops, health and beauty services, restaurants, jewelry shops, travel packages and more.

BDO Shop More MasterCard has wide recognition and acceptance on major establishments throughout the Philippines and plus 20 million locations in 275 territories and countries wherever MasterCard is accepted.

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.