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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 Diamond Card


FEATURES:

  • Finance Charge: 2.75 %
  • Balance Transfer Rate: 1.488% (6months)
  • Annual fee of only Php2,500
  • Cash advance service fee 300% or 5%, whichever is higher

PSBank MasterCard


FEATURES:

  • No annual charge for the first year upon enrollment.
  • PSBank Mastercard has only 3.5%monthly finance charge.
  • Get a chance to watch a movie blockbuster for free and a health insurance on your first use.

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!

HSBC Red MasterCard


FEATURES:

  • No annual fee for the first year
  • 3.25% finance charge
  • Enjoy Php500 or 3% cash advance whichever is higher
  • Get loads of royal pampering with RED HOT DEALS exclusive only to Red MasterCard holders.

Featured Articles:

Featured Article

Ever thought of getting a credit card but don’t know where to start? For majority of cardholders we know, credit cards are terrific tools that certainly have very great advantages.

We at comprecreditcards.com.ph have surveyed many customers and here is what came out…

Its very handy payment. That’s the big thing, right? You don’t have to worry about being robbed or something because you don’t have that big cash with you. Even if you’re just making small purchases, it’s a big help. Plus, the fact that we are in the on-line shopping age, it’s a total must have.

On the spot loans. When you’re short of cash, a credit card will be there to save you from the embarrassment of not being able to pay as it will help you make up for your purchase. To avoid any fees, just pay your balance in full.

You have no idea as to where you’re spending your money? People have the tendency to say they don’t know where half of their money went. With a credit card, you can easily track your purchases on your monthly payments. So if you think your wife spent too much for the month, check on your bill, who knows, it might even be you…

It’s easier to pay off. It’s easy to pay credit card bills. All you have to do is find an ATM with your checking or an easy account transfer. Good news is you don’t have to wait a month to pay it off. And guess what, some even lets cardholders pay their bills ONLINE. So say goodbye long lines; Hello to convenience!


You get rewards.

Every time you make transactions you earn point or “rewards” that you can exchange for either gift checks, vouchers, exclusive items or maybe the cash back system. We’re not saying that you use your credit card non-stop to avail of these, but as a matter of fact, it is a nice bonus.

Very exclusive deals. How would you spell exclusive? Its “c-r-e-d-i-t-c-a-r-d”. Why? Because you get a lot of high class services that are only available for those people who hold the cards. Sometimes its discounts on products, dining and traveling first class. Remember the times when you really wanted to buy something and you were able to buy it because of the discount my credit card was able to give me.

We can go on and on with these, but nothing is really important than learning it by experience. Everything has its ups and downs. It’s up to you, as the card holder, to become responsible in how you manage your money. Look into the bigger picture of how credit cards make life easier and who knows you might just even love it. Just be responsible and a word of advice, pay your dues on time, all the time…