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What is your limit?

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DESCRIPTIONS:


In the Philippines (and in most economies), there are no hard and fast rules on determining the credit limit an issuing bank may extend a cardholder. It’s all arbitrary; the figure often seems to come out of thin air, based solely on the bank’s discretion. However, some factors do affect how big (or small) your credit limit can be.

  1. Your monthly income – Some banks give you a limit that is 20% higher than your monthly income, and some banks give you 20% less than your monthly income.
  2. How long you have been a creditor – If you have been a credit card holder if that bank for a few years, you may be given a bigger limit than a new applicant.
  3. The issuing bank’s conservativeness – Citibank and Banco de Oro are often less conservative than most issuing banks; they tend to give higher credit limits.  Some of their cards, of course, impose higher interest rates than the cards issued by more conservative banks, like BPI.
  4. The credit limit on your other cards – If you have credit cards from other issuers, a new issuer might try to give you at least the same credit limit, if not higher, provided that you’ve been responsible in using your current limit. If you pay on time and regularly, other banks will feel more confident in lending you bigger amounts.
  5. Your desired credit limit – You can oftentimes demand your credit limit, especially if you have a good credit score, meaning, you have a history of being a responsible credit card user. Getting a higher credit limit can be as simple as calling your bank and asking for an increase. They may require you to fax an income tax return or other proof of income. You can also negotiate the limit on new banks trying to get your business by demanding for a certain figure and saying that you will not sign up unless they grant you that figure. If you really are an ideal credit candidate in their eyes, you will get the limit you want.



Featured Credit Cards:

HSBC Premier Credit Card


FEATURES:

<ul>
<li>Perpetually waived annual fee for the Primary and supplementary cards</li>
<li>No worries as you shop, dine and travel with the HSBC Premium Credit Card because it is accepted in 24 million establishments worldwide.</li>
<li>Earn 1 Rewards point in every Php5 spent and use these to redeem one of a kind Rewards Item.</li>
<li>Lost your card? HSBC will replace it for you the next day with emergency cash advance of $2,000.<span style="mso-spacerun: yes;">&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;</span></li>
<li>Relish on magnificent discounts when dining, shopping or just going around the world for fun in over 40 countries and territories.</li>
<li>Share the benefits of being an HSBC Premier Credit Cardholder and still manage their spending.</li>
</ul>

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

Citibank Platinum VISA


FEATURES:

  • Pay annual fee of Php5000 for the primary card and Php2500 for the supplementary card
  • Enjoy cash advance service fee of Php500 or 3%, whichever is higher
  • Transfer your balance for FREE…
  • Finance charge of only 2.75%

CITI BANK GOLD CARD


FEATURES:

  • Get privileged service anywhere around the world when you travel with Citibank Gold Card!
  • >Pay an annual fee of Php2500 for your primary card and take advantage of a credit line higher than you imagined!
  • Avail of Rewards point for every Php30 spent with your credit card.
  • Travel the world with no worries with Travel Inconvenience Protection available for all card holders just by paying your ticket in full making use of the Citi Gold Card!
  • Relish on Cash Advance Service of only Php500 or 3% whichever is higher…
  • Avail of 24/7 customer service wherever you maybe!

Featured Articles:

The Power Within You

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…