Debit and Credit Card

What is a credit card and a debit card?

Most people often do confuse the debit card for a credit card, after all, they’re all being used on ATMs right?  Well, as much as I would have loved to agree with you on that, I can’t just help but beg to differ. Yes, there are several similarities between the two cards; nevertheless, there are still some pinpoint differences in the two of them, and these, we are going to be looking at today.

Difference

The very first etymological distinction is that the debit card was first issues in 1987 by Barclays a UK based bank. Then, they enabled users to settle at different stores. On the other hand, the first credit card was issued in 1950 by Diners club incorporated. They were used to settle restaurant bills at first.

Anyone having a bank account can afford to have a debit card with a simple one-time registration process. On the other hand, a credit card is offered only to those customers having a minimum credit score as for their income

In using a debit card, you can only spend less than or equal to the money you have in your bank account. On the other hand, the credit card enables you to settle even if you have less or no money in your bank account.

Whenever you buy anything using a debit card, the amount is deducted directly from your bank account instantly. However, when you you’re shopping using a credit card, the amount is billed as an outstanding balance, which has to be paid in 30 days.

Generally, debit card users have control of the funds being spent, as it depends on the money saved in the account. On the other hand, credit card users have a max limit for expenditure which is decided by the bank and not by the user spending.

Using debit card incurs no interest in settlement. You only have to settle a small service charge. However, credit card users are allowed a period to settle the credit card bill for that time; multiple interests will start getting charged.

Lastly, debit cards do not have any reward system for users, no specific rewards that can be redeemed for more chances to keep shoping. But credit card users often get reward points which they can redeem for extra discounts and new investments.

So, even though these two cards are often made on the same shape, with the same chip on them, used across Point-of-sale, Atm, and Online, they both differ in a more precise dimension, as discussed above.

man sitting on sofa while using laptop to apply for a credit card

How To Apply For A Credit Card Online

Today, we’ll be discussing how you can apply for a credit card online. Now first things first, it’s essential that you fully understand the range of credit cards, and you are comfortable with their benefits, features, and potentially high costs before you decide to apply. After that, make sure you meet the eligibility criteria, and you’ve understood the charges. 

Before you start your online application for credit cards or other financial products, make sure you have enough time to complete the whole form. You’ll be happy to know the process doesn’t take too long. At most, you’ll need between 5 and 15 minutes to complete your application, and you’ll see whether you’ve been accepted or not within 1 to 5 days. 

Apart from time, you should also check if you have a stable internet connection and enough battery left on your device before you get on with it. There’s nothing worse than being cut off halfway through. So, all checked? Great, you’re all set to go. 

In the first part of the application, you will have to confirm some basic information like your name, date of birth, where you’re from and where you live. As such, keep at hand your address and also the proof of your address(like electricity bill, or phone bill etc). 

You will be asked for detail on your monthly earnings or salary. The bank or credit card provider will also ask for more information about your employer or details of your owned business.

After you share these details with the bank or the provider – they will undertake a full credit search to see whether you have the financial background for them to issue you a credit card. However, there are some cases where they might need to ask you for some additional data. 

If you’re accepted, they will then take you through all the vital data, including the credit card agreement. Once that’s done, you’ll have a card out in the post between 5 to 7 working days. So there’s not too long to wait.

In a nutshell, to apply for a credit card or financial product online, you will need

  1. Your personal details and identity proof (driving license/passport or other government-issued ID)
  2. Your address details and proof of address (utility bill or bank statement that clearly shows your address)
  3. Details of your income (salary slip and/or tax return form)
  4. Details of your employer or your owned business

Do check out our credit cards listings page to find the best credit cards in Philippines that meet your needs!

Filipino using best credit cards

6 Best Credit Card For New Users / First-timers

There is always the first time for everything, and to help you we have created a list of some of the best credit cards in the Philippines for new users/first-timers. One thing about using a credit card as a Filipino is that, if you’re not careful, you could end up spending your way into everlasting debt.

Thus, when getting a pay-later card, it’s best you first kill your urge for impulse shopping and have the understanding that you have a long way to go in growing your credit profile. Okay, with that being said, what are the best credit cards for first-timers in the Philippines?

Best Credit Card: BDO Shopmore Mastercard

Unlike the Simplicity Visa Card, this BDO owned Pay-later Card, has a free advantage card, with which you can earn PESO points, up to 10,000 worth of rebates. In a nutshell, it is an ideal choice for a store and online shoppers.

  • BDO ShopMore MasterCard

    Best for Shopping, Easy Approval, Rewards

    BDO ShopMore MasterCard

    Main Feature

    0.50 Peso Point per ₱200 spend

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    Main Feature

    0.50 Peso Point per ₱200 spend

    Annual Fees

    ₱1,500

    First year free

    Monthly Interest Rate

    3.5%

    Min Annual Income

    ₱180,000

    + See More
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  • Best Credit Card: Citi Simplicity+ Card (Citibank)

    This platinum card is being owned by Citi Bank, one of the largest money lending in the Philippines. What’s good about it is that unlike most cards, it has no annual charges, no late settlement of debt fees, and no over-limit charges. The only difference is in its 10% interest rate, which is a bit different from the rest.

    • Citi Simplicity+ Card

      Best for No Annual Fee

      Citi Simplicity+ Card

      Main Feature

      No annual fee or late payment fee for the entire duration of usage

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      Main Feature

      No annual fee or late payment fee for the entire duration of usage

      Annual Fees

      No Fee

      Monthly Interest Rate

      3.5%

      Min Annual Income

      ₱180000

      + See More
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    • Best Credit Card: Metrobank Classic Card

      Being known for its excellent rewardable interface, the Metrobank classic Card is chip and contactless Card, which does not require any pre-installment. It has a perfect reward system where you can earn one redeemable point from every P20 you make.

      Best Credit Card: HSBC Red Mastercard

      Of all the credit cards mentioned on this list, HSBC Red Mastercard is four times better in terms of reward point system all through transactions done locally and internationally. With it, you can get a 6% rebate on your 1st Caltex fuel price and 3% in total every year.

      • HSBC Red Mastercard

        Best for Shopping, Dining, Fuel

        HSBC Red Mastercard

        Main Feature

        Get 4X points on online shopping and dining. 3% rebate on Caltex Fuel.

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        Main Feature

        Get 4X points on online shopping and dining. 3% rebate on Caltex Fuel.

        Annual Fees

        ₱1,500

        First year free

        Monthly Interest Rate

        3.5%

        Min Annual Income

        ₱200000

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      • Best Credit Card: AUB Easy Mastercard

        Like the Simplicity Visa Card, the AUB Mastercard has no annual fee. Plus, it is waived for life and has no interest fees on purchases. And it terms of flexibility; the Card is not to be found wanting as you can choose how many times you will be able to settle each month, and how much you will settle exactly.

        • AUB Easy MasterCard

          Best for No Annual Fee, Rewards

          AUB Easy MasterCard

          Main Feature

          No annual fee for life and 1 Rewards Point per ₱20 spend

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          Main Feature

          No annual fee for life and 1 Rewards Point per ₱20 spend

          Annual Fees

          No Fee

          Monthly Interest Rate

          3.5%

          Min Annual Income

          ₱252,000

          + See More
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        • Best Credit Card: RCBC Bankard Classic Pay-later Card

          With RCBC, you’re entitled to flexible rewards points from all your purchases, budgeting tools that give you cash empowerment and control, and a secure means of shopping online that can convert purchases and balances made from the Card into installments.

          In summary, these credit cards are best suitable for first-timers because of their flexibility and fair limit. However, always ensure to check your loan statement from time to time, so you won’t end up spending above your limit.

          You can visit our best credit card listings page to get more details on these credit cards.

Best Credit Cards in Philippines

Best Credit Cards In Philippines For 2020

We have reviewed most of the credit cards in the Philippines to identify the best credit cards that you can own in 2020. Read our notes to find the most suited card for yourself.

If you’re looking for a medium through which you could make payments and carry out other forms of transaction securely, conveniently at your own will, and even get rewarded sometimes, then all you need is a credit card.

However, trying to figure out which credit card is best often turns out to be a big deal. That’s why today, we’ve come up with the best 7 Credit Cards in the Philippines that you can make use of anywhere around the country.  So, coming up today as our first on the list is;

1. The Simplicity Visa Credit Card (Citibank)

This platinum credit card is being owned by Citibank, one of the largest financial institution in the Philippines. What’s good about it is that unlike most cards, it has no annual charges, no late payment of debt fees, and no over-limit charges. The only difference is in its 10% interest rate, which is a bit different from the rest.

You can view all Citibank credit cards here.

2. BDO Shop more Mastercard

Unlike the Simplicity Visa Card, this BDO owned Credit Card, has a free advantage card, with which you can earn PESO points, up to 10,000 worth of rebates. In a nutshell, it is an ideal choice for the store and online shoppers.

3. BPI Credit Card

Now, this Card is packed up with lots of useful features and benefits. Coming with a first one-year free AMF Waver, the Card also allows for reward points of P35-1 point, and a free travel insurance package that is up to P2 million. Overall, the Card is made of a new technology called contactless technology.

4. Metrobank Classic Card

Being known for its excellent rewardable interface, the Metrobank classic Card is chip and contactless Card, that does not require any pre-instalment. It has a perfect reward system where you can earn one redeemable point from every P20 you make.

5. HSBC RED Mastercard

Of all the credit cards mentioned on this list, HSBC Red Mastercard is four times better in terms of reward point system all through transactions done locally and internationally. With it, you can get a 6% rebate on your 1st Caltex fuel price and 3% in total every year.

You can view all HSBC credit cards here.

6. RCBC BANKARD Classic Credit Card

With RCBC, you’re entitled to flexible rewards points from all your purchases, budgeting tools that give you financial empowerment and control, and a secure means of shopping online that can convert purchases and balances made from the Card into instalments.

7. AUB EASY MASTERCARD

Like the Simplicity Visa Card, the AUB Mastercard has no annual fee. Plus, it is waived for life and has no interest fees on purchases. And it terms of flexibility; the Card is not to be found wanting as you can choose how many times you will be able to pay per month, and how much you will pay exactly.

So there you have it, the seven best credit cards you can use in shopping both domestically and internationally, while still standing a chance of receiving eye-watery rewards.

Eligibility Criteria for credit cards

What is the Eligibility Criteria for Credit Cards?

The most thrilling part about owning a credit card is in the Simplicity, convenience and financial control it brings to a person. Unfortunately, not everyone gets to enjoy this seamless experience, as they are often turned down for failing to meet what we call a company’s eligibility requirements. And while some tend to underestimate the power of making sure that they check a credit card’s company eligibility requirements, the truth remains. You can barely get approved if you don’t meet a company’s eligibility. So that being said, what is eligibility? And how does it relate to one’s chances of getting a credit card approval?

Meaning of Eligibility for Credit Card

Eligibility for a credit card refers to the laid out requirements, a credit card company puts up to be met before they can approve a client’s request for a credit card. In other words, these are like the basis to what could even guarantee one of a chance in getting their application approved. Without meeting these requirements, you’re not eligible; thus, your application will be rejected. Generally, most of the standard requirements by credit card companies, to get your credit application suitable (qualified) are;

Age

Whether in the Philippines or anywhere else in the world that runs the system of issuing credit cards, age is the very first and sacrosanct factor that makes up the eligibility status. Thus, if you’re under the age of 18 or 21 for some, then you are automatically not fit to get a credit card. Therefore, your application will be rejected.

Credit History

If you’re 18 years and above congratulations. Now, it’s time to show the credit card company your past credit records, so they could calculate the type and amount of loan they’ll give you. This is also a part of all the Philippines credit card companies’ eligibility status.

Income

Although this often makes up a part of every credit company’s eligibility requirement, they vary depending on each company. The differences in income requirements can be visible in cases where Citibank card’s income requirements, differ significantly from that of Union Bank.

Occupation

Most companies need to know who they are lending their money to or getting in financial bed with. So, they often choose a particular profession based on their reasons. And in most part, this factor often the main reason why some applications do get rejected. So, be careful about what occupation you indicate.

In a nutshell, these are not the whole factors that make up an eligibility requirement. However, given that eligibility means qualification, the only way to qualify and get your credit card application approved is if you meet those requirements. Failure to do so, like in not reaching the age, having a credit score that is below what the company needs, applying with an income that is way below what the company needs, and filling up and occupation that is considered inappropriate or unfit, would mean that you’re unqualified, and your proposal will be rejected.  So follow the rules and get eligible!

Fuel / Petrol Credit Card

Which Credit Card Is Good For Petrol / Fuel Purchase?

Paying with cash is common among Filipinos, especially when they refuel their car tank. However, if you’re a transporter who is always on the road traveling in and out of places in Philippine such as the Metro Manila, then I’d suggest that you consider making settlement of your fuels using your credit card, so far you’re knowledgeable on how to best maximize your card’s rebates and discounts.

Also, having a profound understanding of which particular credit cards give discounts, and fuel rebates on car services and toll fees can go a long way to help you manage your fuel expenses annually. Meaning, you could also tap into this knowledge if you’re planning to make an application for a credit card, as this will help you decide which one to choose and which one you shouldn’t.

And today, we’ll be discussing the best card for fuel purchase. However, we can’t proceed without first spotting out the three largest oil companies in the Philippines, which are, Petron, Caltex, and Shell. Now, the best part about these oil companies is that they are not just oil merchandise, but also have a little exhibition of banking services, shown in the existence of their credit cards.

So now we back to the question, which card is best for fuel purchase in the Philippines?

BPI Petron Mastercard

If you have this card, with your name written on it, then I’ve got great news for you. Now, did you know that, other than the low annual fee, which is associated with this credit card, your first year will be waived? Well, as welcome or introductory gift, you’ll get Php200 worth of fuel at any Petron stations closest to you, once you received your card. Now, here is the logic. As soon as you use your card to refuel fuel, you’ll receive a 3% rebate, too. In other words, with this card, you can receive a free full tank of fuel every year based on the 3% rebate. If you should calculate that correctly, that rebate percentage will save you almost P1.50 per liter.

Now, let’s have a more realistic approach. From the above calculation, if your vehicle consumes up to 40 liters every week, having to refuel your vehicle’s tank using Petron XCS Plus, will cost about Php47 per liter. However, you shouldn’t forget that the figures may change depending on the present price of fuel at the time of purchase at Petron stations. It keeps getting even better with this card because if you’d love to extend this rebates to your family member, you can get a supplementary Petron card for your family member, and just, as usual, the annual fee will be waived permanently. So, if you’re living in the Philippines, and you’re probably a motorist or transporter whose often on the road traveling places around the country, it’d be wise for you to get a BPI Petron Mastercard, as it is the best in terms

Best Credit Cards In Philippines

What Credit Cards Should I Apply For?

In regards to credit cards, the one you should go for, shouldn’t be handpicked for you. In other words, for you to know which one is best for you, you must assess what it is, you’re looking to achieve.

Thus, are you getting the credit card to use it for E- shopping? Or is it basically for your family? If it doesn’t fall under any of these two types of cards, then you’re probably planning to use it for travel. Whatever the case may be, your needs will most likely fall amongst these three purposes. And it’s after you’ve known what you’ll be using it for, only then will you be able to know what card to apply for. So starting from E- shopping, which is the best in the Philippines.

Robinsons Bank DOS Platinum Mastercard

If you’re looking to get the best out of your shopping experience in the Philippines using a credit card, without having to pay annual fees, then this card is all you need. Going at an interest rate of 3.5% (for E- settlements under the total amount due or least amount owing), a cash advance fee of 9% on the amount withdrawn, a late settlement fee of P600, and an account maintenance of P50/month, the Robinson Platinum card, automatically swaps all transactions and settlements into two months’ instalments.

Family

Security Bank Complete Cashback Mastercard

The best thing about this credit card is that you’ll get to enjoy tons of rebates from purchases you make using this card. These rebates cover, 5% on your grocery shopping using the card, 4% on gas purchases (5% if your gas is being filled up on Sea Oil), 3% on utility settlements, 2% of these rebates on dining, 1% on shopping. While using this card, you will be opportune to enjoy up to Php12,000 in total, every year.

Travel

Union Bank Miles + Platinum Visa Card

If you’re not using your credit card for family purposes or shopping, then it’s undoubtedly for travel needs. And if that’s the case, I’d love you to know that in using this card, every Php25 you spend, is equal in rate to 1 point. In other words, if the cost of anything you spend on using this credit card is travel-related, in every Php25, you earn 1.5x pts.

Now the best part is, you can change or redeem these points into cash, or you can swap them for Cebu Pacific GetGo points or PAL Mabuhay Miles. If those options are still not convenient enough, these travel points can be exchanged in Unionbank’s official website.  And yet on the travel benefits that this card offers, is in the travel insurance coverage that it provides, which wraps up to Php10million.  The points made in this card don’t expire, instead, allocates you with free access into Philippine airport lounges such as Skyview Lounge, Club Manila Lounge, and MIASCOR Lounge.

So, decide on what your purpose is and choose the credit card that best suits that purpose.

Fuel Credit Card

What is a Fuel Credit Card?

Are you sick and tired of settling sky-high diesel and petrol prices? Or, are you beginning to wonder if and when pump prices will ever stop going up? Fuel costs have hit all-time highs recently and in many cases, can make a massive dent in your profits and balance sheet if not carefully managed. However, you can solve this by using a fuel card. Now, what’s a fuel card?

Meaning of a Fuel Card

A fuel(gas) card, which is sometimes known as fleet card, is a card that is used in settling diesel, gasoline, petrol and any other fuelling product. Plus, it can also be used in making vehicle repairs settlements and so on. However, what if you’ve had a gas card account before but were left disillusioned after empty promises of savings from the supplier that just never materialized? You have to find the right supplier then.

How to know The Right Supplier?

Finding the right fuel card company that can deliver on the above promises can be like looking for a needle in a haystack. Well, the right supplier will guarantee to save you money off national average pump prices with a refund on the difference. And if your gas supply didn’t hit a minimum level of savings, a unique offer from such a supplier will go for four-quart fuels, which will ensure that you settle the lowest possible rates, and safeguard you against any unnecessary price increases.

Rules Guiding a Fuel Card

The golden rules surrounding the use of a fuel card are as delicate as the product itself.

Rule Number One: Be Specific

The first thing to remember when owning a fuel is that it is only meant to be used on fuel products such as gas, petrol, diesel, and all other stuff related to vehicles and automobiles. You can as well be it for buying car repair tools or parts needed in a car. Thus, on no occasion should it be used elsewhere. Besides, it won’t even work.

Rule number two; know your rights as a fuel card owner.

Most suppliers are fond of making rules and principles that will Favour them, while at the detriment of the user. Thus, carefully read the out-listed promises by any supplier before taking up any gas card. This is important so that you won’t get caught up in the web of having to be charged injudiciously. In summary, fuel or fleet cards are a perfect option of settlement if gotten from the right supplier. With it, your gas, petrol, diesel, car maintenance, and repairs costs will be subsidized to a considerable rate. So, make your choice correctly and ensure that whatever the case may be, you don’t get overcharged than you shou

Best Travel Credit Card

Best Travel Credit Cards in 2020 for the Philippines

If you are a frequent traveller and would like to know about the best travel credit card in Philippines to earn some Airmiles, then here are some travel credit cards that can help you achieve that.

However, you need to meet some terms and agree to some individual requirements such as a specific amount to exhaust first on the card, your least 365-days income, yearly associates dues and international dealing fee rate, to qualify for such air trips.

Nevertheless, you don’t have to bother about that anymore, as we’ve been able to come up with the four best travel credit cards in Philippines for 2020.

Metrobank Travel VISA

This card is a little bit different from the rest of the other cards, which is why we decided to bring it first. Unarguably, this is the best VISA travel card in the Philippines. For every online or international dealing that you exhaust up to Php17 using the card, you’ll get to earn a mile for each. And if you exhaust Php50 domestically, you’ll also get a mile too. The only thing which might pose as the problem is that their 365-days fees ranges at Php5000. However, I think it’s worth it because, with this Visa Card, you can get to do a lot more VISA Concierge Services such as Dining reservations, Transport Assistance, Shopping Assistance, Hotel Bookings and so on. Also, you’ll get to have a priority pass card, which will grant you free associates and will be accepted in most airports.

Citibank Premiermiles Card

Being a well-known bank in the Philippines, this card only qualifies you for any air-miles like the Mabuhay Miles, if you exhaust at least Php30 local and overseas, Php360,000, settle a 365-days associates dues of Php5,000, with a 3.25 international dealing rate.

BDO Diners Club Premiere Card

This credit card is another good one for travel in 2020. However, you need to exhaust at least a least of Php30 like the Citi card, have a 365-days target income of Php1,000 000, settle a 365-days associates fee of Php4500, and a 1% assessment +15% service fee.

PNB Mabuhay Miles World

You can go all over the world with this travel pay-later card, by just exhausting Php33 in international & overseas dealings, meet a 365-days target income of Php480,000, settle a yearly associates fee that goes for about Php6,000 with a small international dealing fee of about 2.50%.

In summary, if you’re looking to have a travel session for at least a one period, then I’d be best you go for travel pay-later cards such as the BOD and CITI Premiere card. However, if you’re looking to have a long term and repetitive set of travel sessions, without any forms of intrusion and delays in any of the Philippines airports, then I’d be wise for you to opt for the Metrobank Travel VISA Pay-later Card.

Having seemed to have met the test and satisfaction of most Philippines, if you’re looking for a travelling quest, Metrobank VISA Card is your best bet. Most Philippines, if you’re looking for a traveling quest, Metrobank VISA Card is your best bet.

Banks in Philippines

Which Banks Provide The Best Credit Cards In Philippines

There is a good number of banks present here in the Philippines. And the truth is, while they may all seem to be efficient, not every one of them is equal to each other, at least not in the quality of credit card issuance. Speaking of equality, we are not here to judge these banks based on their level of banking services but just in the aspect of credit cards. And yes, most of them do offer credit cards, but which banks provide the best?

Well, that’s why we are here today to discuss the banks that produce the best credit cards.

Union Bank

Union Bank, formerly known as Union Savings and Mortgage Bank, was founded on August 16, 1968, in Manila, Philippines, with headquarters at Pasig, Philippines. It has his Chairman and CEO to be Jon Ramon M. Aboitiz and Vice-Chairman Edwin R. Bautista.

The outstanding thing about this bank is not only in their banking service delivery but in the top-quality credit cards they make, such as the Union Bank Miles + Platinum Visa Card, which is the best in regards to traveling. In using this card, every Php25 you spend is equal in rate to 1 point. In other words, if the cost of anything you spend on using this credit card is travel-related, in every Php25, you earn 1.5x pts.

Robinsons Bank

Formerly known as Robinsons Savings Bank (1997-2011), the bank was founded in November 1997; 21 years ago. It has its headquarters stationed at Quezon City, Philippines, with Lance Gokongwei as the Chairman, and Frederick D. as Vice Chairman.

They have over the years produced good credit cards in terms of rewards and shopping, mainly. An example of this is Robinsons Bank DOS Platinum Mastercard, which is the best Credit Card in terms of online shopping.

This card goes at an interest rate of 3.5% (for online payments under the total amount due or least amount owing), a cash advance fee of 9% on the amount withdrawn, a late payment fee of P600, and an account maintenance of P50/month, thus making it an ideal credit card for shopping.

Security Bank

Security Bank Corporation is a universal bank in the Philippines. It was established on June 18, 1951, as Security Bank and Trust Company and was the first private and Filipino-controlled bank of the post-World War II period.

Now, not only was Security Bank publicly listed with the Philippine Stock Exchange in 1995, they have since been one of the best producers of good quality and family beneficial credit cards, such as the Security Bank Complete Cashback Mastercard, which is known for its great rebates bonuses.

These rebates cover, 5% on your grocery shopping using the card, 4% on gas purchases (5% if your gas is being filled up on Sea Oil), 3% on utility payments, 2% of these rebates on dining, 1% on shopping.

So, in case you’ve been out there searching for Philippines bank that offers the best credit cards, above lies your answer!