Credits Cards With No Annual Fees

Credit Cards With No Annual Fees In The Philippines

Every financial expert often advises people to stay off credit card companies who have the annual fees. This they stress because those fees, over time, could mature into a large amount of money, thus soaking you in a constant stream of debt. Nevertheless, the good news is that some credit cards do actually exist without any annual fees / year-round charges. And that’s why today, we will be looking at 4 of the best credit cards without yearly fees in the Philippines.

EastWest Priority Visa Infinite

In terms of annual fees, this card makes no year-round charges, and also has a low-interest rate of 1.99%. All round, it has a rewards program where one rewards point, goes for every PHP10 purchase made using the card. It also has a travel insurance policy that is up to PHP 20 million in accident and inconvenience. And the rest will be, the rewards could be used in having access to VIP airport lounge, and Premium lifestyle privileges.

AUB Gold Mastercard

The AUB Gold Mastercard is a Philippine Credit Card that comes with a Zero charge on annual fees. It has its interest rate at 2.25%. Just like in the EastWest. Nevertheless, it comes with a minimum monthly income requirement of PHP50,833.33, a single rewards program, which states that for every one rewards point, there must be a PHP20 purchase. This reward includes airport lounge access, flexibility in terms of setting settlement due date and minimum amount due.

AUB Platinum Mastercard

This is another Philippine’s credit card that offers an Interest Rate as low as 2.25%, as usual, comes with no yearly dues to it. Still, it has a minimum monthly income requirement of PHP50,833.33, a rewards program where one rewards point goes for every PHP 20 purchase. The reward will cover airport lounge access, flexibility in terms of setting settlement due date and minimum amount due.

EastWest Platinum Mastercard

This card, like every other card on the list has no yearly charges but comes with an interest rate of 2.75%. It has a minimum monthly income requirement of PHP150,000, and a rewards program that entails one rewards point, for every PHP40 purchase made using the card.

It’s hard to come by these days, the Philippines credit card companies that are willing to offer you rewards with no expectation of extorting a yearly due from you. That is why, credit cards such as the AUB Platinum Mastercard, AUB Gold Mastercard, and EastWest Priority Visa Infinite, all deserve their place in this list.

Supplementary Credit Card

What is a supplementary card (credit card)?

Not everyone is opportune in a family, to be financially independent. And the people who are financial independent and have a credit card can also apply for a supplementary credit card for their family member. [ supplementary(secondary) Card]

So, what is a secondary Card?

Stated, a secondary Card is sub-section of a leading credit card. Now what happens here is that in cases like this, the person with the secondary card could choose to spend whatever amount he/she deems fit, and the original cardholder will be the one to bear the consequences of those financial activities. In other words, the lender of the secondary card to his family member is the one who is going to incur all the financial risk brought in as a result of the affiliated secondary card.

To wrap it up, secondary cards are helpful especially when giving it to a dear friend, family member or partner, an extra card that can be used to assist you in earning points as a result. And it could be more critical, if the person in question is probably finding it hard to obtain their Credit Card, perhaps due to no credit or salary.

Is it a Good Idea?

Well, personally I feel if it’s from a parental point of view, it’s a good idea. Still, whoever you give the secondary card to, be sure that the person is either no careless on spending or delusional because, whatever they do with that card will undoubtedly contribute to your credit history, and I need not remind you of the importance of having a good credit history right?  So, make sure your secondary card is entrusted in good hands, and that you monitor every spending made in that card, as the primary cardholder. Now let’s lot at the pros and cons of giving a secondary Card to a family member, perhaps son or daughter.

Pros

  • Getting to have two streams of rewards
  • The ability to use apps and services which need
  • Helps you monitor your kids’ spending.
  • Helps your child learn about credit card’s early.

Cons

  • Having to pay additional fees
  • Creating a dependable mentality in your kids.

In summary, a secondary card works best when you’d love to help your family, financially, like in giving your kids the chance to play with money!