Credit Card Application
There are a number of ways that you can apply for a credit card, such as using either the Internet or filling out a traditional credit card application form. What you must bear in mind however is whether or not the credit card you’re thinking of applying for is right for you.
With so many banks located within the Philippines, all offering lucrative reward programs, waived annual fees, and low interest rates, it can be difficult to decide which credit card to apply for. Before going any further, let’s list some of the major banks that offer credit card applications.
There’s Metrobank, HSBC Credit Cards, CitiBank Credit Cards, Union Bank Credit Cards, PNB Credit Cards, Credit Cards at BPI, and of course the Security Bank Credit Card (by the way, if you’re not planning on getting a Visa or MasterCard, then we highly recommend Security Bank for Diners Club).
The first thing that you, as a prospective credit card applicant should be doing, is looking for a credit card that best meets your needs. This means finding the credit card that offers the perfect compromise of low interest rates, rewards, low annual fees, and of course a high enough credit limit.
Whilst some credit cards may offer extremely lucrative rewards (some giving you as many as 3 Frequent Flyer Points per dollar spent, for example) you should be on the lookout for the high annual fees that will no doubt come with these attractions.
Filling Our Your Credit Card Application
The most important thing to understand when filling out a credit card application is that the bank or credit card company wants you to complete the form honestly. Fraudulently filling out the form may bring you into a lot of trouble, both legally and financially, and that is why being honest and completely disclosing any information that is required is in your best interests. Most credit cards require that you have a minimum yearly salary before you can apply, and it’s important to ensure that you meet this salary requirement before filling in your credit card application.
Other requirements that may not be as obvious are age requirements (some credit card applications require a minimum age of 21, whilst others only that you be 18), and past credit history. If you have been bankrupt in the past, or have had a poor credit history, then your application may be rejected. Banks and credit card companies want to ensure that they won’t lose any money if they take you on as a customer, and that is why a good credit history, evidence of stable employment and good character, are all beneficial when it comes time to apply.
Last but not least, make sure to bring all required documentation with you when you lodge your credit card application. Many banks require photocopies of things such as Passport, Driver’s License, and other such proof of identity, along with the originals.
Owning your own credit card is a big responsibility, especially for younger generations. Using your credit card responsibly, ensuring that you only buy things if you have the money to pay off the minimum monthly repayment, is a must. Remember also that minimum payments attract a high rate of interest, so if you can pay off the full amount in the interest free period then you’re doing yourself a big favor.
With all of these tips in mind, and provided that you’ve done your homework and have all the required documentation, completing your credit card application shouldn’t take you long at all. Good luck!




