List of organizations in the Philippines in which credit card processing is available.
The fast way on how to get cards is to go to banks. The processing time can be as short as two weeks. The checker would submit your application details and you have to wait. Below is a list of popular banks that offer cards to consumers:
For first timers applying for one, the checker would ask you for more information, like proof of income, proof of address, and other documents that prove your identity. First timers have to go through this because they have no loan history yet, and the financial institutions need to validate your credibility.
If you want to know how to get fast results, you must apply for Visa or Mastercard as these are the most used brands in the country, meaning that they are accepted in all business establishments that accept payments made by credit card.
You can also get a supplementary benefit, which means your relative will also have a credit card and share the line of loan with you. All purchases that are paid for with a credit card are your responsibility.
If you want to apply online, just go to the website of the financial institution and fill up the details online. You will be asked to scan copies of your signed documents and attach them via email. You can also see a sample how the credit card looks like, and also sample calculations of fees.
For example, you can apply for a credit card where there are miles points. Every time you make a payment, you earn points that you can later in exchange for a plane ticket, meaning you get a free ride if you have enough points.
Some give fuel points that you can exchange for gasoline, while some have generic points that you can exchange for little appliances.
These points are stored in a secured server, and you usually get emailed or texted if your points are updated. Prepaid cards do not get points.
Installment fees – between 31.23% and 42.50% per year
Cash Advance – about 6% of the amount of money you withdraw
Late Charges – usually 3.5% of your outstanding balance; this is charged if you did not pay on time.
There is no fee to pay if you pay your total balance before the due date. If you are also using it a lot, you can ask the provider to wave the annual fee so no fee is charged from your credit card.
The minimum monthly repayment depends by provider like Visa or Mastercard and the bank. Just remember, if you only pay the minimum, you will be charged with late fees for any outstanding balance. The best thing to do is to pay on time wholly your credit card bills.
Also, you are not likely to get a credit card if you have bad loan. Financial institutions in the country have an association, so they know if you are a good payer or not.