Credit Cards

        Credit Cards

In the Philippines, more and more people are adapting to using credits to handle most of their purchases. However, applying for a credit card doesn’t guarantee that the card company will approve your application and issue you with one.

₱1,000,000
Loan amount ₱50,000 - ₱1,000,000
Interest 1.3 %
Maturity 12 - 36 months

Fast information

Properties of this loan

  • Online loans up to ₱1 000 000
  • Term 12 - 36 months
  • Affordable personal loan

Loan requirements

  • You should be a Filipino citizen, at least 23 years old but not older than 65 years old when your loan matures
  • Your home address or business address should be within any of the bank’s service regions
  • You should have the following contact numbers: home landline, office or business landline and a mobile number
  • If you’re employed, you should be with your current employer for at least 2 years and earning a minimum basic salary of P25,000. Your employer/company should be one of the Top 7,000 companies in the Philippines
  • If you’re a Professional or Self-employed you should have been in the same profession or the same business for at least 5 years. As a business owner, your business should have been operational for the past 5 years with at least 2 continuous year with profitable operations with an average monthly income of P200,000

About company

More information about the company Maybank Philippines Inc.

Borrow from ₱50,000 with interest from the 1.3 % Moread
₱500,000
Loan amount ₱1,000 - ₱500,000
Interest 4.5 %
Maturity 1 - 12 months

Fast information

Properties of this loan

  • Variety of credit cards
  • Term 1 - 12 months

Loan requirements

  • Must be a Philippine citizen
  • Must have a Philippine mailing address and active local mobile number

About company

More information about the company Metrobank Card Corporation Inc.

Borrow from ₱1,000 with interest from the 4.5 % Moread
₱500,000
Loan amount ₱1 - ₱500,000
Interest 5 %
Maturity 1 - 12 mnths

Fast information

Properties of this loan

  • Variety of credit cards
  • Secure and premium cards
  • Term 1 - 12 months

Loan requirements

  • Must be a Philippine citizen
  • If employed, must be at least two years permanent work status with one year tenure in current employer
  • Must have a Philippine mailing address and active local mobile number

About company

More information about the company Rizal Commercial Building Corporation (RCBC)

Borrow from ₱1 with interest from the 5 % Moread
₱500,000
Loan amount ₱1 - ₱500,000
Interest 5 %
Maturity 1 - 12 months

Fast information

Properties of this loan

  • Variety of credit cards
  • Personal and business credit cards
  • Term 1 - 12 months

Loan requirements

  • 18 + years old
  • Employed individuals and selected professionals
  • Filipino residents

About company

More information about the company Asia United Bank

Borrow from ₱1 with interest from the 5 % Moread

        Credit Cards

Irrespective of whether you apply for the credit card online or from a physical bank location, the qualification process is the same because the same factors will be considers. Hence, if you are wondering how to apply for a credit card and get approved, you need to look at what might get your application denied and fix it before applying. Here are the main issues that prevent consumers from successfully applying for a credit card in the Philippines.

1. Poor Credit History

Banks and other lenders share your credit transactions with each other as a strategy for determining an individual’s credit history. If you have previously defaulted or delayed making payments on a debt/loan/credit card, then this information is available for the credit card companies. In such a case, you have a bad credit history; hence, you are deemed to have poor overall credit score. A credit score is a rating that lenders use to determine your credit worthy. If your credit score is too low then a credit card company will decline your application. To fix this problem, you should pay off your current debts first so as to give your score a boost and make you credit worthy again.

2. Debt to Income Ratio

When you apply for a credit card online, the issuing company conducts a comprehensive financial back ground check based on the information you provide in the credit card application form. Hence, irrespective of your credit score, they will still check to see if you have any other pending debts. Considering these debts are paid from your income, they will calculate your current debt to income ratio and determine if you can comfortably afford to repay the credit card debts. If your debt to income ratio is too high, then the company will decline your credit card application deeming you a credit risk. Hence, if you intend to be using credit cards, it is essential that you maintain a healthy debt to income ratio. If your debt to income ratio is high you might want to opt for a credit card with a tight limit.

3. Lack of sufficient Proof of Income

When applying for a credit card online, you will also need to prove that you have a steady income source based on your bank statements. Most banks will also ask you to provide poof of employment if your bank statements have long transaction gaps.

If there are discrepancies in your bank statement or you are unemployed, it is difficult for the credit card company to determine your income intervals, thereby they will decline your application. A good remedy to this problem is to provide a bank statement for the bank account you most frequently use. Alternatively, you can apply for a credit card from your bank because they have a longer history of your account transactions.

Also, make a point to make frequent deposits into a bank account irrespective of whether you are employed or not. This will help you get some transaction history that the credit card company can use to determine your income.

4. Applying for the Wrong Credit Card

In the Philippines, there is a wide variety of credit cards to choose from. Each credit card has a different set of requirements for approval. Due to lack of sufficient research, some people often apply for credit card which they do not meet all the requirements; ultimately, their application gets declined. As a summary point, before applying for a particular type of credit card, ensure you conduct sufficient research into the requirements, and only apply if you meet all the requirements.


Credit Cards rating: 4.5/5 from 20 votes.
menu

Operator

Loan comparator Coolfinance.ph:
double technology s.r.o., VAT: CZ08695717

The company is not the provider of any financial product.

About portal

Coolfinance.ph is loan comparison site. We are building on the transparency and completeness of information. With our services, you will know which loan to choose.