Credit cards are best used during emergencies and in paying bills. If you are looking for the credit card application requirements in different banks, here is a list of basic info that you need to know. Of course, some of the top financial institutions are offering great credit card benefits to those who are qualified.
However, there is a bigger responsibility involved that you should also know. Before we give you some details on the documents needed to open a credit card account.
What is the lowest credit card interest rate available?
Primarily, most banks offer a 3.50% interest rate per month. However, there are other banks that offer much lower depending on your rating.
What is the highest credit limit that I can get from a credit card?
This is also dependent on your status. Some credit card offer credit limits of up to P200,000 for holders with good record. However, the starting credit limit is usually P10,000.
Should I get a MasterCard vs Visa credit card?
Actually it does not matter because both are supported by almost all merchants around the world. Of course, this means you can use your local credit card around the world or even purchase items online.
Can I use the credit card to pay bills like PLDT, Meralco, Maynilad, Smart, Globe and School tuition? Of course you can as long as the amount is within your credit limit.
What are late fees and annual fees?
Late fees are applied for bills that are paid after the due date. Annual fees of credit cards are service fees for using the system.
Should I apply for a supplementary credit card for my wife, children and relatives? It is up to you to decide as you will be sharing the credit limit with them.
Some credit card companies have rewards points system and rebates. They are really good for purchases, perks, discounts and even free miles on air travel.
BDO Credit Card Application Requirements:
Must be 21 – 70 years old for principal and 13 years old and up for supplementary accounts
- Must be a Filipino citizen or a foreigner who has been residing in the Philippines for 2 years
- Should have a Fixed Income Requirement of P180,000
- You should be a regular employee. If you are self-employed the business should be running for two years
- You should have a landline phone
- Proof of Income Photocopy of BIR form and employee certificate or photocopy of business name registration
- Proof of Identification – employees ID and government issued IDs are required.
Citibank Credit Card Application Requirements
Basically, the same requirements are imposed by Citibank but you should also have no record of delinquency with other credit card companies. Moreover, GSIS and SSS and TIN numbers and IDs may be required.
- Photocopy of two valid IDs
- Proof of income latest pay slip for the last 3 months
- BIR form 2316 just like with BDO
HSBC Credit Card Application Requirements
The basic requirements in applying for an HSBC credit cards are listed below:
- The applicant must be between 21 to 65 years old and should be residing in the Philippines
- The applicant must be employed in Metro Manila or other recognized provincial areas.
- The applicant should have a minimum gross yearly income of P160,000 for HSBC Classic Credit Card.
Metrobank Credit Card Application Requirement
For Metrobank, the only available data online is that one should have a minimum yearly income of Minimum gross annual income of:
- Classic Credit Card: Php180,000
- Gold Credit Card: Php480,000
Of course, you will be submitting other documents like proof of income, residency and other necessary proof of capacity to pay.
East West Bank Credit Card Application Requirements
Still, the bank imposes almost the same requirements for credit card applicants. Here are the basic things to remember:
- Must be a Filipino citizen or a foreigner residing in the Philippines
- At least 21 years old but not older than 65 years old
- Earns at least P120,000 annually
BPI Credit Card Application Requirement
- You should be residing within 30 km radius from the nearest BPI bank branch
- You should be earning at least P15,000 monthly income
- You should be at least 21 years old
- Other documents may be requested by the branch when you apply
Unionbank Credit Card Application Requirements
- You should be 18 to 60 years old. Your annual gross income should be at least P 360,000.
- You should have a landline phone
- You should be employed for at least a year
Some of the benefits in having a credit card is balance transfer among different cards, online payment of bills, installment plans for purchases with zero interest (0% interest), rewards programs and perks.