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TheWhiteKnight

Best PH Credit Card? Worth it?

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TheWhiteKnight

Now that I'm a resident, I'm able to get a credit card here, just wondering if I should. I have plenty of no forex US credit cards which pretty much work all over. However are there any good reasons to have a PH credit card? Are there some good rewards to be had here?

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NOSOCALPINOY

I'd like to have one, I'm now 68 with an SRRVisa and can't qualify for one due to  age restriction at most banks and have to show a credit history on their appilication, which was our home loan with BPI 5 yrs ago.

I did though applied at China Bank a few months ago where their age restriction is at 70, but I don't have a credit history other than our paid off mortgage loan with BPI.

No reply yet from China Bank. 

I even tried to talk to the bank managers in person to no avail.

 

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TheWhiteKnight
Just now, NOSOCALPINOY said:

I'd like to have one, I'm now 68 with an SRRVisa and can't qualify for one due to  age restriction at most banks and have to show a credit history on their appilication, which was our home loan with BPI 5 yrs ago.

I did though applied at China Bank a few months ago where their age restriction is at 70, but I don't have a credit history other than our paid off mortgage loan with BPI.

No reply yet from China Bank. 

I even tried to talk to the bank managers in person to no avail.

 

Interesting the age restrictions here. They are always calling me to get one, I don't know if that means I'm really already approved or not. But I know some former Filipinos without any credit history who have cards (35 yo tho).

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Jawny

I do not want to go through the hassles required to obtain an "approved" credit card, so I have opted to used a secured credit card.  Allows me to use the card exactly as I would wth a normal card.  There is a credit limit, which I set and need to maintain a passbook balance to assure the credit limit is covered.  I only use the card for hotel reservations and very infrequent online purchases. Otherwise cash is my way of paying.  The card does cover those situations where cash won't work, such as hotel reservations.

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NOSOCALPINOY

If I can't get a Philipine credit card, it's no big deal since my U.S. credit cards has been working fine here and my credit limit is way way beyond what a Philippine bank would give me anyway. I can make do without a Philippine credit card. 

Just last year we bought a nice slightly used Toyota Innova I couldn't pass up for P350,000 cash advance from my U.S. credit cards.

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Alfred E. Neuman

Very good buy.

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TheWhiteKnight
13 minutes ago, NOSOCALPINOY said:

If I can't get a Philipine credit card, it's no big deal since my U.S. credit cards has been working fine here and my credit limit is way way beyond what a Philippine bank would give me anyway. I can make do without a Philippine credit card. 

Just last year we bought a nice slightly used Toyota Innova I couldn't pass up for P350,000 cash advance from my U.S. credit cards.

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Yeah my credit limits are huge compared to here, I guess just some silly part of me wants to be as legitimate a local as possible. Got the SRRV, 50 year lease, DL, bank accounts, car, PH health card, etc.

I certainly will be just fine without a PH CC but I'm interested if there are any compelling benefits.

That's a nice price for that car!

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Lee
2 hours ago, TheWhiteKnight said:

. However are there any good reasons to have a PH credit card?

The only reason I can think of is to get a post paid cellphone account but who really needs one of those when prepaid have so many good plans. 

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NOSOCALPINOY

The only advantage I experienced was when the ATM I was going use was off line and I asked the bank manager if I can get a cash advance over the counter? She told me yes, but only Philippine credit cards. 

That's the only reason why I want a Philippine credit card.

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NOSOCALPINOY
30 minutes ago, TheWhiteKnight said:

 

Yeah my credit limits are huge compared to here, I guess just some silly part of me wants to be as legitimate a local as possible. Got the SRRV, 50 year lease, DL, bank accounts, car, PH health card, etc.

I certainly will be just fine without a PH CC but I'm interested if there are any compelling benefits.

That's truly a great accomplishment at your young age of 36.

Live long and Prosper

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Davaoeno
1 hour ago, TheWhiteKnight said:

if there are any compelling benefits.

Absolutely none !! A person as rich as you are has no need for a local credit card.  Just pay cash for everything- after all anything you buy  here is just a pittance to you , so why bother dealing with the local banks. I always carry at least 500,000 pesos with me just in case I see something that I want to buy .  Rich people like you and me have no need for these local pinoy banks. !!

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TheWhiteKnight
2 minutes ago, Davaoeno said:

Absolutely none !! A person as rich as you are has no need for a local credit card.  Just pay cash for everything- after all anything you buy  here is just a pittance to you , so why bother dealing with the local banks. I always carry at least 500,000 pesos with me just in case I see something that I want to buy .  Rich people like you and me have no need for these local pinoy banks. !!

LOL - I wish I was that rich. I'm a sucker for trying to find a good value through the user of money, sounds like a PH CC doesn't provide much though. I see some weak travel benefits and that's about it.

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Davaoeno

Ah come on , we are all overachievers here so lets be honest -   credit cards are for losers that dont have enough ready money to pay cash for everything !!   Every time I see someone pull out their American Express  card I think about the fat wad of 1000 pesos notes I have in my wallet and think " Loser! "

Edited by Davaoeno

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NOSOCALPINOY
24 minutes ago, Davaoeno said:

Ah come on , we are all overachievers here so lets be honest -   credit cards are for losers that dont have enough ready money to pay cash for everything !!   Every time I see someone pull out their American Express  card I think about the fat wad of 1000 pesos notes I have in my wallet and think " Loser! "

Live long and prosper carrying P500,000 in cash on your person. 

You would make a big profitable target for proffessional pick pockets. Who will be the loser then?

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TheWhiteKnight
7 minutes ago, NOSOCALPINOY said:

Live long and prosper carrying P500,000 in cash on your person. 

You would make a big profitable target for proffessional pick pockets. Who will be the loser then?

You would need a purse, 500K is like the size of a brick in 1000 notes.

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delancey

The PH credit cards don't come close to the terms of a first world country and offer inferior consumer fraud protection. Same with banks in general here. I might try a CC here someday but haven't  personally found a reason. My opinion, not a bad thing but not worth it.

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rep1

I did some research last year and citi prestige seems great for the price, if you need free unlimited access to airport lounges with guests. But the protection is very weak even with additional insurance. (not sure if standard VISA/MasterCard protection applies)

Other cards, especially their Amex and Diners Club, completely suck. Those with flight points are also below average. Most local cards don't require much fee or have high requirement for weaving it, as a result the perks (such as BPI's) aren't really useful.

With my new card offering 2.22% rebate rate (-1.5% fee) I no longer see any point of applying for PH card for now. I'm sure you could find cards better than that in your home country as well.

Edited by rep1

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Monsoon

In years past it was beneficial to have a PH credit card - there were issues using ‘foreign’ cards at certain stores and some PH airline bookings could be a challenge. There were annoying secondary verifications requested when using a foreign card. Also if making a larger purchase at a store it was handy not having to withdraw and carry the cash necessary, since using a foreign card often proved problematic. 

All of those ‘reasons’ are now obsolete for me. No FOREX cards give me a better rate than any money changer will and I’ve not been given the hassles I used to get when using a non-PH card. 

If one were paid in Peso, I guess that would be the only advantage to having a local card anymore. 

PH cards are all horrible. You don’t want to carry a balance. As for rewards, I have significant number of points with my BDO card from past usage and have never bothered to redeem them - I looked into it once and there was more involved than the  the simple point and click I need to redeem points on my other cards so haven’t bothered. 


Of them all BDO would be my preferred card. The one they gave me have dual currency credit lines, PHP and USD. So when abroad everything is charged in USD. I’ve stopped using the card for the most part and they keep raising my limit. 


Also, you probably won’t find a PH credit card that will take care of you while traveling in case of lost or compromised cards. You won’t find one that will deliver you a replacement within 24 hours, thats for sure. Last but not least, I would much rather have US consumer protection laws behind me than PH.

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TheWhiteKnight
1 minute ago, Monsoon said:

In years past it was beneficial to have a PH credit card - there were issues using ‘foreign’ cards at certain stores and some PH airline bookings could be a challenge. There were annoying secondary verifications requested when using a foreign card. Also if making a larger purchase at a store it was handy not having to withdraw and carry the cash necessary, since using a foreign card often proved problematic. 

All of those ‘reasons’ are now obsolete for me. No FOREX cards give me a better rate than any money changer will and I’ve not been given the hassles I used to get when using a non-PH card. 

If one were paid in Peso, I guess that would be the only advantage to having a local card anymore. 

PH cards are all horrible. You don’t want to carry a balance. As for rewards, I have significant number of points with my BDO card from past usage and have never bothered to redeem them - I looked into it once and there was more involved than the  the simple point and click I need to redeem points on my other cards so haven’t bothered. 


Of them all BDO would be my preferred card. The one they gave me have dual currency credit lines, PHP and USD. So when abroad everything is charged in USD. I’ve stopped using the card for the most part and they keep raising my limit. 


Also, you probably won’t find a PH credit card that will take care of you while traveling in case of lost or compromised cards. You won’t find one that will deliver you a replacement within 24 hours, thats for sure. Last but not least, I would much rather have US consumer protection laws behind me than PH.

Thanks Monsoon, I had a feeling you would have some experience in this department. I'm paid in dollars and have never had too much trouble using my US cards with no forex fees. Every once in a while I'll have to call and yell at them while at the register but you are right it's been a while.

Also noticed they will still give me the cash price if I pay in a straight payment on my US card.

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rep1
38 minutes ago, TheWhiteKnight said:

I'll have to call and yell at them while at the register but you are right it's been a while.

I noticed those sending SMS for every transaction never called. Those who don't, sometimes call and sometimes (HSBC) just reject it silently.

Calling cost lots of $$$ BTW.

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Salty Dog

I use an Airlines card (US) for as many things as possible. I made 3 round trip business class flights and a one way for two business class when I took my wife to the US. All on frequent flyer miles. Already have enough for round trip when wife goes back to visit. It's an Alaskan Airlines card. Alaska Airlines has affiliation with just about every Airlines, so it's easy to use my miles. I used them on Korean Airlines and Cathay Pacific.

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TheWhiteKnight
3 hours ago, rep1 said:

I noticed those sending SMS for every transaction never called. Those who don't, sometimes call and sometimes (HSBC) just reject it silently.

Calling cost lots of $$$ BTW.

Magic jack app, or Skype, toll free numbers are toll free. Just need internet connection which thankfully is available often these days.

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sugbu777
5 hours ago, Salty Dog said:

It's an Alaskan Airlines card. Alaska Airlines has affiliation with just about every Airlines, so it's easy to use my miles. I used them on Korean Airlines and Cathay Pacific

Thanks. I didn't know that. (Really didn't pay much attention) Gonna have to use my Alaska Airlines(B of A) card more often . I use it so little that I pay off balance every month.

Edited by sugbu777
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fred42

The main benefit we have is that we need to buy a lot of white goods for our business here...We need  local CC`s to avail of the one year 0% interest credit offers.

They are continually offering to up our limit to which we say yes please... Never use it but nice to know its there in case we need extra for health emergencies etc. 

Edited by fred42

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RR3

They wanted to give me CC when I opened a currency account. But I took a debit card instead.

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