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Tell me about local credit card terms


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SkyMan

I'm thinking about getting a local credit card but wondering how they're different from what I'm used to in the US.  For in stance, I'm used to paying my balance every month and so not paying any interest.  Is that normal here or do they treat charges more like cash advances and start charging right away?  Are there typical any fees for just having the card?  Annual fee or just getting the card fee?  I'd prefer not to have any surprises.

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dutchben

The bank will block the amount that you can use on the creditcard.

If you want you can pay the credit every mnd without charging but you have to ask that.

Every year you have to pay for your card 1000php in my case (hsbc)

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Jawny

Banks here have varying sorts of credit card offerings.  I have found that as a foreigner, it is more hoops to jump through for a credit cad you may be accustomed to.  However, there are two types of "pay as you go" cards which you might want to consider.  One is a card which you can add credits (cash) to even by using your cellphone.  I've not used one of these so have only read about them.  What I noticed is they are lower limits, such as 10,000 pesos maximum.

 

The other type is a "secured" card.  You basically secure the credit line by opening and maintaining a balance in an account at your branch.  It can be set up with you paying the balance yourself, paying a minimum amount yourself, or having the entire balance paid each month.  I have used these and they are OK.  The cost is 1400 a year, with first year free.  The only issues I have with them is their poor security.  Statements come through the postal service and can easily be lost or delayed.  The card company assumes (in writing) that you received the statement and if you make no complain about errors, then tough luck for correcting an error.  Also, they send birthdate info on unsecure email as a "password".

 

I rarely use the card.  It is more for emergencies or online purchases.

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BDO offered us a credit card, I want to say 750p fee each year but I never asked about the interest float, so few places I'd want to use it would accept it and I don't want to come home shocked to a crapload of baby clothes and toys and a 40000 peso credit card bill....

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Peter C

BPI offers a prepaid mastercard if you are interested, check their website

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Monsoon

Well, I didn't jump through any hoops to get my credit cards here. But one word of caution with some cards - if you make a partial payment they charge you interest on the entire balance that month. For example, Lets say your bill for January is 80,200 pesos. And you pay 80,000 pesos but forget about the 200. You will receive a finance charge on the 80,200 for the month. If you blow up at them like I did they may reverse it. But its something to watch out for.

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Well, I didn't jump through any hoops to get my credit cards here

 

How did the application go?  BDO said we were preapproved but I didn't really have time or feel like jumping through a bunch of hoops for something I probably wouldn't use often.

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BDO sent me a credit card without applying or asking for one. I never used it & last year they sent me another one. BDO Gold Mastercard with a credit limit of 95k & 28.5k cash advance limit. Finally needed to use the card last year into purchasing airline tickets online. The only shocker was the annual fee when the billing arrived the following month, was charged 2.5k for using the card! lol

 

Anyways, we've been using it every now & then, when the bill arrives, we pay the outstanding balance & have no issues. The "perks" we like about this BDO credit card is that during SM 3-day Sale, aside from the discount + the 10% SMAC sale discount (on the first 2 hours of the first day sale) + 5% rebate for using credit card (for purchases over 5K) you can get a nice big discount. Then they also offer you an option for 3 months installement @ 0% interest.

 

Currently, for every purchases of 2.5k, you can claim freebies. lol I used mine last time & claimed 2 boxes of 4 from Brownies Unlimited.

 

HSBC also tried to send me their Platinum credit card but I never got it since their messenger kept missing us when he stops by our gate.

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Monsoon

How did the application go?  BDO said we were preapproved but I didn't really have time or feel like jumping through a bunch of hoops for something I probably wouldn't use often.

 

In the case of BDO I honestly don't remember filling out any application. I had a meeting with someone from their credit card office who handles clients from my country and she asked me how much credit limit I wanted.

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Davaoeno

In the case of BDO I honestly don't remember filling out any application. I had a meeting with someone from their credit card office who handles clients from my country and she asked me how much credit limit I wanted.

 

 

Same for me . I was talking to my manager at BDO and asked me if i wanted a credit card. I said sure and she said ok. I said dont i have to fill out an app and she said no, not if manager recommended. 

 

when my card came i saw it was for 500,000. I said wow, and she said  " if its not enuf i can raise it for you " !!!  hehehe   

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when my card came i saw it was for 500,000. I said wow, and she said  " if its not enuf i can raise it for you " !!!

 

"oh well ma'am 500,000 is barely 2 hours at a good strip club, could you make it 5 mil please"

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Monsoon

Same for me . I was talking to my manager at BDO and asked me if i wanted a credit card. I said sure and she said ok. I said dont i have to fill out an app and she said no, not if manager recommended. 

 

when my card came i saw it was for 500,000. I said wow, and she said  " if its not enuf i can raise it for you " !!!  hehehe   

 

The annoying thing about BDO card is the multi currency thing. At least mine has one. There are 2 credit lines in one. One peso and one USD. All forex transactions are billed under the USD account. One card, two bills. Slightly annoying.

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