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Philippine credit card?

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rep1

Anyone have it? Is it easy to apply without local tax record or income proof? Worthy benefits? Good customer protection or none at all?

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Lee

You have to be a resident to get one, unless someone knows otherwise a way to get one?

 

There is a globe prepaid one and a Smart Money prepaid, you can load those from your bank account anytime you want, so you do not have to leave too much in them in case someone should hack yours.

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Jawny

Not clear from your OP. Do you want to get a credit card from a Philippine source? If so, the process is probably similar to what you are familiar with. There is no credit check as in other countries, though that will change in the future with some sort of credit report system. For now, cards are typically issued by banks. The applications are available online and you can see what sort of info the card issuer wants. Being a foreigner is not a particular issue, though having employment (steady income) is.

 

I use a secured credit card which requires a bank balance to cover the credit limit. There is little information the bank asks for. Just make a deposit, card issued and you're good to go.

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Flexm

Yes BPI offered a credit card, i had not inquired but they rang me and asked that i visit a branch after holding an account with them for about a year, No tax record or proof of income, I am not a resident, but here on the balikbayan privilege. Was given a 70,000peso limit, but the catch is 3.4% per month credit charge. 1550peso/year annual fee. as for consumer protection: i dont think any comes with the card, but an insurance is offered at a fee each month to protect you if something goes wrong. All i could see as a benefit was travel insurance if the travel tickets were purchased with the credit card.

Was also offered a credit card with HSBC, same kind of deal, hold an account with them for a year, No proof of income, etc. similar finance charge 3% per month, was offered 70,000peso credit limit also. They had some points scheme, privleges, didn't look into it much. Was told that i only had to visit the branch and ask. I don't know how they came up with the 70,000peso limit as have always left my income blank or N/A on bank detail forms

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rep1

Not clear from your OP. Do you want to get a credit card from a Philippine source? If so, the process is probably similar to what you are familiar with. There is no credit check as in other countries, though that will change in the future with some sort of credit report system. For now, cards are typically issued by banks. The applications are available online and you can see what sort of info the card issuer wants. Being a foreigner is not a particular issue, though having employment (steady income) is.

 

Yes. Does foreign income count??

 

 

But what 3% per month? I never heard of that before.. will read their rules.

Edited by aqd

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Jawny

Yes. Does foreign income count??But what 3% per month? I never heard of that before.. will read their rules.

I don't know? If you have money here, I guess that counts. Try asking the banks. I never have paid any interest as I pay off the balance.

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NOSOCALPINOY
Most banks has an age restriction over 65. China Bank was the only Bank that the age limit was up to age 70, but one must have had an account with them for so many yrs to qualify for a high end credit card limit. 

I'm now 67 and finally a pemanent resident. I just opened a peso saving account of P2,000 with them last month and applied for a credit card. Up to now I haven't recieved a reply from China Bank concerning my credit card application. The fella that opened my account was still following it up, but no word yet to date.

 


 

Basic Requirements (Application form attached with a lot more questions to fill in) 


 

Two (2) 1x1 ID Pictures

Original/s and clear copy/ies of at least one (1) of the following valid IDs*:

Passport

Driver’s License

Professional Regulations Commission (PRC) ID

National Bureau of Investigation (NBI) Clearance

Police Clearance

Postal ID

Voter’s ID

Barangay Certification

Government Service and Insurance System (GSIS) e-Card

Social Security System (SSS) Card

Senior Citizen Card

Overseas Workers Welfare Administration (OWWA) ID

Overseas Filipino Worker (OFW) ID

Seaman’s Book

Government Office and GOCC ID [e.g. Armed Forces of the Philippines (AFP), Home Development Mutual Fund (HDMF) IDs]

Certification from the National Council for the Welfare of Disabled Persons (NCWDP)

Department of Social Welfare and Development (DSWD) Certification

Integrated Bar of the Philippines ID

Company IDs issued by private entities or institutions registered with or supervised or regulated either by the BSP, SEC or IC

School ID, duly signed by the principal or head of the school (for students who are beneficiaries of remittances or fund transfers who are not yet of voting age)

*Please note that China Bank may require you to present additional IDs to establish and verify your identity.

 

Additional Requirements

 

For Aliens and Non-residents to establish residency and for positive identification

Passport

Alien Certificate of Registration / Immigrant Certificate of Registration (ACR/ICR)

Contract of employment (for citizens only)

For Business Name / Sole Proprietorship Accounts

Certificate of Registration of Business Name with DTI

Application for Registration with DTI

Special Power of Authority (SPA) if the signatory is other than the owner of the business

Certificate of Tax Exemption / Preferential Tax Treatment (if exempt from withholding tax)

For Partnership Accounts

SEC Certificate of Registration

Articles of Co-Partnership

Partnership Resolution or Agreement duly notarized, designating the following:

China Bank as its depository bank

Authorized signatories

Certificate of Tax Exemption / Preferential Tax Treatment (if exempt from withholding tax)

For Domestic Corporate Accounts

SEC Certificate of Filing Articles of Incorporation

SEC Certificate of Filing Articles of By-Laws

Articles of Incorporation and By-Laws

Board Resolution duly certified by the Corporate Secretary, designating the following:

China Bank as its depository bank

Authorized signatories Certificate of Tax Exemption / Preferential Tax Treatment (if exempt from withholding tax)

For Foreign Corporate Accounts The following documents authenticated by the Philippine Consul:

Articles of Incorporation

By-Laws

Board Resolution duly certified by the Corporate Secretary, designating the following:

China Bank as its depository bank

Authorized signatories

SEC License to do business/to operate in the Philippines

Edited by NOSOCALPINOY
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Flexm

Not clear from your OP. Do you want to get a credit card from a Philippine source? If so, the process is probably similar to what you are familiar with. There is no credit check as in other countries, though that will change in the future with some sort of credit report system. For now, cards are typically issued by banks.

As for credit history report keeping agencies, they well and truely exist in the philippines, A bank manager had informed me of 3 major ones that were operating over the country and that was 10 years ago, This had come about as a result of talking about credit cards and loans that people would take out at a bank, the bank had run a credit history check before approval. I dont know the names of the agencies but any bank manager would know.

 

Yes the credit finance rate on credit cards is high in the Philippines with most in the range of 2.5-3.5% interest per month.

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Jawny

As for credit history report keeping agencies, they well and truely exist in the philippines, A bank manager had informed me of 3 major ones that were operating over the country and that was 10 years ago, This had come about as a result of talking about credit cards and loans that people would take out at a bank, the bank had run a credit history check before approval. I dont know the names of the agencies but any bank manager would know.

 

Yes the credit finance rate on credit cards is high in the Philippines with most in the range of 2.5-3.5% interest per month.

Credit checks done here are not as centralized as in other countries. Banks do get credit information, but it is through a system which is limited to specific banks. In effect, the bank can check only so far. Compare that to major credit reporting agencies in the USA where an extremely detailed credit history, including employment, loans, credit cards, etc can be obtained with a few clicks to the centralized system. Not sure what was in place ten years ago, but it has only been since 2011 that there was any effort made to centralize credit reporting. A bank manager at one bank will know of what is available to his bank. However, it is limited and may be years before a cetnreilized system is in place.

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Derick

Simply Revolutionary The new fair way to instantly send and spend

money globally.  The future is here.

 

I have started using a service called Revolut which offers a prepaid mastercard and allows you to convert money to USD/GBP at market rates with zero commission https://revolut.com/

 

Have used to purchase some stuff online in GBP and requested the physical card (to allow ATM withdrawals when outside the Eurozone) and it works very well so far.

 

As I understand it, it is free for the first 12 months and then they might charge a fee. There is a code from MoneySavingExpert "MSE" that will give you a £5 bonus if you sign up and deposit a tenner or something like that.

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Woolf

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rep1

What about fraud / consumer protection? Anyone ever had the issue in Philippines? Or maybe I should just choose American banks?

Edited by aqd

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delancey

What about fraud / consumer protection? Anyone ever had the issue in Philippines? Or maybe I should just choose American banks?

Does not exist.

 

Some politician has a proposal to create them but does not exist. One bank allows you to pay them a fee for some kind of protection but not comprehensive. I forget which one. The rest the burden is on you to show fraud. If you satisfy that burden it only means the bank may or may not refund you at their pleasure.

 

Nothing can make them, no current law.

 

People will cite many stories of banks making good but that is not because they lawfully had to.

 

Edit: Link to Bill, Which offers no protection anyway. Basically says banks should try their best to be fair if they don't mind.

 

http://newsbytes.ph/2015/02/21/bill-regulating-credit-card-industry-set-for-final-approval/

Edited by delancey

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Monsoon

Anyone have it? Is it easy to apply without local tax record or income proof? Worthy benefits? Good customer protection or none at all?

 

 

You will want a PH credit card only for the convenience of paying CC bills in pesos and the fact that many businesses shy away from 'foreign credit cards'. Not for any perks or to finance things, that's for sure. So in that case the easiest way to get one is a secured card. BPI and HSBC piece of cake. 

 

if you have a relationship with your bank you'll find it easy to get an unsecured credit card. Certain banks allow their branch managers issuing authority. Not all branches have someone at the true branch manager level  though, some managers are over several small branches in the metro area. 

 

Some banks issue dual USD/PHP currency cards. This is handy for regional travel - everything will be charged in dollars outside of the PH. In the US there are no foreign transaction fees. 

 

But overall, Philippine credit cards suck and I don't rely on them for international travel. I have had them contact me arbitrarily and tell me they need to replace my card. This happens when someplace you have used it as has reports of fraud from other cards. Despite me not having any suspicious activity and being on day one of a ten day trip they still turned it off on me. Horrible customer service in general. Most of the other cards I carry would work with me and monitor things and at least help me get through things while on the trip. I've also had them declined for no reason because their system was 'offline', call them and ask them why they declined a transaction and get, "No sir, no problem sir that should have been approved." for an answer. 

 

 

 

You have to be a resident to get one, unless someone knows otherwise a way to get one?

 

I had two CCs while on a tourist visa. One was secured and I had it for years, just never bothered to go in and cash my time deposit.  The last CC I got there, my visa status wasn't even asked about. It really is about having a banking relationship. And as they say, everything is possible in the Philippines. 

 

Although if you do have all the requirements it is pretty easy to get them as well. It is getting like the states anymore, walking through the mall or at special events HSBC has tents setup and people trying to entice you to sign up for a credit card. 

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Jawny

I have a secured credit card from my bank. In fact, the card is managed by ANZ, but issued by the bank, Metrobank. It has a limit I choose based upon a balance I maintain. Issuing the card was easy, just waiting a week or so to get the card. They have an annual fee, ₽1500.

 

Their billing system and such sucks and very little allowances for improvement. For example, I live in a rural area, so mail delivery can be problematic. They offer an online way to get statements, more about that. I tried to get the card delivered to my PO box. No deal. The bank manager let me use the bank's address for a while, but he'd extended that to others as well so the head office figured it out and that practice stopped. They claim it is for security, but in fact the security is theirs alone. Mailing to me virtually assures the statements will be "lost", unless it is to the PO box.

 

The online delivery is redundant, and is unreliable. For example, if there is a zero balance, they don't send a statement. Saving money?

 

As far as consumer protection, I don't trust the bank at all. If there is an error (whether it is caused by them or a merchant) I have a fixed number of days to correct the error. Like a basketball shot clock, if the time passes, error remains.

 

I only got the card to allow me to make online hotel reservations and rarely an online purchase, but only from reliable merchants.

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