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Philippine credit card?

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TheWhiteKnight

I rarely carry or use my Philippine ATM/Debit cards and when I do it is ONLY at ATM machines to get cash, never for purchases. The consumer protections in the Philippines are dismal, at least with a credit card I have the choice of not settling the bill while a dispute is in progress - with a debit card they already have your money so you start off the battle quite disadvantaged. I don't imagine a good fraud session with a Philippine debit card would end very well for the consumer. 

 

I just got a new BDO Savings account and was disappointed to see they gave me Master Debit Card. Now any schmuck can charge something to that and find a way to steal my money even abroad. My BPI is just a debit card only.

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Monsoon

 

 

I just got a new BDO Savings account and was disappointed to see they gave me Master Debit Card. Now any schmuck can charge something to that and find a way to steal my money even abroad. My BPI is just a debit card only.

 

I keep the majority of my peso balance in an account with no ATM/debit attached. I can login and transfer money to the account with the ATM as necessary. 

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Goetz1965

If I need a philippine credit card I would go to Citybank - they are known to give anything to anyone because they make a money with getting people into depts first and then confiscate everything left.
So if you can keep an eye on your money Citybank is the choice :-)

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az09

Why not a pre-paid visa card ? http://www.bpicards.com/Cards/PrepaidDetails/50

 

Truthfully I don't have much use for it, I used to just use it to buy cheap spotify but they take BPI direct payments now.

 

I've never really found a place that won't take an foreign card yet, some even consider it a cash payment as far as discounts are concerned (instead of installments on a pinoy card).

 

There are no protections with PH CC's, you will be held responsible for all charges until you call to have the card cancelled.

 

 

 

I'm going to check this out prior to my trip to Cambodia.

Anyone tried it?

 

KonC

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I use it for purchases in the Philippines and online. You can apply and pick it up at any of the major Ayala malls; ask the concierge desk or look for the "Amore" booth.

 

There are two benefits for me:

 

1) Control absolute max loss to possible theft. Most of the time I top the load off around P2K before I go out unless I'm going directly somewhere to make a big purchase. It's more comforting for me to know that I can lose only that small amount vs. dealing with credit card companies (or banks if a debit card was stolen!) to try to refund potentially thousands of dollars or more.

 

2) Online I can use a Philippine billing address.

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hookedtothenet

We opened a Metrobank Mastercard several years ago, they have an annual fee of around P1,800 plus P800 for additional card holder.
The catch with this is they need a security deposit(Not all banks probably request the deposit), so we put in as an example P100,000 and they give us a credit limit of P90,000.

Funny thing is the cheeky buggers are always calling up and offering to lend us Cash on our credit card at a low rate, but they would be lending us our own money and charging us for the privilege.
The passbook shows that that P100,000 is reserved for the credit card account so you can't touch it unless you give back the credit card and cancel the credit card account.

We always pay our bills on time so they have never made any interest from us, just annual fee's.

We recently opened up an  East/West bank account and was given a Visa debit card, this might be a better option for you if your the same as us and always pay your bills on time but just want to be able to book things online etc.

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Jawny

We opened a Metrobank Mastercard several years ago, they have an annual fee of around P1,800 plus P800 for additional card holder.

The catch with this is they need a security deposit(Not all banks probably request the deposit), so we put in as an example P100,000 and they give us a credit limit of P90,000.

Funny thing is the cheeky buggers are always calling up and offering to lend us Cash on our credit card at a low rate, but they would be lending us our own money and charging us for the privilege.

The passbook shows that that P100,000 is reserved for the credit card account so you can't touch it unless you give back the credit card and cancel the credit card account.

We always pay our bills on time so they have never made any interest from us, just annual fee's.

We recently opened up an  East/West bank account and was given a Visa debit card, this might be a better option for you if your the same as us and always pay your bills on time but just want to be able to book things online etc.

I have a similar credit card from Metrobank. Probably exactly the same except the balance I use. (My annual fee is ₽1500) . I chose to get this sort of credit card since their cards with no minimum balance required are really intended for locals with employment etc. I find the balance maintaining not an issue,,,,,,,,until it is.

 

My account is set up to automatically pay the amount due from the monies in the account. So, I have a ₽100,000 minimum balance, which gives me up to 90% of that for a credit limit. Seems fine. I usually keep a lot more in the account, well past the minimum. Unfortunately, I didn't check one month and the balance had dropped to something like ₽120,000. No problem,,,,,,until it was.

 

I made a trip to Cebu, used the card for the hotel which came to just over ₽20,000. I hadn't given it any thought until my bill came and I had a late penalty and was advised to make a payment asap. I did so and all was fine again.

 

The rule was simple. Keep the minimum amount ₽100,000 PLUS be sure to have enough to cover the amount of any charges.

 

I know, it is common sense. But it is just as much common sense for them to have made the automatic payment from the minimum balance and charge me a penalty etc. They could have prevented me from using the card till the balance was brought back. In effect, they could have protected themselves and helped me correct my error.

 

Not the Metrobank way! Cover their ass first.

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Lee

Do credit cards in the Philippines have any sort of protection, if charges you did not make end up on your card? I am honestly concerned to use a Philippine credit card and especially not a prepaid credit card or even an ATM card to make purchases with all the hackers out there worldwide. Has anyone had an experience where the credit card company forgave charges you did not make?

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TheWhiteKnight

Do credit cards in the Philippines have any sort of protection, if charges you did not make end up on your card? I am honestly concerned to use a Philippine credit card and especially not a prepaid credit card or even an ATM card to make purchases with all the hackers out there worldwide. Has anyone had an experience where the credit card company forgave charges you did not make?

 

Not legal protections, your bank may sympathize with you in some cases, but in general from what I've read you are responsible for every charge until the time you notified them of a lost/stolen card.

I use it for purchases in the Philippines and online. You can apply and pick it up at any of the major Ayala malls; ask the concierge desk or look for the "Amore" booth.

 

There are two benefits for me:

 

1) Control absolute max loss to possible theft. Most of the time I top the load off around P2K before I go out unless I'm going directly somewhere to make a big purchase. It's more comforting for me to know that I can lose only that small amount vs. dealing with credit card companies (or banks if a debit card was stolen!) to try to refund potentially thousands of dollars or more.

 

2) Online I can use a Philippine billing address.

 

Yeah I basically got it so I could buy Spotify at the PH price (much cheaper than the US, basically the same catalog + PH songs). I used to load the card up on the fly in the checkout line and then pay for items. I don't know, I kinda got lazy and gave up on that went back to just carrying cash. Spotify takes a payment direct from BPI now so I don't need to bother when it expires, oh yeah and I guess that unexpected BDO masterdebit card is all I need now.

Edited by TheWhiteKnight
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TheWhiteKnight

If I need a philippine credit card I would go to Citybank - they are known to give anything to anyone because they make a money with getting people into depts first and then confiscate everything left.

So if you can keep an eye on your money Citybank is the choice :-)

 

Citibank in PH has outrageous requirements and minimums more than most locals (and probably a lot of expats) could afford. Their basic checking account is P500,000 minimum just to avoid fees (10,000+ USD).

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rep1

Citibank in PH has outrageous requirements and minimums more than most locals (and probably a lot of expats) could afford. Their basic checking account is P500,000 minimum just to avoid fees (10,000+ USD).

 

same rules in Taiwan. They don't want the small accounts. Even when it's allowed the staff would come up with all sorts of reasons to block you from opening a small account (< a million peso).

 

No requirement for credit cards in Taiwan, but since in PH accounts seem also required for cards, I'm not sure. I'll know next year anyway!

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delancey

Do credit cards in the Philippines have any sort of protection, if charges you did not make end up on your card? I am honestly concerned to use a Philippine credit card and especially not a prepaid credit card or even an ATM card to make purchases with all the hackers out there worldwide. Has anyone had an experience where the credit card company forgave charges you did not make?

You can review some earlier posts. No protection. Dumb luck and the burden is on you the entire time if they choose to refund. Plus they are highly inconsistant and nobody wants to claim decision making authority. Imagine the requirements and stress to even try to get paid back.

 

Also, applications and in person bill pay paper forms are not terribly secure. They want your CC number written down on the paper banking slip to process a payment. The application before you will be on top the desk when you sit down, I bet. Not sure the reasoning to go back to 1975. Perhaps some expats have a unique niche reason.

 

U.S. CC's are a qualified 100% protection with one online click to dispute and a consumer friendly bias. (Can't imagine all developed countries are not in same class or better then U.S.)

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rep1

We opened a Metrobank Mastercard several years ago, they have an annual fee of around P1,800 plus P800 for additional card holder.

The catch with this is they need a security deposit(Not all banks probably request the deposit), so we put in as an example P100,000 and they give us a credit limit of P90,000.

Funny thing is the cheeky buggers are always calling up and offering to lend us Cash on our credit card at a low rate, but they would be lending us our own money and charging us for the privilege.

 

deposit is okay but I haven't found any good choice except Citi's PremierMiles and Prestige, for GETGO points and unlimited lounge access. HSBC, SC, AMEX, and Diners Club are already ruled out as they're worthless. Haven't researched the local banks, but I notice they seem to reveal very little information publicly, no contract or details of benefits, and the card features are more empty words (like "allows you to experience life’s wonderful surprises" WTF is that?!), feels like scam...

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SkyMan

From what I understand RP CCs have annual fees, outrageous interest, interest starts from date of purchase......well, they lost me at annual fees.

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rep1

annual fee is okay since I need airport lounge access, but why interest from the date of purchase?? shouldn't interest only occur after you fail to pay the bill in full?

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Monsoon

 

 

) Control absolute max loss to possible theft. Most of the time I top the load off around P2K before I go out unless I'm going directly somewhere to make a big purchase. It's more comforting for me to know that I can lose only that small amount vs. dealing with credit card companies (or banks if a debit card was stolen!) to try to refund potentially thousands of dollars or more.

 

I'm not sure I agree. I find that credit cards provide far more protection than debit cards. I think you will find the same if you dig into that. So how do you control absolute max loss? By keeping the balance low on your debit card? That wouldn't work too well for a frequent traveler or someone who has a lot of monthly expenses. 

 

 I prefer zero loss which is what I get with credit cards.

 

I have debit/ATM cards attached to most of my accounts but never use them for purchases and only carry one or two to access accounts at ATMs while traveling, and even then I go to the ATM as a last resort. 

 

 

 

From what I understand RP CCs have annual fees, outrageous interest, interest starts from date of purchase......well, they lost me at annual fees.

 

Not a concern if you pay your bill on time, and in full. I wouldn't carry a balance on any credit cards. Most 0% offers are for balance transfers and even they come with some fees. My sole purpose for having a PH credit card is the convenience of using it in the Philippines without having issues. Things have gotten better but there was a time when people would make that face when you hand them a foreign card, and authorizations were difficult to obtain, and often times needed a special terminal 'in the back.' 

 

Also some of the airlines had issues with foreign cards, I remember it being nearly impossible to get an approval from Cebu Pathetic's website, or having to wait days before your ticket was issued. That seems to have changed, but at the time I needed a solution. Debit cards are less desirable due to security issues. My PH cards have dual currency so local stuff appears on a statement in Peso and any foreign stuff on a statement in USD. For me that is a nice convenience. 

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