Best Credit Cards in the Philippines: How to Apply and Get Approved
Applying for a credit card in the Philippines is not as hard as it seems. And it doesn’t matter if you are an employee, a freelancer or a professional without an ITR, as long as you can prove you have an income, you will most certainly get approved.
Who are eligible to have their own credit card in the Philippines?
As mentioned, you only need to prove you have enough income to be approved of a credit card. The best way to prove this is of course through an ITR. But what if, like us, you are a freelancer or a professional who never had the chance to file an ITR? Still possible but not by applying the conventional way.
How to Apply for a Credit Card in the Philippines without an ITR
If you don’t have an ITR, the best way to get a credit card is to show that you have enough money in your savings account. Depending on the bank you want to apply to, some will require as low as 10,000 pesos while other can go as high as 6 digits before you become eligible.
If your funds are limited, I recommend you to apply to Security Bank. According to many of their credit card holders, you just need to open an account with 20,000 pesos as an opening balance to qualify for their credit card service. For those who have a tighter budget, you can also try BPI’s prepaid cards which works like a credit card but just a little different. You have to provide a certain amount of money, I believe its 10,000 pesos, and they will put it on hold as you continue you use your card. It will serve as their guarantee should you fail to pay for your monthly swipes. If you wish for a bigger credit, you only have to add the funds on hold.
What are the Requirements to Apply for a Credit Card
BDO Credit Card:
– Must be 21 to 70 years old.
– Must be a Filipino citizen of a foreigner with 2 years of residence in the country
– Minimum gross fixed annual income of 180,000 pesos
– Self-employed or a regular employee for two years
– Office or residence is within the area of BDO branch you are applying to
– If you are employed, you are also required to submit BIR Form 2316 (signed by an authorized representative of the company), a Copy of Employment and Income and photocopy of your latest payment slip.
– For self-employed, submit your requirements with a photocopy of your Registration of Business Name, ITR for the last two years, W4 and BIR/Bank stamp, audited financial statement for the last two years, and bank statement for the last three months.
– Proof of identification.
BPI Credit Card:
– 1 Proof of identification (voter’s ID, passport, postal ID, BIR/TIN ID, SSS/GSIS ID, PRC ID, Driver’s license or company ID
– As proof of income for employed applicants, submit any one of the following:
- Certificate of Employment
- Latest two pay slips
- Latest Income Tax Return with BIR/Bank Stamp
– As proof of income for self-employed applicants, submit your latest audited financial statement with BIR/bank stamp and the ITR with BIR/bank stamp.
Security Bank Credit Card:
– Proof of identification
– Proof of income documents for employed applicants such as
- Latest payslips for the last three months with company ID
- ITR Form 2316
- Signed certificate of employment
– Proof of income documents for self employed applicants such as
- 3 years of ITR with BIR stamp
- 3 years of stamped audited financial statements
How to Apply for a Credit Card in the Philippines
The most convenient way to apply for a credit card is to do it online. Many of the banks in the Philippines today already have their own website where you can fill up the application form online and send all your requirements via email. After submission, one of their agents will contact you to send you an update regarding your application.
However, if your primary concern is getting approved as soon as possible – I recommend applying for a credit card through the agents you see at the mall or expo. Not only will they let you know what requirements you are missing or supporting document needed to get approved, but they can also refer you to other agents from other banks. In this way, you only need to fill up once and the agent will process everything for you. Just make sure you are applying to a legitimate agent which can normally be found inside the mall with a booth.
More Tips to Get an Approved Credit Card
- If this is your first time, start with a savings account that has a minimum balance of 20,000 pesos. Keep it there for 6 months before applying for a credit card.
- Try a prepaid card first and after a year of use and paying in a timely manner, apply for a credit card. It helps if you increase your limit up to 20,000.