All About Credit Cards

[asset123]

Guys, need your comments here.

My uncle is soon to migrate to Australia and he intends to run away from his creditors particularly those credit card companies that charges humongous interests and VATs. Di naman kalakihan ang utang nya pero alam nyo na, ayaw lang nyang bayaran.

Is this ok? Di ba sya mate-trace dun ng mga credit card companies like Visa or Mastercard?

Thanks.

[markpaul]

DAPAT BAYARAN ANG UTANG... THERE IS A GRAVE PENALTY FOR NOT PAYING YOUR CREDIT CARD...

[asset123]

May nakulong na ba dahil di makabayad ng utang sa credit cards????:( :( :rolleyes:

[Dunedain]

Nakulong na, na-deport pa. Some Pinoy who went to Vegas and spent like $10,000. Dehins lang ako sure kung legitimate or stolen.

There's another guy who spent too much and couldn't pay (due to showing off) filed bankrupcy, and most of the stuff purchased through credit card repossessed.

[DDG]

Originally posted by Dunedain
Nakulong na, na-deport pa. Some Pinoy who went to Vegas and spent like $10,000. Dehins lang ako sure kung legitimate or stolen.

There's another guy who spent too much and couldn't pay (due to showing off) filed bankrupcy, and most of the stuff purchased through credit card repossessed.

I guess credit cards from banks in the US ginamit nila....

as far as I know, there are credit card companies (Phils) who will just keep on bugging u or the relatives for unpaid credit card debts to the point na, legal firms na ang tatawag at magpapadala ng sulat.

I guess that's the hassle. Some of them even offer a 50% slash back just to get paid....

Although, I know there are stricter laws when it comes to debts right now. I suggest, check it out first and advise your uncle accordingly. Of course, better to pay your debts right?!?

[wonderwall]

saw on t.v on ch7 i think... na di ka makukulong pag-di ka makabayad ng utang. kaya ginagawa ng mga credit card companies naghihire ng group... na aaraw-arawin kang singilin... pinupuntahan sa bahay... hinihiya sa mga kapit-bahay... ganun...

[dragueur]

dapat nga bayaran ang utang, pero kung ang interest naman e napakalaki...leche, bahala ka sa buhay mo! :D

[bjmanabat]

lahat ba ng credit cards may 10% vat na??????

[kireigonjin]

If you can't pay interest rates and VAT in the first place, then you have no business getting even just one credit card. Your uncle should be responsible and mature enough to know what he should do. U-utang-utang sya, di naman pala kayang magbayad.

True, walang nakukulong sa utang. But your credit reputation will be tainted. You will find it hard to make future loans (not even from credit card companies) because somehow may tinatawag na credit investigation. Ewan ko lang kung aabot sa abroad ang information about your credit reputation.

Baka naman pag dating sa abroad e kumuha na naman ng credit card ang uncle mo tapos mag-reklamo pagdating ng singilan. Sus, those who can't hack it shouldn't bite it!

[chebyshev]

I need your opinion guys. I'm thinking of getting a credit card and I'm choosing among BPI, Equitable and Citibank. I intend to use the card for purchasing appliances since I'm moving to a new house. A friend of mine suggested that I get a BPI card because of its Special Installment Plan for appliances. I know that Citibank has Paylite, and that Equitable also has a similar payment system. Which do you think is more convenient to use considering payment terms and interest rates?

Thanks in advance. :)

[kireigonjin]

I think BPI has the lowest interest rate. Benefits-wise, AIG is the best. SCB also has low interest rates pero ang gulo ng billing statement. Mataas ang interest rate ng Citibank. Lastly, I heard maganda rin daw ang credit card ng Union Bank.

I suggest you take brochures of each credit card company (as much as you can get, at least) and compare them yourself. It all depends on your needs. Personally, I still find AIG the best.

[Bea19]

msta naman *** Red Card ng HSBC? may nag offer sa akin na 1.9% lang ang interest e kaya i had some doubts.

[scroll]

msta naman *** Red Card ng HSBC? may nag offer sa akin na 1.9% lang ang interest e kaya i had some doubts.

huh?! 1.9%? who told you that? it's 3.25% with HSBC.. but the red card is ok talaga.. has discounts in some shops..

i just noticed-- parang no good feedbacks for hsbc so far?! hmm.. are they that bad?! :confused:

[spidervein]

yeah... any feedback on HSBC? am thinking of getting one from them or maybe from BPI.

[Fortune]

3 ways a credit card company makes money from a holder

1. membership and annual fees - look for free cards
2. commissions - everytime you use your card, the card company gets up to 5% of the amount charged. actually if you pay in cash, the 5% allotted for commission then goes to the merchant. in this case better to use credit but pay in full to prevent #3
3. if you dont pay in full, then you will be charged interest for the unpaid portion plus for all next purchases until all loan is fully paid

it is in #3 that people go into a black hole
that is when they make the credit card a revolving one

when cards say their rate is 3%
its actually 3 x 12 = 36% per annum
compare this to a housing loan rate of just 12%

kaya harang yang credit card if you dont pay in full

SO ALWAYS PAY IN FULL

now for choice of card
find the best REWARDS program
and promo program

so far my experience
bests are HSBC and CITI

CITI for REWARDS
HSBC for PROMOS
like free entree in some restos by using the card

[cybernal0929]

hi to all! san ba pede makakuha ng JCB or AIG credit card anyone? thanks!

[blablab]

i think multinational banks who issue credit cards share their database. so even if you ran away from your credit loans in the RP, that will reflect on their system in Australia. kaya ingat. you may not get jailed but you wont be able to get a loan either.

[sp!t_k!cker]

they will be blacklisted sa mga banks... banks nowadays have a central database that computes your credit rating, so if takasan nya, good luck na lang sa pag-apply ng car loan, house loan, telephone water and electricity lines nya...

the consequences of not paying is not more of the penalty but the hassle of acquiring basic needs after...

[TravelBug]

DO NOT treat credit cards as an additional source of money. You get one to enjoy the convenience of cashless payments but please bear in mind that any unsettled amount will incur interests and other charges. Use your credit card responsibly. Use it if you have the cash to back it up. Otherwise, you'll end up in debt.

Question, would you loan some money to your uncle so he can pay off his debts?

Imagine yourself as the bank who loaned the money...

[Papichulo168]

I recently got an HSBC Visa after a very, very long hiatus from credit cards. Dati kasi I was so immature in how I use credit cards. I maxed it out in less than a month for night outs, bars, dining etc. Every due date I only paid the minimum amount due. My god! After a year of paying the minimum amount due, my balance was still at least three times the actual cost of the things I used my credit card on. Fortunately I got extra money from a big deal and I decided to pay all my credit card dues. And the good thing was, the bank gave me a discount of almost 50% from the total obligation!

[f3mm3_fatal3]

always pay in full and on-time para ma-avoid ang malaking charges... :)

[cococola]

I pay in full just to avoid those charges. Anyways, I use my card wisely so i have no problems in payment or whatsoever. :)

[lilsweetcotton]

nobody gets sued on non-paying of credit cards esp if not-intentional...
Intentionals are those who activate their cards and then use it as if there's no tomorrow and after that will not pay it. Not intentional is those who use it for like 1-3 years and pay their dues on time and then after will have difficulties in paying (problems may be unemployment, illness, death)
I know some who don't pay their Cards already .. meaning tumakas na after leaving the company... naghahabol so far yung mga Credit card companies but then what can they do? wala din...but still, you signed and agreed on the terms and conditions written on your statement, so i guess it is still much better to pay for your debts, after all ginamit mo naman din cards mo... or if you cannot settle your balance coz it's too high, you can call their collection dep't and make a discount settlement agreement... majority of the credit card companies acknowledge this...

[lilsweetcotton]

most of the credit card companies i know also coz i have friends from there dont really mind their clients with debt of 20,000 below...kukulitin ka nila (through collecting agents) for awhile and then after maybe a year or so, wala din... in our ofc, most of my ofcmates have been harrassed by AIG agents, they were threatening my ofcmates to the point of even wanting to go to the ofc... our ofcmates will just tell the operator to say "resigned na"..but still they won't believe syempre...
I have a credit card with BPI before, and my balance was like 1,500... when BPI merged with Far East etc... i received a statement coming from BPI that says "0 balance"...so they wiped out my 1,500 balance and what i did was to just have it closed na lang...
I have HSBC red, Citibank Gold, HSBC Mabuhay, Unionbank, Metrobank, PSBank, Amexco,JBC, Bankard The Black Card... so far, i cannot compare all of them coz lahat maganda services sakin... AIG, i hate it.. coz i used to have one before and for a balance of only 700, na-late lang ako for payment coz i overlooked my statement, halos murahin ako sa cel...my gosh! so what i did was to pay and close my account.. no more explanations needed and then i told my ofcmates to not get AIG...
What I do to not get any finance & late charges, when you use your card, immediately, go to bancnetonline.com and pay your bills at once... I have a passbook but i maintain always an ATM account coz i use it in paying my debts online, much easier, convenient and comfy.... in that case, you will not have any interest charges and will not forget paying your bills...
Almost every month, tinataasan nila ang limit ko which i am not even requesting, so if this happens to you, it will be a disadvantage to you, this is self-explanatory...call them and have your limit revised to its original limit...