Credit cards - features and terms

[Ennui]

Do you have credit cards?
How many do you have?
Do you really need all of them?
What credit card company would you recommend?

[KuyaDanny]

Yes I have credit cards.
More than I need.

What do I recommend?

If you're starting out, a locally-issued VISA or MasterCard (preferably both), should suffice. Later on you can do all sorts of fancy tricks such as:

1) Having a separate credit card for your business expenses
2) Having a US-Dollar based credit card for online shopping
3) Having a BPI Express card for Makro and gasoline stations
4) Having other cards to add to your credit limits.

That last one is potentially risky. Prudence is much advised.

[aticus]

I've got three, but I think I need just two at most. :D

Have a Mastercard, Visa and BPI Express Credit.

I may just cancel the Express Credit. I really don't go to Makro, and I generally pay cash when I go to gas stations... so I really don't know what the BPI card does for me.

In any event, I agree with K.D., go with a Mastercard and Visa, but make sure you can make international purchases with them. :D Oh, and get a card with a known bank such as Citibank or HSBC.. it'll give you less headaches with merchants abroad... although I know Noisy Cricket had a bad experience with his Citibank card.

[Rocky Road]

A few. A Royal Bank gold Visa (used to be Bank One International), TD Bank green Visa, An Amex card, Bank of Montreal Mastercard, Canadian Tire, The Bay. Do I need all of them? No 'coz Gold Visa is sufficient enough but knowing the fact that I can access cash (A big limit) anytime makes me feel secure. Mahirap lang kase you have to have a lot of control. Pag hinde you'd end up buying things you don't really need.

[mamangbumbero]

Just one. It's not even a gold card.

I usually pay in debit card, or check since I'd rather keep a close tab at my expenses -- I usually spend whatever I can afford; tap the buffer savings account whenever it's wiser than going credit. The retirement fund, and long-time savings are slowly beefing-up, and locked, and secured.

[gets]

technically i have one - amex blue
i have the regular amex but it is just a charge card.
i've been trying to get a visa or mastercard but keep on getting denied. hehehe

a visa, a mastercard, and an amex should suffice for my needs.

[Ennui]

Thanks for the input guys. What about interest rates and credit limit? Who gives the best interest rates, and what is your credit limit if I may ask?

[kamehameha]

Do you have credit cards? How many do you have?

Yes, I have Discover, VISA, Mastercard, AMEX-Blue in addition to some store credit cards.

Do you really need all of them?
The major credit cards, yes. If one of the four is not accepted, at least one of the rest will surely be accepted.

The store credit cards (e.g. JC Penney) are usually only helpful during the first purchase when you are offered discounts. But after that, I rarely use them.

I can say that my credit cards are very useful to me. Do you know that in the US, you may pay your bills (including tax and mortgage) using your credit card? You can defer the payment at most 2 months (money can still earn interest somewhere), you save on stamps, and you can even earn mileage/cashback bonus. My husband and I pay almost everything using credit card - grocery, toll fees, gas, electric, utility, land phone, mobile phone, and long distance bills. We just retain 20-30 bucks in our pocket for emergency money.

What credit card company would you recommend?
Our favorite is Discover mainly because of the cashback bonus (even if it is just 1-2%).

One common thing about all our credit cards is they don't require any annual/monthly fees.

What about interest rates and credit limit?

About interest rates, we usually pay our monthly dues in full, so I really don't pay attention to interest rates. However, if you are pre-approved for a 0% APR even for just 6 months, that's good, because you are only required to pay the minimum payment. The money that you will use to pay the credit card bill in full can be invested somewhere for the meantime.

[KuyaDanny]

Interest rates on credit cards in the Philippines (pesos) range from 3-4% per month. I don't know where Ennui lives but if he/she needs info about US credit card interest rates, I'm sure our foreign-based buddies here can help.

[Ennui]

I'm a HE who lives in the Philippines, KuyaDanny. I have one Visa credit card that I use primarily to buy stuff online and for emergencies.

I've been thinking of getting a second credit card, only I don't know which one to get and what features should I be looking for. I started this thread in the hopes of getting ideas from you people. Your tips have been very helpful so far and I appreciate it. Keep 'em coming.

[CaRaMBa]

I have three - Diner's, VISA and Mastercard. But the Diner's card is just an extension card, and the limit is only P5,000! Ehehehehe! Anyway, for someone like me, a yuppie, I believe one is really enough. I was very happy with the VISA, but I signed up for the Mastercard (it's prepaid anyway) 'cause the limit is much higher. Wrong move, haha. :)

Guys, what's better? VISA or Mastercard?

[Ænema]

IMO, Visa is better than Mastercard. More establishments accept Visa than Mastercard.

[SkyeMaxx]

I provide credit cards. It seems to be he BEST job in the world. Providing high-dollar major credit cards ... and getting paid a tremendous commission to give them away. Absolutely no fees. No cost. Ever. I need agents in the Pacific. Absolutely no investment. Work from computer at home. All commissions paid directly to you. Finally, a job that's enjoyable to work.

Got great information. No waiting. There is NEVER a charge.

To get started immediately, Logon to:
http://www.skyemaxx.com

Skye

[KuyaDanny]

SkyeMaxx, your post here has turned out to be an ad. I'm tolerating it this time, but future posts of similar nature should be placed in Classifieds.

[CaRaMBa]

So, KDanny, which is better? :)

[aticus]

Actually, my experience here in the Philippines over the last few years is Mastercard is, strangely, better. I think Mastercard was ahead of the game here in this country, so Visa is taking a little longer to get as accepted... Some small establishments I know actually refused my Visa and preferred my Mastercard. Wow. :) Plus more ATMs accept Mastercard than Visa. This is slowly changing, though.

But internationally, there's no contest. :D Visa it is. Trust me.

[KuyaDanny]

I would say:

- if you are like Ennui who has a Visa and is looking to get a second one, the obvious choice is MasterCard.

- if you are like CaRaMBa who has both, but wants to dump one, then it depends. If you will only shop here, keep the MasterCard. If you will sometimes go abroad or shop online, keep the Visa.

I'm quite partial to my Assumption Alumnae VISA (issued by Unionbank). It's the only PINK credit card I have seen in my life. :lol:

[Ennui]

Oooh! Ooooh! I want a PINK card too!

:D

[KuyaDanny]

My kind of guy. :)

Good luck to you. I had to go through hoops to get mine. :silly:

[Calypso]

Originally posted by aticus
:) Plus more ATMs accept Mastercard than Visa...
But internationally, there's no contest. :D Visa it is. Trust me.

Hey aticus! Two questions...

1. How do you use your Mastercard through an ATM? I own a Mastercard, but I've never had any Mastercard transactions over the ATM. How does it work anyways?
2. Are you serious about VISA being better-known internationally? I've been told VISA for the States, MASTERCARD for Europe. Is there truth in this?

Danke!

[pobre]

Originally posted by kamehameha
Do you have credit cards? How many do you have?

Yes, I have Discover, VISA, Mastercard, AMEX-Blue in addition to some store credit cards.

Do you really need all of them?
The major credit cards, yes. If one of the four is not accepted, at least one of the rest will surely be accepted.

The store credit cards (e.g. JC Penney) are usually only helpful during the first purchase when you are offered discounts. But after that, I rarely use them.

I can say that my credit cards are very useful to me. Do you know that in the US, you may pay your bills (including tax and mortgage) using your credit card? You can defer the payment at most 2 months (money can still earn interest somewhere), you save on stamps, and you can even earn mileage/cashback bonus. My husband and I pay almost everything using credit card - grocery, toll fees, gas, electric, utility, land phone, mobile phone, and long distance bills. We just retain 20-30 bucks in our pocket for emergency money.

What credit card company would you recommend?
Our favorite is Discover mainly because of the cashback bonus (even if it is just 1-2%).

One common thing about all our credit cards is they don't require any annual/monthly fees.

What about interest rates and credit limit?

About interest rates, we usually pay our monthly dues in full, so I really don't pay attention to interest rates. However, if you are pre-approved for a 0% APR even for just 6 months, that's good, because you are only required to pay the minimum payment. The money that you will use to pay the credit card bill in full can be invested somewhere for the meantime.


You are not my wife, are you???? If not, it's exactly a carbon copy of ours... from the type credit cards, the manners of payment and Discover as the favorite card. We also pay no attention to interest rate as we pay our dues in full.

[kamehameha]

Hi pobre! Mukhang sa lahat ng pobre eh ikaw ang pinakamayaman... :)

Actually, recently lang namin na-realize ng husband ko yung gumamit ng credit cards to pay our bills. Kainis nga eh sana dati pa.

Hey, may alam ka bang credit card na puwede kang mag-earn ng sky miles for zero or minimal fee?

[KuyaDanny]

Originally posted by Calypso
2. Are you serious about VISA being better-known internationally? I've been told VISA for the States, MASTERCARD for Europe. Is there truth in this?



Here are comparative data about VISA and Mastercard taken from their respective websites:

Accepting Merchants/Establishments:
VISA data as of 12/31/99
Mastercard data as of 09/30/99

Worldwide
VISA 19.0 million
MC 16.7 Million

United States
VISA 4.04 million
MC 3.6 million

Europe
VISA 3.98 million
MC 4.4 million

To answer your question, VISA is accepted at more locations worldwide and the United States, but MC is accepted at more locations in Europe.

The situation may have changed now, but VISA hasn't updated its data yet, so we can't tell.

[aticus]

Yup. :) KuyaDanny's figures are pretty much indicative of the actual situation.

However, my father, who is in the banking business, recommends Visa internationally because it is slightly more prestigious as a card. He told me that Mastercard pads its total establishments by actively seeking smaller establishments like gas stations... That's his opinion, of course, so I'm not sure you may want to take it. :)

My personal experience is that, internationally, there really isn't that much difference in terms of acceptability. However, I do feel that Visa's support system is much better and more professional. Not quite AMEX, but good enough. :D

As for using your Mastercard at an ATM, it's really like an ATM card. You put it in, then key in your PIN. (You get this from your issuing bank). You may then withdraw a set percentage of your Mastercard's credit limit. (Usually about 30% of your limit for Classic cardholders... 100% for Gold). Whatever you withdraw is charged against your limit, so if you're maxed out, for instance, you can't withdraw anything. Beware, though. You will be charged a straight-up fee (usually 6% for RP cards) of the total amount you withdrew, plus you pay interest starting from the day of withdrawal at around 36% per annum. That's steep. Only use this for emergencies.

[Karasu]

I have a question.
I'm planning to get a credit card- its main use is for ordering stuff from online companies like Amazon, etc.
What should I get?
Is getting one kind of difficult considering I'm still 18?

[aticus]

Originally posted by Karasu
I have a question.
I'm planning to get a credit card- its main use is for ordering stuff from online companies like Amazon, etc.
What should I get?
Is getting one kind of difficult considering I'm still 18?

I'd suggest a Visa. It's just a bit better than Mastercard for Online purchases.

However, I'm not sure you can get a credit card, unless it's a supplementary card from your parents or you're a millionaire in your own right. :) Banks are notoriously skeptical of very young applicants. If you're still studying, and are like the rest of us Filipinos (non-millionaires, I mean... :D ) the only chance you have to get a credit card is if a bank goes to your school and offers it as a special promo. (Ex. Some banks regularly go to Ateneo and offer Ateneans a guaranteed credit card.)

Unfortunately, these kinds of cards usually have a very low credit limit.

Good luck!

[batang uliran]

I have three - Amex, VISA and Mastercard. I used to have a second VISA but cancelled it. For my purposes, these three are more than enough. I could probably subsist on just a VISA and Amex though I am partial to Amex since they were the first company to give me a credit card - back in 93 when the others rejected me since I had no previous record and had just come to the US to start my training.

[KuyaDanny]

Originally posted by Karasu
Is getting one kind of difficult considering I'm still 18?

As aticus said, getting a credit card at your age is quite difficult. Aside from getting an extension card or one guaranteed by your parents, you could talk to Union Bank and get what they call a "secured" credit card. You deposit money with them (equal to your credit limit) and you can't touch the money, except for the interest. In case you don't pay your credit card bill, they'll use your deposit to offset what you owe.

In due time (a few years maybe), you should be able to develop a good paying record and be able to convice the bank to convert your secure card into a regular credit card.

[Karasu]

Arghhh!!! Crap.
Ok. I'll just force my mom to get one and "borrow" it when I buy a book from Amazon.....
(Karasu fumes at a corner...)
HEY...I'm gonna pay her.
Oh well...

[zimdude]

My friend is in the Marketing group of a multinational issuer. She was picking my brains on how to hold some kind of event which "cardable" would want to go to. The event would be free admission, but you need to sign up for the card.

Aside from the event, it could be some sort of "exclusive club."

What would be appealing to you?

[aticus]

Originally posted by zimdude
My friend is in the Marketing group of a multinational issuer. She was picking my brains on how to hold some kind of event which "cardable" would want to go to. The event would be free admission, but you need to sign up for the card.

Aside from the event, it could be some sort of "exclusive club."

What would be appealing to you?

I'll try to think up of some and e-mail you directly, zim.

[zimdude]

Looks like specialty cards are coming out, like HSBC "Red" for women, and Citibank Platinum for high earners, it seems.

[travis_mc_gee]

Karasu: By your age I'm guessing you're in college already. You might wanna check out HSBC's College Card. As the name implies, it's meant for college kids. The credit limit's low though. Two years ago it was I think at P5K? Not sure. Check it out.

Zimdude: Yes, more and more credit card issuers are coming up with niche-oriented cards these days. Quality over quantity. Diners Club recently came up with the Premiere Card. They're targetting as cardholders I think as little as .1% of the total population -- it's that exclusive. The really, really big spenders -- there may be so few of them, but the amount they charge in a month is unbelievable naman. I've read that the perks and benefits of this card are way beyond exciting. Sobrang ok daw. But of course if you're paying an annual fee that big and charging all that amount you'd expect to be appreciated talaga by your credit card company, diba?

After Diners came out with Premiere, Citi came up with something of the same nature, 'yun ngang Platinum Visa. Naku, cutthroat competition talaga. Expect Citi to come up with something to challenge HSBC's Red card.

Yun lang po, thanks.

[zimdude]

Any idea how much the income requirements and credit limit are?
So I have something to aspire for... :glee:

Let me guess... is P4 Million a year of income enough? 10 Million?

And the limit... P1 Million?

[neilq]

Originally posted by zimdude
Any idea how much the income requirements and credit limit are?
So I have something to aspire for... :glee:

Let me guess... is P4 Million a year of income enough? 10 Million?

And the limit... P1 Million?

depending on the country, 3 million might be enough. the platinum used to be on an invitation only basis but you could actually incquire about it and if you're their right kind of 'rich' person then the invitation would come.

and of course there's the black centaurion which is really on an invite only.

as to the limit? it's a multipler with your monthly income. so the thought is scary. :)

oh i only have two - a credit card and a charge card. guess the color? :)

[travis_mc_gee]

Originally posted by zimdude
Any idea how much the income requirements and credit limit are?
So I have something to aspire for... :glee:

Let me guess... is P4 Million a year of income enough? 10 Million?

And the limit... P1 Million?

For the Diners Premiere, the credit limit is as big as 5M yata... (they actually let you buy two Ford Expeditions with your credit card...) and the income requirement is I think 1M/year lang. I have no idea about Citi's Platinum, haven't been reading about them in the papers.

The black centurion isn't offered here in the Philippines, so I wouldn't know. It's only Diners Premiere and Citi Platinum that are competing for the hearts of the ultra-rich.

Goodluck, may you soon get your niche-oriented card, Zimdude

[kat]

Mine's Visa.....
and I'm a Macy's credit card holder :D

[zimdude]

neilq: oo na, mayaman ka na!! :glee:

travis_mc_gee: 5M limit on just 1M/year?? I think they want to extract mucho interest from gullible yuppies. Nah, I don't want to get that card, it's too easy to spend beyond your means.

[Ennui]

Anybody care to post their actual credit limit? And how you were able to get that limit?

I have a friend who's in dire need of a 50K and above credit limit, but the banks she tried applying to were only willing to give her a 25K credit limit. Which is unfair, because I got a 60K credit limit, and she makes more than I do.

[Ennui]

Originally posted by KuyaDanny

If you're starting out, a locally-issued VISA or MasterCard (preferably both), should suffice. Later on you can do all sorts of fancy tricks such as:


4) Having other cards to add to your credit limits.

That last one is potentially risky. Prudence is much advised.

Ngayon ko lang napansin ito. KuyaDanny can you please explain how this works?

[GaYaLiGs]

I've also got a friend in the same situation as Ennui's friend.
(Maybe we're talking of the same friend Ennui. hehe)

Can somebody enlighten us with the credit card companies' basis for the credit limits? I'm confused on how they go about giving higher credit limits to "lower incomed" compare to those people with higher incomes.

Also, what credit cards do you recommend our friends to apply to so that they can get a high credit limit?

Thanks po.

[neilq]

Originally posted by zimdude
neilq: oo na, mayaman ka na!! :glee:


ngek. hindi 'no. kaya nga may credit card e. hahahaha. (i.e., spending beyond your means). :)

[candyrain]

Originally posted by kamehameha
Hi pobre! Mukhang sa lahat ng pobre eh ikaw ang pinakamayaman... :)

Actually, recently lang namin na-realize ng husband ko yung gumamit ng credit cards to pay our bills. Kainis nga eh sana dati pa.

Hey, may alam ka bang credit card na puwede kang mag-earn ng sky miles for zero or minimal fee?

You can try Cathay-Citibank Visa (or something like that). They have a sky miles program... I think. Check out www.citibank.com.ph for more (and more credible) information. :)

[lupuS]

Fool's gold (http://cbs.marketwatch.com/news/story.asp?guid=%7B468B4199%2D598D%2D4B2D%2D8138%2D9A8E91B7459E%7D&siteid=mktw)
Brighter colored credit cards often tarnished
By Lucy Lazarony, Bankrate.com
Last Update: 7:21 AM ET Sept. 25, 2001

NORTH PALM BEACH, Fla. (Bankrate.com) -- Don't let the color of a credit card fool you. There is certainly nothing golden about some of the gold card deals floating around today.

More and more glitzy gold card offers come with high fees and high interest rates. In fact, the rates and fees on many gold cards are higher than the ones you'd find on standard cards.

Interest rates on variable-rate standard credit cards have been declining steadily this year, thanks to rate cuts by the Federal Reserve Board.

The average rate for variable-rate standard cards is 14.26 percent, down from 17.29 percent in March, according to Bankrate.com. The average rate on fixed-rate standard cards is 14.39 percent.

Sky-high rates

On the other hand, the average rate on fixed-rate gold cards is a whopping 17.42 percent, more than 3 percentage points higher than the average rate on fixed-rate standard cards, according to Bankrate.com.

And variable-rate gold card offers are no better. The only thing remotely golden about the Get Smart Visa Gold Preferred card from Providian is its zero-percent, two-month introductory rate. Once your two months are up, the variable APR jumps to 16.99 percent.

[zimdude]

What is APR? This term comes up in ads for US credit cards, but I don't think the term is used here in the Philippines.

[neilq]

Originally posted by zimdude
What is APR? This term comes up in ads for US credit cards, but I don't think the term is used here in the Philippines.

you must mean the annual percentage rate. it's confusing... but here's a definition:

The interest rate reflecting the total yearly cost of the interest on a loan, expressed as a percentage rate.

i'm not sure about the philippines but it was introduced in the consumer act of 1974 in the states. and it's usually used to compare lending rates (including credit cards).

[nance]

Like neilq said, the interest rates of credit cards in the U.S. must be expressed as annual percentage rates. Their "Truth in Lending" Act requires this so that consumers will be able to make an "apples to apples" comparison of rates when shopping for a credit card or bank loan.

Here in the Philippines, we also have a "Truth in Lending" Act but it only applies to bank loans, I think. Interest rates for local credit cards are expressed as monthly percentage rates, usually 3.25%.

So when you think about it, what's the usual interest rate for local credit cards if it's expressed as an APR? Simplistic computation: 3.25% per month x 12 = 39% per year. 39%!!! That's more than twice the highest APR in the article posted by lupuS above. And that's just for standard cards!

You don't want to pay 39% per year, not even 3.25% per month, as interest for your purchases, right? So pay your credit card bills in full every month.

[chria07caloy]

ya! i have...one of VISA CARD...and the other one MASTER CARD...
but, my officemates convince/offer me another one which is CASH LOAN (not a card)..a minimum of 30k up to 1M.it is payable on post dated check basis...payable within..it depends...it can be 12 months, 2 yrs, or 3 yrs to pay....the only requirements is ITR, company ID (if youre working), sometimes Employment Certificate..etc..

[eponine07]

i have a citibank visa and a bpi mastercard, both extensions of my dad's card, since he's the only one earning income in the family. :D but i do have a card of my own, a bpi express cash card. but it's not a credit card, right?




:blossom:

[ü fLiK ü]

i have.
(supplement of my mom) :laugh:

[CHiNaEyEz]

To all those who are keeping their nose above the water and barely pay the minimum amount due of their credit cards, there got to be an END to this!!! It seems to be forever paying these credits and worse nothing is left for our savings. How do we solve this dilemma?? Should we pay our whole 13th month salary or maybe loan for these credits??

[Clover_Gurrll]

No. Cut the cards and pay more than the minimum payment (ex. if the minimum payment is 20.00 then pay 40.00).

Getting a loan to pay for another is like making the same mistake twice.

[hat_tr1ck]

I agree with what Clover_Gurrll says, pay more than the minimum every month and you're on your way to completely paying your bills.

Technically, when you only pay the minimum amount asked for by the company, you're only paying for the interest, not the actual balance that you owe them. That's why you think you're paying off your bills forever because honestly, you are, unless you pay over the minimum amount required.

[Ice Burn]

1.) Don't pay the minimum amount. Pay more than the minimum and if possible, pay the full amount. The bank makes money as a form of interest you know. So if you think you're paying off your debt, don't forget the interest incurred.

2.) Don't spend more than you can earn or pay. Some people think that a credit card is instant money. Don't forget that it is still a loan you owe no matter what.

3.) Open an account where in your balance is your credit limit. For instance, you opened a minimum of P25T. This money will be your credit limit and in the event that you can't pay your bill, the bank will use that money to settle your bill. The catch is is that you cannot touch the money you pledged as credit limit unless you inform the bank that you want to withdraw the money and then they will cut off your credit card. I guess this is better than being reported as bad credit and being chased after the bank.

4.) Stop using your credit card and start paying in cash.

[KuyaDanny]

Originally posted by CHiNaEyEz
Should we pay our whole 13th month salary or maybe loan for these credits??

My first option would be to bite the bullet and pay down the debt with all the cash available. In your case, that would be your 13th month pay. Rid yourself of the bondage.

If that's not enough, borrowing money to pay off your debt might make sense, but if and only if the interest rate on your new debt is lower that the interest on your credit card.

[bunny]

Hi! I just want to know...whats a good credit card company? I want to apply for my own card and get rid of my mom's supplementary card :D

[zimdude]

bunny:

How about KuyaDanny's pink card? Elite!! :D

Hmm looks like the card companies are stepping up on their marketing. Is that because they know people will only pay the minimum and they'll earn from interest? ... :|

I saw an ad of Citibank promoting the "Clear" card which will give you one size up on Starbucks orders (That's around P10 savings per order) and only P90/month membership. Is that a tactic to get more "yuppies" into credit cards?

[roxyd3428]

zim, (and naybody)
hi there...following up your citibank clear post..

how does the clear citibank card work? i know its targeted at teens ? how young do you need to be for that card?
mukhang ok kaysa sa citibank gold because their partner establishments are the ones that are more affordable?

[zimdude]

roxyd3428:
I'm not in the card industry so I really don't know.
However, I am pretty sure that you need to have your own income to have your own non-extension card.
Thus, Citibank Clear Mastercard is probably targeted towards those who just started working.

I wonder who here has one... :|

[KuyaDanny]

Originally posted by zimdude
How about KuyaDanny's pink card? Elite!! :D


:lol: We should really get Bostsip to get a pink card. After all, she's the one with ties to Assumption. I'm just an Assumptionista wannabe.

I'll ask about the clear card one of these days. I bet that'll look good in my wallet alongside the pink. :lol:

[zimdude]

So did anyone get the Clear Mastercard?

You can count on the credit card companies to look for more people to milk from, umm rather, recruit. Yesterday I got an AIG Mastercard - just the plastic, not yet activated - and the form. I've never used Mastercard so I don't know how it's different from Visa.

They also want to float your money too, with the offer to pay off your outstanding balance with their competitors, at 1.6% monthly.

The question for the finance professionals is, how do they know know what credit limit to give? :confused: This card, and my second card, gave me the same limit as my first card. Do they share the info?

[DivineFist]

Citibank offered me the Clear Mastercard not once, not twice but thrice in a span of two weeks this February. Almost got tempted with the Starbucks offer, I tell you :glee:, with Starbucks all around the Ayala Ave. area hehehehe.


Here's a summary of how the conversation went......

Citibank (CB): Good AM/PM, Mr. DivineFist. Citibank is pleased to offer you the Clear Mastercard. The benefits of getting such a card are ...........

Me: I already have two cards, both of them Citibank.......


CB: Then get another one sir, para tatlo na (I assume she's not getting the hint). We are offering you this card, since you have been a loyal Citibank customer...........

Me: Hmmmmm, could I just cancel my previous Mastercard and get the Clear One, so I could avail of the offers???????

CB: (silence for a moment). Why not get the third card sir? You will only need to pay 90 pesos a month for you annual fee and you will get a lot of privileges.....


And I was hoping I could consolidate my two Citibank cards into one, and just pay one annual fee. I guess they are not keen to that idea with how our conversation went........


Bye bye Starbucks biggie.........


:glee: :glee: :glee:

[Triglyceride]

haaayy!!! :(

I've created my own credit mess and I heard that it takes up to 10 years for Experian, Equifax and Trans Union to take those negative reports off my credit report ....nakakainis!!!

I think credit care should be taught in schools....I'm currently rebuilding my credit...my heart always sinks everytime I think about the fact that I'm unable to get a house until...10 years from now ..or the fact that I will be denied a loan or worse not be accepted in a job because of my past credit history .... it sucks!!!! Or even if I get approved now, I'll be high-risk and therefore I'll have higher interest rates. I've seen APRs as low as 6% and APRs as high as a whopping 30% :eek: - I never thought that was legal!!!!


I had 3 credit cards... and they were all visas...now I only have 1 and I only use it for gas money and make sure I pay in time and pay more than the minimum payment for principal reduction.

I'm never getting a credit card that has an annual fee...and even when I become rich someday, I'm not going to mess with platinum credit cards with up to a $100,000 credit limit. I've heard of credit cards with a $20,000 credit limit and their minimum payments were up to $800!! No way!! That's the freaking rent right there!!!

sh*t right now I'll be lucky enough to get a student credit card....


:hopeless:

[KuyaDanny]

Originally posted by DivineFist
CB: (silence for a moment). Why not get the third card sir? You will only need to pay 90 pesos a month for you annual fee and you will get a lot of privileges.....


This fee is quite reasonable. No, let me correct that. This fee is CHEAP. I don't think you should expect them to encourage you to discontinue your other Citibank cards because their job is to sell, and maybe the phone conversation was being taped.

That doesn't mean you can't do it, though. What I would do in your situation is to apply for the clear card, and when you're approved, dump your other Citibank cards, thereby saving money in the process.

[Ice Burn]

I have a Citibank MasterCard and an upcoming Union Bank Ateneo Visa.

I didn't want that Union Bank Card though. Sabi ng friend ko sobrang bulok daw kasi whenever she used it, the establishment had to call Union Bank pa daw kahit maganda naman ang credit rating niya.

I already tried discouraging them saying that I already have a Citibank Mastercard, don't need it, I don't have a job right now, etc., etc.. But damn, I really shouldn't converse with people in the morning. I can't think straight. Anyway, they told me that I'd be helping build the Church of the Gesu, get a big discount in the Moro Lorenzo Gym so being a sucker, I bit hook line and sinker. It sucks that the stupid card has a P1500 annual fee. I got the Citibank Mastercard without any annual fee!

Anyway, they tried delivering the card last Monday, I was out and they said they'd come back Tuesday morning. I waited the whole morning for the damn card. After lunch I left do buy something in the store when the Union Bank card arrived. I told the maid that if the card arrives, I 'll be be back cause I went to buy something. Aba, the stupid guy told our maid that "Bahala daw ako sa buhay ko! Next week na ulit!!!"

I cannot stand that sort of behavior. I was assured that it would arrive Tuesday morning and then late na sila dumating at sila pa galit. So I called Union Bank and reported this incident. I told them I don't even want the card tapos the members of my household are going to get this sort of treatment. I threatened to have the card cancelled even before they delivered it to me. Of course, Union Bank told me that they will have it redelivered immediately and told me that a different courier will deliver it. So far, no card yet.

I really should have said no. Damn, now I have to maintain 2 credit cards.

[zimdude]

Originally posted by Ice Burn
Sabi ng friend ko sobrang bulok daw kasi whenever she used it, the establishment had to call Union Bank pa daw kahit maganda naman ang credit rating niya.


I don't have this experience.


I got the Citibank Mastercard without any annual fee!



Well, not everyone else can do that. ;)

I was given an AIG plastic that is unactivated. Was that because I joined their focus group... anyway I did not activate it because I have no income now! :laugh:

[sixflat]

Good to have credit cards, to have MC, VISA and BPI EC so one wont have to carry arround huge cash. I dont spend extra for my credit cards and have been maintaining them without paying annual memebership charges (You see, one could ask the CC provider to waive these charges at expiration, and perhaps depending on your usage, the provider usually grant it.) It is good discipline to always pay the total due on time, so you dont pay unnecessary charges, such as interests and late charges. I have the MC and VISA, which have different cut-off dates, to more conveniently schedule payments. I always consider the cut-off (the statement date) and see to it that I enjoy payment term of as much as 45 days. AIG is good for its Members-Only sale, Standard Chartered Visa is good for the bank's polite, considerate and professional staff (and the photo-of-your-choice on the card), BPI EC is good for its interest free deferred-payment and low-interest purchases.

[mccoy26]

I applied for a UnionBank Visa card and all I can say so far is their customer service sucks nobody answers the phone and I only got to talk to a rep when I called 6:30am.

Btw I was going to inquire about the status of my application...Goodnews:approved! REallly Badnews:Credit limit 10k!!!Whats this? I own 2 cards(Citibank and Standard) w/ limits much higher and I pay my bills religiously.Ganito ba talaga Union bank?I was expecting at least a 35-45k limit :(

[KuyaDanny]

With all due respect, mccoy26, do you find the UnionBank limit inadequate when added to your limits from the other cards?

Some banks work on the basis of total credit limits, meaning they add up all the limits from your other cards and determine how much more they are willing to let you handle. That could explain why you were given "only" P10,000.

I have found that if I keep my account current, banks increase my limits periodically without my even asking. So I would suggest you first settle for what Union has given you and demonstrate a good payment history. The limits will grow eventually.

[Bea19]

Ako nga naloko sa offer ng Citibank na may free fone. Sana sinabi nila na you have to subscribe for a year. CLear card nakuha namin ng Dad ko. Dapat yung may picture e sabi nya para naman daw unique. As of now di ko pa nagagamit yung discounts sa clear card. Kahit yung sa starbucks medyo nanghihinayang ako. Ang swerte lang is pag gnamit mo sa SM 3x yung makukuha mong raffle. I love my card kaya lang umiinit ulo ng Dad ko pag nakikita yung bill kse ako lang naman gumagamit!hehheheh

[zimdude]

Originally posted by mccoy26
I applied for a UnionBank Visa card and all I can say so far is their customer service sucks nobody answers the phone and I only got to talk to a rep when I called 6:30am.



I disagree, they have been good in the few times I've called them.

[floreno]

Originally posted by chria07caloy
ya! i have...one of VISA CARD...and the other one MASTER CARD...
but, my officemates convince/offer me another one which is CASH LOAN (not a card)..a minimum of 30k up to 1M.it is payable on post dated check basis...payable within..it depends...it can be 12 months, 2 yrs, or 3 yrs to pay....the only requirements is ITR, company ID (if youre working), sometimes Employment Certificate..etc..

Ang hirap sa ganitong scheme is that kapag di ka nakabayad sa mga inisue mong cheke...liable ka sa isang civil case of bouncing checks.

As for credit cards, maraming nagsasabi na WALANG NAKUKULONG SA CREDIT CARD

[ricky_alfonso]

Guys, I really need some serious advice. I do not have the courage to tell any of my friends about this problem yet.

Is it possible for me to apply for personal bancruptcy to guard myself from the credit card companies? Is there such a thing here in the Philippines?

I would really apprecate it guys if you can give me some piece of advice here.:(

[jtan]

never heard of such thing. only applicable to corporate entities.

companies who declared bankruptcy considered dead company, thus no longer liable to their financial obligation. however, there are cases when the people behind the company is considered liable.

in your case, i don't think it's possible for you to do that. unless of course you died, your family won't be liable to your financial obligations.

[KuyaDanny]

Click this link (http://www.pinoyexchange.com/forums/showthread.php?s=&threadid=70479&pagenumber=10) to read a reply to your questions from one of our law practitioners.

[KuyaDanny]

Correction:

The reply mentioned above was not written by a law practitioner, but by a student who will soon be one. ;) However, a member of the bar has gone over the answer and seems to find nothing wrong with it.

[ricky_alfonso]

thanks KuyaDanny

I got the answer to my querry.:)

[KuyaDanny]

Good. *okay*

Later today I shall merge this thread with one of the older ones dealing with related topics.

[roxyd3428]

these posts have been very helpful

because of them i decided to maintain
one and only one credit card

pero prang na-attract ako sa lumina visa ng uniobank
because of the utility bills comeon plus MERALCO insurance..

anybody here explain this? i dont really want to talk to their mall reps (who are so pushy though i cnt blame them) nor trust reading brochures. usually , they dont spell out the fine print..

[KuyaDanny]

I am made to understand by a UnionBank officer that the Lumina card is merely a regular credit card. You may arrange to have your Meralco bill settled by an automatic charge to your VISA account. That way, it will not matter if your electric bill is late or doesn't arrive. Your Meralco account will always be updated and your electricity will not be disconnected for non-payment.

Obviously, if you do not pay your credit card bill, one day UnionBank will kill this arrangement and you will lose all the benefits.

[roxyd3428]

thanks for the info kd...
so this means that i will have to talk to all the utility companies
to have the accounts enrolled in the luimna accout?

shouldn't they do that for those enrolling?

[KuyaDanny]

No, you do not need to talk to all the utility companies.

Union Bank will do the talking for you. All you have to know are your account numbers with the utility companies.

I forgot to mention that you will get a 1% rebate on your Meralco bills charged to the credit card account, and similar rebates (I don't know the percentage) on other utility bills.

[contactagent]

Apply for Standard Chartered Bank Visa now and get a free Nokia 3315 cellfone from Smart for Gold Standard Plan 600 with 85 mins of free airtime and 225 free txt messages. Call 8322607 or email CutieContactAgentPeps@yahoo.com to apply-on-email now!!!

[angst]

Originally posted by contactagent
Apply for Standard Chartered Bank Visa now and get a free Nokia 3315 cellfone from Smart for Gold Standard Plan 600 with 85 mins of free airtime and 225 free txt messages. Call 8322607 or email CutieContactAgentPeps@yahoo.com to apply-on-email now!!!

I've noticed that Standard Chartered is stepping up their marketing efforts. Two agents called me yesterday offering "pre-approved" credit cards. It may seem attractive but then again, I applied to this bank a few years ago and they turned me down. So, na-trauma na ako.

[ramshock]

hey guys i work for a newly inagurated agencyr issuing standard chartered credit cards as a unit manager. I used to work for citibank as a tsr(telemarketing sales rep) and i could safely say that standard chartered bank credit cards are competitive in terms of interest rates and product features with other cards in the industry. And if you belong to the top 10,000 corporations in the philippines you have a bigger chance of being issued a SCB card.

[kireigonjin]

I have AIG Visa, Standard Chartered Mastercard, Citibank Clear, and BPI Express Credit.

Out of all four, I am most satisfied with my AIG Visa. It has the most comprehensive billing statement (unlike SCB), the most add-on benefits, the most flexible payment options, the friendliest customer service reps, fastest service, most widely accepted. Plus the fact that I have the most points accumulated because it's my first credit card :D Kaya lang twice pa lang nila ini-increase credit limit ko (I think mga five years na ako AIG cardholder). Pero okay lang.

My Standard Chartered has the lowest interest rate and the highest credit limit. Pero nakakahilo talaga billing statement nila, e. Marami ring member establishments that give discount, but I have never used this privilege yet.

Yung Citibank Clear, cute kasi. Plus, I use it mostly in Bayo where I get 15% discount most of the time. It offers discounts in other establishments, but I avail of this privilege mostly at Bayo.

Yung BPI Express Credit ko, pinapagamit ko lang sa bestfriend ko kasi wala nang tumatanggap sa kanya because of bad credit history :(

Why do I have four? Kasi I got my AIG when I was still a young, wreckless yuppie. My credits increased up to the point that I didn't think I would be able stop paying it. So I transferrred my balance to Standard Chartered. Hindi kami nagkaintindihan ng magaling na sales person ng SC, ayun, half lang ng total balance ko sa AIG ang in-apply na. So I applied in Citibank for a balance transfer for the rest of my AIG credit. Yung BPI, in-offer sa akin mismo ng BPI.

Today, I enjoy having all these cards. The key is to know when you REALLY NEED to use a card. And when you do, make sure you pay the entire amount due come billing time so it won't accumulate interest. If you can't pay the entire thing, apply for a deferred payment/flexi-payment scheme, if the card company has any. Lahat naman yata meron (at least all my four cards have).

[kykcz]

ei guyz!!! what credit card company offer low interests?? any suggestions kung anong magandang credit card ang pwede ?? thanks

[fatbig]

anyone here who has had a bad experience when it comes to redemption of items in connection with the rewards promotions of credit card companies?

with Citibank, I made a redemption last June 11 and they said that the item (a restaurant gift certificate) will be delivered in 2-4 weeks. so far it's been two months and no gift certificate yet! whenever i call customer service, they always say they'll follow it up and nothing happens. parang nakakaloko! :mad:

[phalluscolossus]

If you have an enemy, have him/her apply and get a credit card....

Para sumakit ang ulo at mamroblema sa pagbabayad ng utang at interest.

[phalluscolossus]

Kapag ang isang creditcard holder na may unpaid creditcard bills na higit sa P10,000.00 at siya ay lumipat mula sa tirahan/billing address na kanyang inindicate sa application form para ma-approve ang kanyang credit card application, at ang nasabing paglilipat ng tirahan ay hindi ipinag-bigay kaalaman sa creditcard company ang bagong tirahan/billing address, dalawang kaso ang pwedeng ihain laban sa nasabing creditcard holder:

1. Isang civil case for collection of sum of money;

2. Isang kasong kriminal sa pag labag sa Access Device Law. Ito ay sa kadahilanang mayroong presumption ang batas na fraudulent ang ginawang pagpapalit ng creditcard holder ng kanyang tirahan/billing address ng hindi ipinag-bigay alam sa creditcard company kapag ang unpaid bills ay higit sa P10,000.00.

Kaya pag binabalak takasan ang credit card company, siguraduhing hindi hihgit sa P10,000.00 ang unpaid bills para lusot sa criminal case. :D

[phalluscolossus]

Here is how they work:

For example, Standard Chartered Bank:

You have an outstanding unpaid SCB creditcard bill of P20,000.00, and somehow you were not able to pay the same for 2 or 3 months now. On the first month that you were not able to pay your credit card bills, the collecting agency of SCB stops sending you copies of your SCB bills. You willl be kept in the dark as to how much they're charging you for the late charges and finance charges.

In the mean time, you have already stopped using your SCB card.

A demand letter is sent to you to settle your unpaid credit card account with SCB, but this time, you are now being asked to pay the amount of, let us say P25,000.00.

You have no idea as to how the P25,000.00 was computed. You just presume that the same was computed 'accordingly'.

Remember that the last bill sent to you was for P20,000.00 only. After you try to work things out with the collecting agency, you have by now settled the amount of P20,000.00. The agency may decide to just forego the remaining balance of P5,000.00 since, the P5,000.00 would be listed as supposedly, collecting fees, attorney's fees, etc.

But some greedy agencies will still try to collect the whole amount since, that is how said collecting agencies earn.

In the mean time, what you don't know is that the creditcard company SCB has already declared the P20,000.00 that it has ALREADY collected from you, plus interest rates, as BAD DEBTS and gets a Tax Exemption from the Bureau of Internal Revenue (BIR).

Welcome to the real world.

[wendigo]

narrowed it down to citibank versus BPI.

things to consider:
i have a BPI bank savings account so maybe it would be easier to go BPI, but citibank seems to be the card of choice nowadays.

any insights based on experiences?

[floreno]

Originally posted by wendigo
narrowed it down to citibank versus BPI.

things to consider:
i have a BPI bank savings account so maybe it would be easier to go BPI, but citibank seems to be the card of choice nowadays.

any insights based on experiences?

In my case....CITIBANK is my Entry Card...then...after that....me lima nakong Card.....

[thehitman]

BPI is my first card. Since then, Standard Chartered and Citibank have been politely bugging me :lol:. If you want a free upgrade at Starbucks, go for Citibank. Otherwise, BPI's SIP installment madness and Citibank's Paylite schemes are probably equal. I have no idea on Citibank, but in BPI, the SIP line is different from the regular credit line, meaning, if your regular line's credit limit is 10K, you also have a separate SIP line worth 10K, effectively bringing it to 20K. You have to apply for the SIP line separately after you get your card though.

:cool:

[Bea19]

*** dito may Dolce VIta ng AIG? ok ba ang perks?

[kateh]

Originally posted by GaYaLiGs
I've also got a friend in the same situation as Ennui's friend.
(Maybe we're talking of the same friend Ennui. hehe)

Can somebody enlighten us with the credit card companies' basis for the credit limits? I'm confused on how they go about giving higher credit limits to "lower incomed" compare to those people with higher incomes.

Also, what credit cards do you recommend our friends to apply to so that they can get a high credit limit?

Thanks po.

ganito ka si yun...

example:
applicant #1: earns 30,000/month, rents an apartment at 5,000/mo., has a smart post-paid line at 1,995/month, is married and has 2 dependents.

applicant #2: earns 18,000/month, single, has no dependents, lives with relatives/parents, has a globe post-paid line at 800/month.

applicant#2 will get a higher credit limit even if he's income is lower because even though applicant#1 has a higher income he already has a lot of monthly expenses. ergo, income is not the only basis but also how much more you can spend considering your current monthly expenses. (kaya ng may credit investigation)

[mac_bolan00]

finally, may silbi na yung AIG card ko!

aside from just sapping more'n a thousand of what i might be saving every month, the card gave me a way to upgrade my life insurance. any of you guys heard of AIG's Comfort Insurance Plan? for an additional 125 pesos card payment every month, you'll be insured for a face value of 1.2 million payable in a 300K lump amount and 15K/mo for five years.

i took two plans (me and my spouse) so that makes it 250/mo additional payments but we're both insured for 1.2 mn each. consider the savings for an upgrade: my sunlife premium is worth 1 mn but i pay 1,400 per month. the wifey's sunlife is worth 500K but she pays 600/mo.

why the big diff? well, the sunlife package is more extensive and the payment period is fixed (12-15 years). also, there's a residual amount when i reach 65.

the AIG payment is almost to perpetuity (up to age 65). also, it's not just the 250 that has to be paid. the comfort plan is in effect ONLY if i maintain the credit card. so, with a 200/mo minimum payment, that's at least 450/mo i have to pay to perpetuity. smart a$$es, aren't they?

[wendigo]

any news on the EDGE card of BPI? I applied kasi!

[DarthScully]

posted by KuyaDanny
2) Having a US-Dollar based credit card for online shopping
hmm, now i have a question.

what are the chances of getting a credit card like this for someone with no credit history? should said person have held a job for a specific number of years before being approved?

also, what are the consequences if that person was related to a person with a bad credit history, does that diminish the chances of being successfully approved, or will it affect the approved credit limit?

please advise.

[mac_bolan00]

an additional 150 pesos per month charge on your credit card account for the next six months. this to cover VAT charges that have been assessed before december '03.

current card holders like myself are already subsidizing delinquent holders with a whopping 3.5% monthly interest. now, we are also upholding AIG's principle of value-retention: we have to fully-absorb their VAT payments so as not to hurt their profits.

:rolleyes:

[thehitman]

And here I was thinking of getting an AIG card because BPI's mastercard jacked up the annual fee to P1600 :eek:

:cool:

[blue_raptor]

Bakit hindi na lang kayo mag-Citibank credit card? Magkano na ba ang annual fee nila? Just curious. Hope you can answer my question. Thanks a lot!

[laineybaby]

good luck na lang kung magci-citibank credit card ka. pagdating sa collections, mga tuso at rude nila. they will not stop harrassing you and everyone in your household until they get their payment. hindi lang harrassment ang gagawin nila sa inyo... they will threaten you, bad-mouth you, etc. good luck na lang.

i suggest you just get a standard chartered credit card.

[femme_famosillo]

Originally posted by blue_raptor
Bakit hindi na lang kayo mag-Citibank credit card? Magkano na ba ang annual fee nila? Just curious. Hope you can answer my question. Thanks a lot!

I think for the first year it is for free or it depends on the promotion of the company but if you'll get the clear card, you'll pay, P90/month; Silver: P1,200 and Gold: P2,500 (annual fee).

The add-on per month depends on the number of months you'll pay your product purchased.

***** you'll be continuously bugged by citibank kung mejo nadedelay ka ng payment for your bills pero as far as my experience with the company, wala pa naman. :)

[skyz]

me i have aig master card, bpi express credit and citibank master card, aig is my first ever credit card way back year 2000, never had any bad experience in using those cards. i always pay my credit in full amount before the due date, kahit pa P200 or P20,000 yan, basta my golden rule, i won't use my credit card to buy a thing if i can't pay it within a month :) nacharge lang ako once ng aig nung minsang nakalimutan ko ang due date ko, after that talagang nagpapaalarm pako sa cell para lang sa payment ko sa credit card.

i applied for a citibank card to take advantage of the paylite facility plus sometimes my full credit limit of my aig card is use for paying my insurance premiums, that was then i realized i really need another card :D i seldom bring cash more than 1,000 coz i always use my credit cards (super convenient for me : ) syempre as always never akong gagamit if hindi ko mababayaran before due date. i'm now thinking of deactivating my bpi card, coz out of the three, dun lang ako walang nakukuhang benefit plus as much as possible i don't want to pay the annual fee, sa aig kasi, you just need to accumulate 600 points to waive the annual fee (or 60,000 lang na charge sa cc mo) so far i was not yet charged for an annual fee for my aig card, for paying my insurance alone using my card, i get 250 points already :D also sa aig may medical and dental benefits, those are transferable daw to relatives, though i have yet to use those benefits coz karereceive ko lang ng certificate (may dental card pa sila na pinadala ) sa citibank naman, although mas malaki ang point requirements nila to waive the annual fee (parang equivalent to P180k charged amount ata), pansin ko may fast track points sila (or whatever you call it) plus may mga gimik pa silang "exchange your charged slips for free movie tickets" eh since gamit na gamit talaga ang citibank card ko for paying our bills, nakakailang free movie tickets na rin ako, tipid for us ng aking honey since every week talaga nanonod kame. sa bpi, wala akong alam na benefits nila ngayon, although ang alam ko mas mababa daw ang interest rate compared to citibank and aig, pero syempre since i pay my credit in full, i'm not really after dun sa interest rate.

basta payong kaibigan lang sa ibang interesado kumuha ng credit card, be wise sa paggamit :) magtake advantage sa mga freebies and benefits nila huwag hayaang sila ang magtake advantage sa inyo by charging you with those high interest rates, syempre para hindi mangyari yun, pay your credit in full before the due date :)

[BNG]

Kuya Danny do you know any bank that offers credit card na visa or master but i need to deposit in my account first to get1 and my limit is what ever amount i have in my account? kasi sobrang daming requirements yung iba and my business havent last a year kaya wala pa ako ITR

[KuyaDanny]

Those are called secured credit cards. Union Bank has a secured VISA. Some young lady is also offering a secured JCB in Classifieds. I don't know who the bank is, though.

[BNG]

ah ok thanks somuch i think i saw something like that at citibank also:)

[KuyaDanny]

This was posted by Crusher in another thread:

Just a curious question about credit cards -
What exhange rate is used by the dredit card companies when someone, say from the United States uses his credit card in the Philippines? And can the business, say an hotel charge either in pesos or in dollar amounts, would the exchange rate here differ from the bank's rate, too. What are the chances that a peso transaction made in the Philippines maybe recorded as dollar transaction on a U.S. credit card? (That is a 500 pesos restaurant bill is interpreted as a 500 dollars bill.)

[KuyaDanny]

And here is a reply by dilbert:

Around 2% higher than bank rate I believe. Have good experience with citibank (here and abroad). Bad experience ko sa Metrobank.

[KuyaDanny]

The chances are quite low. Consider that the Philippine merchant bills most (if not all) his credit card charges in pesos, and will submit all the bills to a Philippine-based bank for collection. The Philippine-based bank assumes all transactions processed are in pesos, and will not even know that your card is in dollars, unless it looks up the data from Mastercard or VISA. The exchange translation is done by your card issuer when it gets the bill (in pesos). Consider also that before your charge is made/signed, it is usually approved/verified by machine. Verification is provided at the merchant level by a Philippine bank, which also operates in pesos. So there is more than one source of evidence.

If a peso purchase is charged to a US card, the bill will contain a phrase such as "Phil Pesos 500.00 billed as" followed by the US Dollar equivalent. This allows you to figure out what exchange rate was used. Obviously if the exchange rate is 1.00, and that is not what it should be, you can use it as a basis to challenge your charge. Any business newspaper can supply you with an exchange rate to back up your claim.

If you are concerned about this, check to see that your charge slip has a currency symbol (the peso sign or PHP) right before the amount. If it is not indicated, write it in yourself, encircle the amount, and only then sign the charge.

[koklait]

pls help!!!
m planning to get a new credit card...
*** bank/company offers the best promos and services?
tnx!

[garainfinity]

kung gusto mo low interest rate:
1) BPI Express Credit - 2.9%, local card with
Special Installment Plan, 1200 annual fee
2) BPI Edge with mini - 3.0%, mastercard, P100
monthly fee

kung gusto mo naman hippy and freebies:
1) Citibank Clear Card - 3.25%, mastercard
with Paylite, P99 pesos monthly fee
2) Citibank Clear Card Visa with mini - 3.25%
with Paylite, P99 pesos monthly fee

kung travel ka parati using airline carrier:
1) Citibank Cathay Visa - 3.25%, 1200 annual
fee, with rewards points and asia miles from
Cathay Pacific
2) HSBC Mabuhay Miles Visa Classic and Gold -
3.5%, with PAL mabuhay miles points per
P45 purchase or double your miles using
HSBC credit card for ticket purchase

Alam ko meron din ang Equitable easy travel na credit card pero di ako masyadong familiar.
Nag-oofer din sila ng American Express Cards.

Di rin ako familiar sa Standard Chartered and Bankard.

Kung meron ka nang either Mastercard or Visa, I suggest BPI Express Credit kunin mo accepted naman siya sa lahat ng establishments pati nga sa Makro. At least nakamura ka ng .26%. Sayang din yon ha!

[koklait]

tnx garainfinity!

r u familiar with the metrobank card?
nakita ko kac sa net na they're offering the lowest interest rate of 2%. ok din kaya yon?

[garainfinity]

Originally posted by koklait
tnx garainfinity!

r u familiar with the metrobank card?
nakita ko kac sa net na they're offering the lowest interest rate of 2%. ok din kaya yon?


ang officemate ko merong ganito...sabi nya dapat may minimum deposit ka raw na P10,000 and your credit limit is equal to the amount of deposit on hold....ibig sabihin pag mas mataas ang deposit mo, mas mataas ang credit limit mo....ang labas kasi ay parang debit card sya na you can use internationally kasi mastercard sya..

[istarbaks]

Originally posted by garainfinity
ang officemate ko merong ganito...sabi nya dapat may minimum deposit ka raw na P10,000 and your credit limit is equal to the amount of deposit on hold....ibig sabihin pag mas mataas ang deposit mo, mas mataas ang credit limit mo....ang labas kasi ay parang debit card sya na you can use internationally kasi mastercard sya..

ha-ha-ha, that sounds funny. why do you have to pay the interest rate of 2% when you use your own deposited money?

[soulthird]

mag equitable debit card ka na lang wala pang utang utang...

[garainfinity]

Originally posted by istarbaks
ha-ha-ha, that sounds funny. why do you have to pay the interest rate of 2% when you use your own deposited money?


parang nagiging security nila ang perang dineposito mo... naka-link kasi ang credit card sa savings account para just in case you failed to pay your monthly bill, automatic na nilang ide-debit sa account mo... pero kapag binayaran mo naman, safe ang deposited money mo... bank security ika nga para kahit takbuhan mo sila meron pa rin silang habol sa yo..

[Bea19]

pag po ba i purchase somthing online...panu ko po malalaman kung magkano ang exact price na machacharge sa credit card ko? at hindi po ba pag alam ng ng online companies ang details baka pwdng mahack or smtng? gsto ko po sana mag order online kaya lang natatakot po ako...tnx

[pinay24]

I have 2 visa checking account credit card . Visa is the best since you can used it when travelling abroad. It is from BA which I hate kasi di updated yong systems nila online so gastos-kami ng gastos ng asawa ko ew yon pala grabe na yong nagastos namin minsan nagbabayad kami ng overdrawn. Dinadaya din ata kami kasi minsan sinasabing kumwari $100 na lang yong pera mo then sometimes more than that so gumagastos kami. One time overdrawn kami ng almost $1000 ewwwwwww grabe naman sila. Tapos sometimes pa dinodoble nila ang charge ano ba yan.

[KuyaDanny]

Originally posted by Bea19
pag po ba i purchase somthing online...panu ko po malalaman kung magkano ang exact price na machacharge sa credit card ko? at hindi po ba pag alam ng ng online companies ang details baka pwdng mahack or smtng? gsto ko po sana mag order online kaya lang natatakot po ako...tnx

1) Re exact price - I am assuming you have a credit card that bills in pesos and wish to buy something abroad that is priced in another currency (US Dollars usually). The short answer is you will know the exact amount you owe only when you get your bill. This is because the bank/credit card issuer uses exchange rates which change every day. You also need to know when the bank determines the rate to charge you - is it the date of your purchase, the date of the transaction posting, or the date of the statement? Too many variables.

To approximate, I suggest you get the dollar price, multiply by the bank's highest dollar selling rate, and add 10% to allow for exchange rate fluctuations up to the time you are billed. This will give you an estimate, which should already be on the high side (in other words, sobra sobra na dapat yan.)

2) Re information - yes, the merchants will get you credit card info and this info could be misused. This is a risk you take when you buy online, but is a risk you take whenever you use your credit card, even in the Philippines. Dealing only with reputable merchants may reduce incidence of fraud, but will not eliminate it totally.

[gumacanian]

but is a risk you take whenever you use your credit card, even in the Philippines. Dealing only with reputable merchants may reduce incidence of fraud, but will not eliminate it totally..

Are you seriously telling me that the cardholder is responsible if their card was victim to fraud .???
First time I heared that..Where I live the CC company has to cough up.

[KuyaDanny]

No, the cardholder is not responsible for fraud. But fraud happens and every cardholder can do something to minimize the risk.

[floreno]

Originally posted by gumacanian
Are you seriously telling me that the cardholder is responsible if their card was victim to fraud .???
First time I heared that..Where I live the CC company has to cough up.


I dont think he/she directly blame the cardholder to be victimized to fraud....He/She is just warning you that indeed there are merchants, especially here in the phil., that are prone in cheating their customers thu fraud...(Ex. Greenhills - I recieved rumors that credit card transactions are hacked)

[floreno]

Originally posted by gumacanian
Are you seriously telling me that the cardholder is responsible if their card was victim to fraud .???
First time I heared that..Where I live the CC company has to cough up.


I dont think he/she directly blame the cardholder to be victimized to fraud....He/She is just warning you that indeed there are merchants, especially here in the phil., that are prone in cheating their customers thu fraud...(Ex. Greenhills - I recieved rumors that credit card transactions are hacked)

[gumacanian]

I am well aware of the dangers of credit card fraud..Im just saying that where I live the CC companies take full responsibility for the financial losses..So they should because now they are forced to upgrade their own technology to protect their own interests..
Chip and pin come to mind. This new card should be available real soon.

[Bea19]

e pano po yung shipping and other stuff na may charge? kse baka kung ano ano icharge tapos hindi ko na sya mahabol kse naka charge na sya sa card..thanks po sa mga replies...

[KuyaDanny]

With the better online merchants, you will get an invoice explaining all the components which together make up your total charge. This usually contains a reference/transaction number, and you can (should) print up the document for your reference. If the amount billed to your card is more than this, you should call your credit card company and have the excess amount reversed because that amount is not what you authorized.

What I would do if this happened to me is I would ask to have the entire transaction reversed. This would mean the merchant would get docked and usually somebody over there gets in hot water because there is a good chance the goods have already shipped. I figure - they mess up my day, I'll mess up theirs.

Again, we go back to choosing your merchants. The good ones know the difference between mistakes and fraud, and can deal with both.

[Bea19]

how can i choose po the merchants? ang bibilhn ko po kse insulin travel case...pag sinearch ko online ang daming sites na lumalabas with different prices...kaya medyo confused talaga ako kse hindi ganon ka common *** product na ipupurchase ko...

[k3wl]

Originally posted by garainfinity
ang officemate ko merong ganito...sabi nya dapat may minimum deposit ka raw na P10,000 and your credit limit is equal to the amount of deposit on hold....ibig sabihin pag mas mataas ang deposit mo, mas mataas ang credit limit mo....ang labas kasi ay parang debit card sya na you can use internationally kasi mastercard sya..


hello gara!!

same way works for BPI Express through BPI Express Start....BPI Express start is a type of application for BPI Credit card wherein in lieu of submitting income documents, you may nominate a hold out amount from your BPI or BPI Family account. Thus, your credit limit will be based on the hold out amount and such amount will be on hold as long as the BPI Cards are active, or after one
year, you may request for the release of the hold out amount but still maintain your credit card, but this time, you will be required to submit income documents already. You will still have to pay for the monthly billing and statements of account will be delivered on your mailing address. The charging of the annual fee is still based on the type of credit card you have. As such, you will still be privileged in using BPI Credit cards. The catch is yung money mo na naka hold is still earning interest d mo nga lang magamit..its not really a debit-type..amy separate billing sya and hindi nila kukunin ang bayad sa naka hold mo na money. :)

garakski!!!

[riAbaby]

i had 3 different ones.

one from bank of america (hawaii airlines), one from cross country bank and one from orchard bank.

i cancelled the last two mentioned kasi hindi naman kailangan.
itinira ko na lang *** sa bank of america. mas malaki credit limit ko dun eh saka para hindi masyado malaki babayaran kong bills (imagine if lahat un ginamit ko)...

[chuva10]

I currently have 4 credit cards. AIG Dolce Vita, Citibank Clear MC, Bankard MC, and myDream JCB. The one that I regularly use is my Bankard Mastercard because of the reward points. With the other 3 kasi, it doesnt earn points so for emergency cases *** tlaga. What I like with my Citibank is that it has the highest credit limit among the 4, with my Bankard MC is the installment plan same with my MyDream since its also under Bankard but the interest is much lower..its only 2.5%. However I pay my balance in full every month so interest is not a problem. With my Dolce Vita, I might cancel it this coming October due to the memfee but if they offer a waiver I might keep it but for emergency purposes. I rarely use this naman e.

[vroom22]

Adviseable ba ang balance transfer? What are the pros and cons?
Sino marunong mag compute ng interest? I=prt ba yan?
I mean let us say I only pay the minimum or twice the minimum, how long will it take before I settle my debt? thx

[gumacanian]

I dont know except it would take a long time and you would become a dream customer..
In the past I have put the balance of three cards onto a new one with 0% interest for 6 months and then did the same to another card with the same terms after the 6 month period and then again and again.. That was OK but the black cloud was always looming so I settled it and most importantly...CUT IT UP!!

[KuyaDanny]

Balance transfers make sense if you are transferring your balance to a lower-interest provider. However some balance transfer offers give you low interest for a limited time only. After that limited time the interest rate may go up, sometimes to a level higher than what you left.

The best way to reduce your interest expense is to reduce your principal.

[nailbiter]

Originally posted by KuyaDanny
I am assuming you have a credit card that bills in pesos and wish to buy something abroad that is priced in another currency (US Dollars usually). The short answer is you will know the exact amount you owe only when you get your bill. This is because the bank/credit card issuer uses exchange rates which change every day. You also need to know when the bank determines the rate to charge you - is it the date of your purchase, the date of the transaction posting, or the date of the statement? Too many variables.

To approximate, I suggest you get the dollar price, multiply by the bank's highest dollar selling rate, and add 10% to allow for exchange rate fluctuations up to the time you are billed. This will give you an estimate, which should already be on the high side (in other words, sobra sobra na dapat yan.)

Which credit card companies bill in dual currency?

[KuyaDanny]

Metrobank VISA
Equitable VISA

In addition, Bankard MasterCard Gold can bill you in dollars.

[wendigo]

did i make a mistake in getting an HSBC Classic Mastercard? i feel that there are less promos for HSBC than Citibank, although im happy naman since its an international bank.

[geeksquad]

i have an HSBC card too. was wondering if i should have gotten the VISA instead of the MASTERCARD.

[froshie1]

Meron ba dito sa Pinas nun? kung meron ano iyon?

[trizfores]

credit cards that have no annual fees are usually the gold cards and of course the platinum cards. they are waived since the card has a high credit limit. to get the gold card though, you need to earn around 600k annually more or less. this though differs among banks. some are higher like 80-100k a month. for the platinum card visa or the world mastercard, you need to earn much more than that. these 2 cards have a very, very, high credit limit, and in some cases unlimited credit limits for a month. to get a card such as those 2, you need to earn more or less around 10m a year if my calculations are correct.

if you do go the some malls and there are credit card booths, and if you are offered to apply for a credit card, there may be a promo were the first year of the annual fee is waived.

[racho]

If you used your cards often, you can ask your issuer to waive the annual fee.

I used to have HSBC "Fifa Soccer" Mastercard, but since then cancelled it, because it was secured. I've had it for two years, and had the annual fee's for both years waived, just by calling them.

I now have 4 regular cards: AIG, HSBC, Standard Chartered, Citibank Clear... all VISA. heh. I think my next application will be for MasterCards.

All of them have no annual fees for two years because I got them through company promos.

I remember a story told by a friend from PhilamLife, he said all the employees get an AIG card as company benefit (if you wanted one) so everyone got one. Then 1 year later, they got their bill with the annual fee there. So they all called, (around 20 or 30 of them) and ask the annual fee to be waived. If the fee could not be waived for whatever reason, they will simply cancel the card.

Today, there are so many banks who are waiving the first year annual fee, the joining fee, the membership fee, the whatever fee. It doesn't make sense because practically all cards in the United States have no such fees anyway.

So here in the Philippines, they say "waived" fee. Ok, so take the card, use it like any other card, 1 year later demand the fee be waived or cancel it.

Even my Citibank Clear has no monthly fee right now.

Even if you pay your bills in full, the banks already get 5% from the merchant, so if they can see that you are using their card, they definitely do not want to lose you.

That's the way I see it. If the bank will not waive their stupid fees, I'll just switch to another bank. "no sir! we'll waive your fee, and lower your interest rate too! just stay with us." ... okay. hehehe.

[floreno]

^^ If you can....try to get the American Express CCard na if I were you

[yajluman]

^^ Yes Amex bills you in $$. It will make you think thrice before using it!

[trizfores]

equitable pci amex is not in $, it's in pesos. :) if i'm not mistaken though, you also have the option to pay in $. i'm thinking about applying for one, but i'm already content with what i have i guess. haha! maybe when i go out of town it'll be better :)

[noid]

Hi,

What in your opinion is the best bank/company that offers mastercard or visa, in terms of promo, rates, service, etc. Am planning to get one for online transactions.

Thanks! :)

[bee_tin]

what can you say about Shell Citibank MasterCard? I'm planning to ask my dad to get one kasi para may extension ako..hehe..thanks!!

[hedonism]

saang bank pwede mag apply ng credit card na yung requirement ok na basta may account ka sa kanila with a deposit/balance amounting to P10,000? thanks..

[Krakista]

Wala. Mag-apply ka na lang ng debit card sa BPI, Equitable PCI, UnionBank, atbp. :)

[Pex_Girl]

Originally posted by hedonism
saang bank pwede mag apply ng credit card na yung requirement ok na basta may account ka sa kanila with a deposit/balance amounting to P10,000? thanks..

Meron po sa BPI. They offered me this kind of credit line that you only need atleast 10k balance in your savings account. The catch is nde mo magagalaw ang money mo for atleast a year.

Its not a debit card. Nde naman kasi nila babawasan yung savings account mo every time you use the card.

Sabi nung Customer Rep na nakausap ko, although naka-freeze yung savings account mo eh, nag-e-earn naman sya ng interest. So wala ka lugi.

Kaya lang pag nde mo binayaran ang dues ng credit card mo on a timely manner. They'll be forced to deduct it from your savings maybe pag nde ka na nila mahagilap. :D

Try mo tawagan. :)

[Pex_Girl]

And did I mentioned that your credit limit is based on your savings account current balance. So kung 20k ang pina-hold mo sa kanila, 20k din ang credit limit mo.

[Ice Burn]

Actually BPI has a P10,000 secured credit card. All you have to do is deposit P10,000 pero that amount will be held as your credit limit and you can't withdraw it unless you close both your account and your credit card.

Citibank also has this but the minimum is P25,000 for a secured credit card.

[racho]

I had a secured HSBC card. After 2 or 3 years, I cancelled it and applied for a regular card.

Secured cards work exactly the same as any regular credit card and the merchants will never know that the card you use is secured.

Metrobank has a secured "valuecard" or something similar.

[simoen]

hi i would like to cancel my credit in equitable jcb and in citibank. i just got them both around 3 months ago. When I'm done paying with my jcb, I'd like to cancel it. My dad says I should just keep the card and not use it cuz once I inform the bank about cancellation, they'll add some fees and charges. Is that true?

My cards expire in 2007. Will they charge me for the 3 annual membership fees?

[floreno]

^^ No its not true. I believe when you applied your ccard, they offered you Free annual fee for the first year. Since youve already settled your account with them, they have no reason to charge you for anything

[hedonism]

Thanks Pex_Girl! I'll give them a call! :)

[trizfores]

can't wait till i get the standard chartered d3 :)

[kateh]

ano yung scb d3? and mababa ba talaga ang balance transfer sa myDream?

[trizfores]

Originally posted by kateh
ano yung scb d3? and mababa ba talaga ang balance transfer sa myDream?

it's like the yuppie version of standard chartered-- like clear visa is to citibank. it's called d3 because it's a 3dimensional credit card. just got it and it's nice looking. unique card to have.

[observer]

may alam ba kayo nung nag-iissue ng credit card for students of dlsu and admu? especially for graduating students?

[illumina]

^^ We were offered credit cards in ADMU upon graduating. I didn't take it though. ...I just have a supplementary BPI Mastercard Gold off my dad, and he didn't slap a limit on my card. :glee: I've been working for half a year now, and I don't really have any intention of applying for one in the near future. My alibi to ward off those credit card peddlers is to say I haven't gone as long as a year working yet, and my salary's pathetically low. But one bank still said I'd qualify for them, forgot what it was....

[bishop]

Originally posted by observer
may alam ba kayo nung nag-iissue ng credit card for students of dlsu and admu? especially for graduating students?

HSBC was widely marketing its student mastercard in ateneo before... that was a couple of years ago. since a student need not present any financial documents, it was easily approved. only downside is it's 5k credit limit.

[cho chang]

i applied way back around 1998 and i still have the card at 5k limit hehe

[KuyaDanny]

If you have been handling your account responsibly, you should be able to get a limit increase if you asked for one. P25,000 should be reasonable for a six-year cardholder in good standing.

[jgirl]

actually natawagan na po nila ako for an increase but i dont have any work at that time kaya denied.. i called them up again but they were asking for documents na kaya ndi ko na lang tinuloy since I already have another card :)

[trizfores]

got another card, and will get another card next week. this being the east west bank. interest rates are low on them, so it's nice

[trizfores]

eastwest bank has the lowest interest rate that i know of. their master cards interest rates are:
2.25% - basic needs like gas, medicines, groceries, etc.
2.75% - non-basic needs such as travels, department store shopping, entertainment, restaurants, etc.
cash advances can go up to 50% of the credit limit, which is quite large compared to other banks that may offer 15%-20%.

[zalvaje]

question po, ok ba yung AMEX ng Equitable? or better off with a visa or mastercard? madami bang establishments accepting AMEX here in manila?

[KuyaDanny]

If the number of accepting merchants is important to you, choose VISA and/or Mastercard (and better than or).

[zalvaje]

tnx kuya danny, can you tell me the advantage den ng amex over visa and mastercard? :D

[KuyaDanny]

A good question which I have difficulty answering.

Amex professes to have such benefits as purchase protection, buyer's assurance, and return protection, as well as accident insurance when travelling. Most of these benefits affect purchases from merchants in the United States.

I have also found that when charging purchases in a third currency (HKD, AUD, SGD, etc) American Express gives better exchange rates to the USD than banks which issue VISA and Mastercard. Their PHP/USD rates (when settling bills in PHP), while not the best available, are also quite reasonable.

Once in a while I come across online merchants (usually abroad) which balk at accepting RP-issued VISA and Mastercard, but will take American Express.

American Express has what I think are the best fraud detection and protection mechanisms in the business. They are the only credit card company who has called me after purchases are charged (online and in person) just to make sure my charges were valid.

[spongklong]

question lang po..

i know i may sound stupid here pero papano bang ang computations ng interest sa credit cards? for example i have 10000 to be paid. i only paid 8000 so i have 2000 na balance (kumbaga papa interesan ko talaga). kung 5% ang interest rate, does this mean that 100 lang ang idadagdag sa bill ko? or there are still other computations to be done? hope somebody could help e on this..

thanks! :D

[KuyaDanny]

I would still ask the credit card company if there are other charges (normally none if you are paying within due date), but your calculation is correct.

BTW, you may think 100 "lang" is a small amount, but is quite significant in relation to 2000.

[floreno]

question lang po..

i know i may sound stupid here pero papano bang ang computations ng interest sa credit cards? for example i have 10000 to be paid. i only paid 8000 so i have 2000 na balance (kumbaga papa interesan ko talaga). kung 5% ang interest rate, does this mean that 100 lang ang idadagdag sa bill ko? or there are still other computations to be done? hope somebody could help e on this..

thanks! :D

Given that your total bill from your first billing is 10,000, the computation for finance charges will depend on your cut-off date.

Ex. Cutoff date = every 27th day of the month and suppo

Every transaction is computed 5% finance charge kaya:

finance charge = Amount * no of days gap between statement date and post date * 5%/ 30 days

Product 1 =
(10,000 * 31 days * 0.05)/30 = Days gap of Statement amount is always reference to the number of days of the statement month EX. January has 31 days)

Product 2 =
(-8,000 * 15 days * 0.05)/30 = Payment is indicated as Negative and supposedly you paid 15 days after your cutoff.

Product 3 = (Total Amt. Purchases * 15 days * 0.05)/30 = # of days would still vary depending on the posted date of the transaction is made

Total Finance Charge = Sum of all Products (Product1+Product2+Product3)

In your Ex.

(10,000 * 31 days * 0.05)/30 = 516.67
(-8000 * 15 days * 0.05)/30 = -200

Finance Charge = 516.67 + (-200) = 316.67

This computation is based on CITIBANK Credit Cards Finance Charge.

[KuyaDanny]

May I just say that that method of computation is one of the most customer-unfriendly I have ever seen.

[daveMachews]

Hello.. Would like to ask the following information before I call up Citibank's support rep.

1. If a principal cardholder died and left a mind buggling amount of credit, will Citibank make an arrangement for the supplementary cardholder to pay for it?

- I heard credits are non-transferrable, so does it means that supplementary cardholder will no longer have to worry paying for it?

2. If supplementary cardholder is working, can Citibank trace the work history and have the person pay the credits made by the principal cardholder?

[tidus1203]

The bad thing about credit card companies or credit card for that matter is that they are toying with people's patience and greed. Normally pople cant afford a certain product if they had to pay cash so they charge it, what happens is that they targeted a persons greed and impatience to save money for the product. IMO credit card should only use as means for convinience rather to actually get a credit. PEEPS, DONT LIVE BEYOND YOUR MEANS. Para mas madali think of it this way, if I had to pay this product in cash will I be able to pay it in FULL spot on?

[smarty]

can't wait till i get the standard chartered d3 :)

just got mine today... ganda ng card... physical card, i mean..

[freemind]

A piece of advice from someone who's been under tons of credit card debt.... use your credit card wisely. Like what tidus posted, don't live beyond your means. I learned this the very hard way. I had 8 credit cards with credit limit of P30K - P40K and I used them all. I was regularly paying the "minimum amount due" until such time when somebody in the family got sick and all credit card payments were channeled to hospital payments. In the end, all my cards became past due accounts and collectors were calling me like there's no tomorrow. I was able to settle them and surprisingly two of the companies have provided me with a new card/credit line after settling with them (Citibank at 20K and HSBC at 55K).

I am using the Citibank and have forgotten where I put the HSBC. I now use the the "envelope" system. If I am buying something, I make sure that I have cash on hand. I use my card and place/keep the cash in an envelope. When it's time to pay, I pay in full (using the cash placed in the envelope) and have not incurred any charges. Now, some may ask bakit pa rin ako gumagamit ng credit card after malubog ako sa utang? Well, the reason is I need to establish my credit history.

For those who are familiar with the 4-gives system, you can try the JCB Easy Pay. Payment is in 4-gives but there is an add on straight interest of 8%. This is a little cheaper than other 4-gives card which charges 10%. FYI lang po.

[brock]

The bad thing about credit card companies or credit card for that matter is that they are toying with people's patience and greed. Normally pople cant afford a certain product if they had to pay cash so they charge it, what happens is that they targeted a persons greed and impatience to save money for the product. IMO credit card should only use as means for convinience rather to actually get a credit. PEEPS, DONT LIVE BEYOND YOUR MEANS. Para mas madali think of it this way, if I had to pay this product in cash will I be able to pay it in FULL spot on?

everything about owning a credit card is good. you only need to be responsible in your expenses. :)

THE ONLY BAD THING IS THE ADDITIONAL 6-7% SURCHARGE FROM GREEDY STORES! :splat: It's part of their cost doing business. They don't have the right to pass this surcharge to consumers!

[bluemoon13]

i love my Amex card. i've had it since 1998. it has a low rate and their customer service is superb. it's true what KD said. i don't use my card often, but when i used it to buy a new couch from levitz, i got a call from a CSR to verify if i actually purchased something from that store.


American Express has what I think are the best fraud detection and protection mechanisms in the business. They are the only credit card company who has called me after purchases are charged (online and in person) just to make sure my charges were valid.

[figureskater]

Paano ba i-compute yung minimum amount due?

[tidus1203]

Normally its 5% of your outstanding balance. Pero it differs from card company to card company...

[bishop]

Metrobank is actively marketing their credit card now. you don't have to have an account with them, nor do you need to open a new account. however, because of the leniency in requirements, you have to be an existing cardholder (HSBC, Citi, Union, Equi, etc), with good credit standing to apply.

[figureskater]

Thanks, tidus1203!

5% lang pala? :) Sa Citibank po, may nakakaalam po ba?

Wish me luck, guys! Nag-apply ako for a Citibank credit card three weeks ago. Bait bait naman ng tumawag sakin, may messenger pa na kumuha ng papers ko dito sa office. Pero ang tagal naman, three weeks na, processing pa rin?

Haay, buhay...

[tidus1203]

5% sa Citibank, actually yung nga source ko eh

Pero dont pay just 5% if you can pay more cause I am telling you the interest is really gonna sting...

[kennster]

Just need some advice on what credit card to go with. In terms of customer service, interest rates, perks, payment options; which is better, BPI or Citibank. Thanks! :)

[tidus1203]

Citibank has both Visa and Mastercard while BPI only has Mastercard.

Kung promos naman more or less pero IMO parang mas madaming promotions and Citibank.

Kapag customer service probably BPI is better. Payment options pareho lang.

[bishop]

Never get UnionBank credit cards unless you're a UBP depositor as well. sobrang limited ang payment options. hassle!

[floreno]

^ Yay sinabo mo pa...kanina lang naglakad ako ng kilokilometro sa kahahanap ng Unionbank Branch sa Makati...tapos pagdating mo pa sa branch....mahaba ang pila....

Mes source ako na kokonte talaga depositors ng unionbank at puro recieve lang sila ng payments ng anu anong utilities

[kennster]

Citibank has a 24 hr hotline right? does BPI also have that?

[SILENTMAX]

im curious do we have a place here where we could check our credit history like they do in the states?

im really curious as to how my credit history is forming now.

[kennster]

question: for bpi mastercard holders. can you check the credit card details through bpi express online site?

[angst]

Yes .

[kennster]

Pricing

BPI Express Online access is FREE of charge as long as you maintain the Minimum Average Daily Balance (ADB) requirement of your enrolled deposit accounts.

For accounts enjoying waivers on ADB requirements, such waivers will be cancelled upon enrollment. This means that once the account falls below the minimum ADB requirement, service charges will be imposed accordingly.

so is it free? im not familiar with ADB kasi eh. Also after I enroll, will I have access to all my BPI accounts like ATM & credit card? During enrollment kasi, it only asked me for my BPI account # but it didn't ask for the credit card #.

[grazzia]

anyone here who's a tele marketer or an agent..im interested to have one...i want a pre-approved card...hehehe

[missfifty]

how many months/years should an employee be working na to be approved for a credit card? anong credit card company kaya?? ive only been working 2 months palang kasi.. thanks =)

[DivineFist]

If you would be using your cards abroad or purchasing something online, BPI MasterCard uses a smaller FOREX rate than Citibank VISA/ Mastercard when they translate your purchases to it's peso equivalent. Learned it from experience when I used my cards last time I went to the US.

:glee: :glee: :glee:

[sgrebs]

...

I am using the Citibank and have forgotten where I put the HSBC. I now use the the "envelope" system. If I am buying something, I make sure that I have cash on hand. I use my card and place/keep the cash in an envelope. When it's time to pay, I pay in full (using the cash placed in the envelope) and have not incurred any charges. Now, some may ask bakit pa rin ako gumagamit ng credit card after malubog ako sa utang? Well, the reason is I need to establish my credit history.



Yup, ok itong "envelope" system, had used it before during the first few months with my first credit card, para fully paid sya lagi bago magdue date. Parang cash substitute lang talaga yung card, for security purposes na din kasi mahirap magbitbit ng cash sa malls o pag nagcocommute. But you have to exert an effort talaga to adhere to it strictly, and to live within your means, wika nga nila. Pag nagbuild up na kasi credit mo, tuloy-tuloy na yan sa paglobo dahil sa laki ng interest rate, like what happened in my case.

Meron bang banks or financial institutions na nag-ooffer ng debt consolidation service dito sa atin? I think napakarami ang makikinabang nito. I had to resort to Standard Chartered's EZ Loan last year, para maisara ko 3 credit cards ko na lagi nang nasa credit limit. 36 months ang term nung EZ Loan, and at least yung monthly installment nya ay equivalent na sa monthly interest pa lang nung 3 credit cards. Kung mas mahabang term ay mas magaan pa sana.

[grim_reaper1814]

So did anyone get the Clear Mastercard?

You can count on the credit card companies to look for more people to milk from, umm rather, recruit. Yesterday I got an AIG Mastercard - just the plastic, not yet activated - and the form. I've never used Mastercard so I don't know how it's different from Visa.

They also want to float your money too, with the offer to pay off your outstanding balance with their competitors, at 1.6% monthly.

The question for the finance professionals is, how do they know know what credit limit to give? :confused: This card, and my second card, gave me the same limit as my first card. Do they share the info?

mayroon points points yan. tapos binebase din yan sa pagbayad mo. kapag magaling kang magbayad, i iincrease nila yan

[polaris7000]

may question po ako.

to avoid paying finance charges, do i have to pay in full, before the due date or before the billing date? TIA

[KuyaDanny]

Para sigurado, before the due date.

Some companies, such as BPI Express Credit Card, will not start counting finance charges until after the billing cut off date. But this is not true for all companies.

[thehitman]

Additionally, for BPI credit cards, there is a grace period of 3 days. I take advantage of this as often as I can :).

:cool:

[icon04]

hi guys... i have a classic psbank mastercard with a huge credit limit kc i have a dollar time dep with them...npilit nila ako n mag apply kc daw cgurado n aprove n agad un. the thing is, i want a visa...can i apply for a visa card in another bank using my dep in psbank? mastercard lang kc sa psbank e. nahihiya **** ako magtanong sa mga banks kahit sa phone lang kc i havent been working for a fews months now *** prob ko pag apply... i need the visa for online transactions

[icon04]

****gusto ko sana equitable visa...hehehe mapili p nohh pwede n rin metrobank kung meron sila visa, affiliate **** ng metrobank ang psbank e

[KuyaDanny]

Metrobank has VISA.

[icedteeh]

What are the advantages of credit cards?

[ready2go]

Additionally, for BPI credit cards, there is a grace period of 3 days. I take advantage of this as often as I can :).

:cool:

kaya pala wala akong penalty... na late ako ng isang araw kasi nakalimutan ko last month... this is good news for me :)

anyway... to answer the question above... credit cards... if used wisely... offers so much financial leverage

establish a good credit history and applying for loans will be easy... loans which you can use to start a business or use in times of dire need

also, a lot of establishments / institutions give a "premium" to credit card holders... one example is Globe... I applied for a post paid plan and just showed my credit card bills and my application was instantly approved... this was about 2 years ago... i don't know if they can still do this though ;)

[floreno]

may question po ako.

to avoid paying finance charges, do i have to pay in full, before the due date or before the billing date? TIA

General Rule:

You must pay them at least your "minimum due" before or on your due date.
Pay in full on or Before your "CUT-OFF DATE" to avoid Finance Charges

*okay*

[tidus1203]

What are the advantages of credit cards?


A LOT!!! Sometimes its even cheaper to buy using credit cards kaysa cash kasi may mga promos mga card companies at times. It also gives you the floating time before you actually pay. BUT ITS DEFINITELY NOT FOR PEOPLE WITH WEAK WILLPOWER. For rich people, credit cards are mostly used for convinience rather than to actually get credit. Pero IMO never use credit cards for its credit use it because its convinient.

[brock]

these banks share your private info to other banks. different banks keep calling me about credit card offers, loans, etc. basing it from my good credit standing from other banks.

i thought banks only share info about bad credits/ delinquencies.

[FallenSeraph]

hi! im planning to apply for a debit card. any suggestions? thanks!

[xxray]

What's the difference betw. visa and mastercard?

[missfifty]

hi! im planning to apply for a debit card. any suggestions? thanks!

Visa electron ng equitable pci.. I think yun na *** binibigay nilang ATM for everyone.. advantageous talaga.. tsaka P3000 lang to open a savings account, P5000 to earn interest *okay* *okay*

[missfifty]

What's the difference betw. visa and mastercard?

Sa U.S.. mas madaming establishments ang nag-aaccept ng Visa..
Sa Europe naman, mastercard..
Pero dito sa Pinas, ok lang kahit ano.. *okay*

[NoisyCricket]

Hello all!

May I take this opportunity to inform all of you, that we at Children's Hour have just very recently developed system by which our donors can now donate to us at least an hour's worth of your earnings once every month via credit card, safely, securely, and conveniently :D

* All local and international credit cards accepted, for as long as they are Visa, Mastercard, American Express or JCB :)

* No minimum or maximum amounts! On our form, we placed standard amounts: P100, P250, P500, P1,000, although we will not turn away anyone who can only afford to donate P50 every month. Of course in the same way, we won't turn away anyone who wants to donate more than P1,000 to us every month! *okay*

Some of the ways your one hour's worth of earnings will help marginalized Filipino children:

* Raise awareness on child abuse (sexual, child labor, and exploitation)
* Provide counseling and intervention through crisis-response workers, temporary shelters, and protective custody.
* Give assistance to street children by raising awareness and support for education and rehabilitation.
* Support projects which provide skills and value education necessary for reintegration into society
* Provide food and clothing
* Promote healthy growth and development
* Provide medical care and services
* Develop community-based family support workers.

Where your donations go: *okay*
- P68.5 million worth of grants
- More than 155,000 children
- Over 90 organizations
- 132 projects

Your Assurance:
* Information support
* Official receipts and Certificates of Donation
* Efficient management of funds raised, Sustainable Projects
* Recognition of individual/organization as major participant

If interested, please PM or email me at vic@childrenshour.org.ph so I can email you the form. Once you receive it, kindly just fill it out and fax to 893-2236. You can also send it back to us via snail mail or email.

Many thanks! :D


Victor Z. Manlapaz aka NoisyCricket
Resource Mobilization Coordinator
Children's Hour Philippines, Inc.
10/F BPI Main Building
6768 Ayala Ave. Makati City.
vic@childrenshour.org.ph
http://www.childrenshour.org.ph
Tel. (632) 752.1180
Fax (632) 893.2236
Mobile (63917) 528.2723

Children's Hour Philippines Inc. is a fundraising and grant-giving organization that calls on individuals and companies to donate at least an hour of their earnings in support of programs committed to the welfare and development of marginalized Filipino children.

[FallenSeraph]

@ missfifty <-- thanks! can i use the card internationally? internet orders? thank you!

[missfifty]

You can't use it for internet orders, as it is not a credit card..

[tidus1203]

What's the difference betw. visa and mastercard?

Its just different brands all the mechanics of Visa and Mastercard is ALL THE SAME. Yun nga lang it depends what shop's accept what. Either way both are accepted in major stores. Some have preferences pero sobrang rare na yon these days. So either way you cant go wrong. Each card company has their specialty nga lang. Visa has flights (mileage cards) while Mastercard has gas (Gars cards).

[FallenSeraph]

@missfifty <-- thanks for the info.

[tidus1203]

Guys ano ba mas ok na Mastercrad, HSBC or Citibank?? Etong dalawa lang pinagpipilian ko....

[rychu]

I just got my BPI Edge card. Hmmm... I don't know what to expect. But I like the discounts. lol

[dragueur]

i don't have a card yet. i was thinking of getting one but sa isip isip ko, better na din wala coz minsan kc nakaka tempt bumili once in a while pero sympre kung wala kang extra money d walang gastos pero minsan may freebies din pag card kaya gusto ko din, haaay.....advantage nga yung may credit card coz mabilis mag apply ng loan. ...but in some stores mapapamahal ka pa coz may surcharge sila sa credit card.

[NoisyCricket]

Mag-donate sa Children's Hour (http://www.childrenshour.org.ph) via credit card :D

Kahit ISANG PISO ok lang! No min or max amounts! *okay* Think about it - One Million cardholders each donating P1 to charity.. that's a million pesos a month to help kids..

Gotta love "non-stock, non-profit!" - the more funds we raise, the more kids we help..! Please tell your friends!

Please PM me for details or see post #216 ;)

Kateh, sent you the form. Please fax back to 893-2236. Maraming salamat!


Now up to helping provide shelter, food, clothing, healthcare, medicines, education, and other services to over 185,000 children nationwide!! *okay*

[codylee23]

Guys ano ba mas ok na Mastercrad, HSBC or Citibank?? Etong dalawa lang pinagpipilian ko....

i haven't tried hsbc, but regarding citibank, overall i'm quite satisfied with their service, they have nice perks, service is good (easy to get in touch with cs). The bad side on citibank is it's one of the worst in terms of finance charge, but this won't be a problem if you pay in full on each credit billing.

[p!nk]

between hsbc and citibank, i prefer citibank. they have more perks compared to hsbc. they also offer higher credit limits. :)

[rychu]

For Citibank, which of the credit cards will be the best one? I know it's quite tough to choose from the lot and each has its own perk. But, what's the card that's just worth it.

I'm planning to get a Visa from Citibank.

[NoisyCricket]

which card grants approval the fastest?

[tidus1203]

For Citibank, which of the credit cards will be the best one? I know it's quite tough to choose from the lot and each has its own perk. But, what's the card that's just worth it.

I'm planning to get a Visa from Citibank.

Depende sayo kung kukuha ka ng Visa gawin mo nang yung Cathay Pacific one para may miles ka..... Or kung you like gimmick the Clear Visa.... there is also the cash back, pero I dont like it kasi mababa yung cash back kung pay in full ka always...

[p!nk]

which card grants approval the fastest?
my fastest approved card was HSBC mabuhay miles (visa). the only problem was, the credit limit was way smaller compared to my other cards.

[Tmac_1]

You can't use it for internet orders, as it is not a credit card..

wow i cant believe no one ever contradicted this. you can use your debit card for internet purchases. i have an Equitable PCI Visa Electron and i use it primarily at myAyala.com. Im not sure though regarding online international merchants - havent tried it yet.

FallenSeraph - do you have your card now?

[p!nk]

wow i cant believe no one ever contradicted this. you can use your debit card for internet purchases. i have an Equitable PCI Visa Electron and i use it primarily at myAyala.com. Im not sure though regarding online international merchants - havent tried it yet.

FallenSeraph - do you have your card now?

yep! Equitable PCI Visa Electron and Unionbank Visa Electron cards can be used for internet purchases inclusing international sites as long as the site accepts visa. i've used mine when i bought something in an international site.

[dragueur]

ah so pwede pala yung visa electron sa international sites? basta may visa? d ko pa kc na try. ...d ko masyado pinopondohan visa electron ko sa EPCI coz walang interest naman ata.

[p!nk]

ah... visa and visa electron logo to be sure.

banks here normally confirm if you really made an online transaction by calling you. after my transaction -- only the visa and mastercard logos were present -- somebody from the bank called me to confirm if i really made an online purchase from an international site using my visa electron.

unionbank's visa electron cyberaccount earns an interest if the minimum account balace is 10,000.

[prettypoorgirl]

Ei guys, I'm planning to apply for a credit card.. any suggestions? what bank offers the best for this? Does BPI Express Credit Card good?

[tidus1203]

I suggest Citibank. They have the most promos among the card companies.... They are great as long as you're a good client in the sense that you dont avoid credit and you pay consistently and regularly...

[p!nk]

I think BPI Express Credit Card is the only card that Makro accepts. The interest is also pretty low. But you can't use it abroad or if you want to buy online. I suggest you get a Citibank credit card. They give higher credit limits. Just make sure you always pay on time. Bankard credit cards are also good. I like their PEP installment feature best.

[prettypoorgirl]

I just received my new applied credit card from BPI.. it's the blue one, bpi express credit.. it's a mastercard and it can use abroad, any comments / experiences regarding BPI Express Credit (Blue) Mastercard? I'm having a second thought if I use it coz the annual fee is really higher compare to other credit card.. P 1550 annualy, 3.4 % interest.. and the 1st annual fee has not been waive..

[tidus1203]

Well then why not get a Citibank..... It has a cheaper annual fee waived 1st year and your choice of Visa or Master Card... Of course they also have the best promos around and they have higher credit limits..... AND BEST OF ALL RECOGNIZED ABROAD and on INTERNET SITES....

Kaya kapag credit card, di ako kumukuha sa mga local banks, its either Citibank or HSBC for me.....

[prettypoorgirl]

pwede ko b ipacancel agad un kahit kakarecib ko p lang nung card? apno b *** procedure ng pagcancel? do u have to surrender the card? syang **** cute p **** nung s bpi.. :) *** lang kc d **** nakawaive *** 1st annual fee, pro sbi skin nung phone banker, pwed ko **** dw irequest un upon receiving the bill, pwede b un.. hay naku.. try ko nga *** citibank..:)

[tidus1203]

I don't think ganon kabilis icancel yung card especially kung di ka pa nakalagpas ng 1 year....

Dang, kailangan ba talagang 21 ka para magkacard?? RIght now I am 20 and I am really waiting for my birthday so that I could go get a credit card. My income is already sufficient to get a credit card and dang why do they need me to be 21??

And hangang ngayon di pa din ako makapagpili Citibank ba or HSBC?? Although nakalean ako ng onti sa Citibank I am still very much open to the idea of having a HSBC card! Any feedbacks from HSBC....

[sweet_ryan]

had the same case with you, i'm only 20 pero i wrote sa application na i'm 21 na so there, may credit card na ako...di naman kasi sila nanghihingi ng birth certificate to prove na 21 ka so i-adjust mo na lang ng 1 year yung date of birth mo.

[tidus1203]

had the same case with you, i'm only 20 pero i wrote sa application na i'm 21 na so there, may credit card na ako...di naman kasi sila nanghihingi ng birth certificate to prove na 21 ka so i-adjust mo na lang ng 1 year yung date of birth mo.

Hmmm... di ko naisip yun ah! Hindi nga naman nila hinihingi yung birth certificate mo. Pero that also means kailangan ko idoctor yung birthday ko from 1984 to 1983.... Could that be a problem in the future??

[codylee23]

would this mean that local bank issued mastercard, visa / amex, etc are not recognized abroad and can't be used on the internet?


Well then why not get a Citibank..... It has a cheaper annual fee waived 1st year and your choice of Visa or Master Card... Of course they also have the best promos around and they have higher credit limits..... AND BEST OF ALL RECOGNIZED ABROAD and on INTERNET SITES....

Kaya kapag credit card, di ako kumukuha sa mga local banks, its either Citibank or HSBC for me.....

[tidus1203]

would this mean that local bank issued mastercard, visa / amex, etc are not recognized abroad and can't be used on the internet?

No, not necessarily..... But take for instance Equitable. They have two kinds of Gold card one useable only in the Philippines, the other one can be used abroad as well. Now, the one that can be used abroad has a higher membership fee its P2800 ata per annum VS the P2200 for the local only....

Case in point, Citibank's Gold Card is already useable abroad for the same annual fee of P2200.

And it also avoids the embarassing situations in foreign hotels where they still have to call in order to confirm that such banks exist. I mean, when my uncle and my dad went to Toronto my dad had a Citibank my uncle a BPI which can be used abroad. Guess what the hotel never questioned my dad's card and immediately booked a room for him while my unlce had to wait like 10 minutes for the bank to check first if BPI actually exists... I dont blame those Canadian's, how should they know BPI??

[bishop]

I don't think ganon kabilis icancel yung card especially kung di ka pa nakalagpas ng 1 year....

Dang, kailangan ba talagang 21 ka para magkacard?? RIght now I am 20 and I am really waiting for my birthday so that I could go get a credit card. My income is already sufficient to get a credit card and dang why do they need me to be 21??

And hangang ngayon di pa din ako makapagpili Citibank ba or HSBC?? Although nakalean ako ng onti sa Citibank I am still very much open to the idea of having a HSBC card! Any feedbacks from HSBC....
can't decide? get both.

[tidus1203]

No just one please..... I don't need 2 eh kasi 2 babayaran kong annual fee.....

[missfifty]

had the same case with you, i'm only 20 pero i wrote sa application na i'm 21 na so there, may credit card na ako...di naman kasi sila nanghihingi ng birth certificate to prove na 21 ka so i-adjust mo na lang ng 1 year yung date of birth mo.

haha. ok yan ah.. which company have you applied? how many months have you been working na ba? I also want a credit card.. but i've only been working for 3 months palang.. hehe.. *okay*

[brock]

choose citibank. tight security nila. i was purchasing something online when i accidentally did something and the purchase was declined. after a minute a got a call from citibank asking if i was the one attempting to make the transaction.

[p!nk]

No just one please..... I don't need 2 eh kasi 2 babayaran kong annual fee.....

try mo pa rin yung dalawa. free naman usually ang first year annual fee. after the first year, just retain the better card.