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  1. #1
    PEx Superhero onyxguapo's Avatar
    Join Date
    Mar 2007
    Location
    Cabanatuan City

    Credit Card with NO ANNUAL FEE FOR LIFE???

    No minimum spending requirement. REALLY NO ANNUAL FEE FOR LIFE.

    It's the Metrobank M Lite MasterCard.

    Anyone here has this type of card? I'm interested in getting one but MetroBank's website has very little info about it. Is it true that you have to be a principal cardholder of any credit card from another bank for at least 1 year before you can apply for this one? Is it also true that the minimum income requirement for this card is only 7,500 per month???

    Please enlighten me on this. I would go to a MetroBank branch here in my area to inquire anyway kaso lang sa Tuesday pa magbubukas ang mga banko. Can't wait.
    Last edited by onyxguapo; Aug 17, 2008 at 09:40 AM.

  2. #2
    the truth hurts, does it? metropolitan's Avatar
    Join Date
    Sep 2000
    Location
    West Pacific Ocean
    You are talking about the M Card not M Lite.
    M Card is zero annual fee and M Lite offers 2.49% interest per month and P900.00 principal annual fee.

    The the M Card has a light blue color and the M Lite has a dark blue color. Mali yung website ng Metrobank.

    My friends have it but I don't because I seldom use my standard Metrobank card. I only use it mainly for occasional internet purchases like books, music, Paypal and airfares.

    (The following info is as of last year. Detailed up to date info on this product is not open to the public unlike Metrobank's other card products and subject to change.)

    According to Metrobank Card, the M Card is a promotional product. It is normally issued to top clients of Metrobank or offered to valued (high transaction volume) regular annual fee paying Metrobank card holders who have recently closed or about to close their Metrobank credit cards. For short it is used to introduce Metrobank cards or for client retention.

    If Metrobank Card earns thousands of pesos yearly from its cut from credit card transactions from a particular client it would not hurt the company if it offered zero annual fee card to such clients rather than the client being poached by competitors.
    Last edited by metropolitan; Aug 17, 2008 at 04:57 AM.

  3. #3
    PEx Superhero onyxguapo's Avatar
    Join Date
    Mar 2007
    Location
    Cabanatuan City
    Quote Originally Posted by metropolitan View Post
    You are talking about the M Card not M Lite.
    M Card is zero annual fee and M Lite offers 2.49% interest per month and P900.00 principal annual fee.

    The the M Card has a light blue color and the M Lite has a dark blue color. Mali yung website ng Metrobank.
    Ah, so it's almost like an exclusive card for VIP Metrobank clients and Cardholders. Mali nga yung nakasulat sa MetroBank website kung ganon. Thank you very much for clarifying this, metropolitan.

    Anyway, my dad (who has been a UniCard holder for 20 years) has been planning to cancel his MetroBank cc kasi yun ang card nya na pinakamaliit ang credit limit at pinaka-bihira nya gamitin. But my mom, being a loyal MetroBank customer, stopped him insisting that, "sayang naman. It's your first credit card and you had it for 20 years." I would tell my dad later about this M Card baka sakaling bigyan sya pag pina-cancel nya regular cc nya.

    Thanks again for the info!

  4. #4
    the truth hurts, does it? metropolitan's Avatar
    Join Date
    Sep 2000
    Location
    West Pacific Ocean
    Additional info:

    The M Card has no points/milage accrual and has the usual 3.5% monthly interest. It should have the same perks like 0% installment, auto bills payments, cash loans and 'M Here discounts.

    The former Equitable Card Network (now BDO Card) offered a American Express card with no annual fee for the first two to five years and after the free years and onwards the cardholder has to spend a minimum amount per year to qualify for a yearly annual fee waiver. I am not sure if this has been continued since American Express cards are now issued by BDO.

    BDO is pushing for its BDO Gold Mastercard. Charge P180,000 per year and the principal's annual fee is waived every year from the second year.

  5. #5
    PEx Superhero onyxguapo's Avatar
    Join Date
    Mar 2007
    Location
    Cabanatuan City
    Sana kasi para nang sa US ang credit cards dito sa Pinas. Sa US, walang annual fees. Kung sa atin waived ang annual fee for the first year, sa US walang finance charge for the first year. Tapos, ang FC ay hindi pare-pareho kundi depende sa credit score ng cardholder. Pag mas mataas ang credit score, mas mababa ang FC. I also learned that credit cards in the Phillippines probably have the highest APR in the world--up to 42%. Sish.

    Anyway, other cards that offer annual-fee waivers are Standard Chartered Gold Card (subject to an annual spending of PhP90,000) and RCBC BanKard which has been recently offering annual fee-free for life credit cards to top clients.

  6. #6
    the truth hurts, does it? metropolitan's Avatar
    Join Date
    Sep 2000
    Location
    West Pacific Ocean
    latest info on the M Card:

    The M Card has recently been offered to some employees of some companies that use Metrobank as its payroll disbursement bank. These new M Card holders were allowed to get a Cash2Go Beat Installment Plan cash loan without waiting for six months.

  7. #7
    If you don't want to pay Annual fee, just threaten the CSR that you'd rather close you CC account with them since you've got lots of it anyways or straight out ask for excemption.

  8. #8
    PEx Superhero onyxguapo's Avatar
    Join Date
    Mar 2007
    Location
    Cabanatuan City
    Ooops. Sorry, wrong post. Don't know how to delete.

  9. #9
    Quote Originally Posted by onyxguapo View Post
    Sana kasi para nang sa US ang credit cards dito sa Pinas. Sa US, walang annual fees. Kung sa atin waived ang annual fee for the first year, sa US walang finance charge for the first year. Tapos, ang FC ay hindi pare-pareho kundi depende sa credit score ng cardholder. Pag mas mataas ang credit score, mas mababa ang FC. I also learned that credit cards in the Phillippines probably have the highest APR in the world--up to 42%. Sish.

    Anyway, other cards that offer annual-fee waivers are Standard Chartered Gold Card (subject to an annual spending of PhP90,000) and RCBC BanKard which has been recently offering annual fee-free for life credit cards to top clients.
    Yup, you can ask the branch manager to reverse the annual fees.

    thanks

  10. #10
    hmm okay standard charter kasi you earn points while you spend

  11. #11
    HSBC Premiere Mastercard - no annual fee for life. Absolutely none.

  12. #12
    pelvic splachnic ganglion spindoctor's Avatar
    Join Date
    Nov 2001
    Location
    where womi is
    Reviving this thread. What cards currently offer zero annual fee for life?

  13. #13
    metrosexual shopaholic glenchuy's Avatar
    Join Date
    Nov 2001
    Location
    behind you!
    i have the m-card. i don't use it much, but it's free for life. kung may discounts sa establishments, dun ko lang nagagamit.

    east west platinum and hsbc premium offers zero annual fee for life.

    bdo gold auto waives annual fees when you reach 180k annual spend.

    standard chartered gold waives annual fees when you reach 90k

    citibank gold waives annual fees when you reach 420k (or is 450k i forgot)

  14. #14
    I have Standard Chartered gold that offers free annual fee for life.. the only catch is that you need to spend 90k yearly. that's fine since you are still earning points and not paying annual fees (no deduction from your existing balance points).

  15. #15
    when does one have to request a waive/reversal of annual fee? should it be months before it is supposed to be charged on the bill?

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  17. #16
    up ko lang yung thread. basically, i got my M card from MBTC because metrobank visited our company and offered this card. i think, this is their corporate card as mentioned ng agent sakin over the phone. well, hindi naman kasi mahirap kausapin mga agent ng MBTC, easy lang mag pa waive ng annual fee sa kanila. i already have a GO mastercard from MBTC and 2 years na ako walang annual fee, at hindi ko naman yun talaga ginagamit. minsan lang. unlike BDO and Citibank, dapat talaga bayaran yung annual fee

  18. #17
    Even though lagi din waived ang annual fee ko sa Metrobank Go! card ito pa ring M card na ito ang gusto ko magkaroon. Sabi ng agent na nakausap ko hindi na daw sya available for new applicants, but if it is offered to me, and only IF it will be offered, I can grab it daw. Labo.

  19. #18
    basta onyx parang corporate card yung M nila. why not ask them to replace ur Go card to M ?

  20. #19
    I Received My Toyota Mastercard Last October ...at Sobra Laki Ng Annual Fee,, Kahit Waived Pa Sya Ng 1 Year Mas Gustuhin Ko Paputol Na Lang B4 Mag Isang Taon Ang Card.. Buti Na Lang Binigyan Ako Ng Idea Ng Agent Na I Request Ko Ang M Card... After 2 Weeks Pinadalhan Ako Ng Metrobank Ng M Card... So Happy Kasi Di Ko Na Intindihin Ang Annual Fee Nito... Since Free For Life Ang Membership Nito...

  21. #20
    Quote Originally Posted by rhaps00 View Post
    basta onyx parang corporate card yung M nila. why not ask them to replace ur Go card to M ?

    Yun nga ang sabi sa kin when I requested for conversion to M card, by invitation na lang daw sya. Try ko ang scare tactics. Pa-cancel ko yung card ko unless convert nila to M card. Inoffer kasi yun sa dad ko nung pina-cancel nya MBTC cc nya.


    Quote Originally Posted by zildjianrain View Post
    I Received My Toyota Mastercard Last October ...at Sobra Laki Ng Annual Fee,, Kahit Waived Pa Sya Ng 1 Year Mas Gustuhin Ko Paputol Na Lang B4 Mag Isang Taon Ang Card.. Buti Na Lang Binigyan Ako Ng Idea Ng Agent Na I Request Ko Ang M Card... After 2 Weeks Pinadalhan Ako Ng Metrobank Ng M Card... So Happy Kasi Di Ko Na Intindihin Ang Annual Fee Nito... Since Free For Life Ang Membership Nito...

    Card conversion po ba yung nangyari sa card n'yo or binigyan kayo ng second account?

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