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Are you Ready to Own your First Credit Card? Here’s a Quick Beginner’s Guide for You

Here are the important things to consider when shopping for a credit card in the Philippines:

  • Annual fee: The membership fee you pay for the convenience of using a credit card. Many starter credit cards have waived annual fees for the first year, so you can save money as a new credit cardholder.
  • Interest rate or finance charge: The interest that will be charged when you carry a balance over from the past month
  • Penalty fees: The bank charges a late payment fee when you don’t pay at least the minimum balance by the due date. You also have to pay an over credit limit fee when you go beyond your credit limit. If the bank doesn’t charge it, your transaction will be automatically declined when you exceed your credit limit.
  • Rewards program: Redeemable points for every amount spent using the credit card, including cash back rebates, annual fee waivers, gift certificates, and air miles. Note that credit cards with very low annual fees or interest rates usually don’t offer rewards.
  • Eligibility requirements: The minimum age, income, and other requirements to qualify for a credit card


Some reminders for first-time credit card users:

  • Pay it off in full every month. This will keep you from paying finance charges and late payment fees.
  • Don’t spend beyond your means. Especially if you’re given a six-digit credit limit, never make the mistake of maxing out your first credit card. It’ll be harder to pay your monthly balances that way.
  • Monitor your credit card transactions and statements regularly. If you notice anything suspicious, report it immediately to the bank.
  • Never share your credit card details. Protect yourself from credit card fraud by making sure you don’t give out your credit card and personal information to anyone.

For more info, you may check out this link: 

https://www.moneymax.ph/blog/first-credit-card-guide

Comments

  • BigFudgeBigFudge Droid ✭✭
    Great guide, MoneyMaxPH!

    ... shame about that 1st reply, though. LOLz
  • Money max is there a way for car refinancing?
  • C.I.C.C.IC.I.C.C.I Member ✭✭✭
    A CREDIT CARD IS NOT

    a loan

    free money

    a debit/ATM card

    unlimited money


  • Poknatis said:
    Money max is there a way for car refinancing?
    Hi Poknatis, as of the moment we don't provide car refinancing. However you may check-out this guide to help you out: https://www.moneymax.ph/car-insurance/articles/negotiate-car-loan-payments

    Feel free to visit us for other financial products: https://www.moneymax.ph
  • Great guide. Glad you included in the reminders the "do not spend beyond your means." This is typically forgotten when the card is in the hand.
  • Mas madali po ba ma approve ang CC application if through moneymax ang application? Nag try ko sa go bear kaso parang hindi naman na process.
  • Anong bank ang mabilis mag approve ng application? 
  • rebeldeako7rebeldeako7 i'm a nefarious twerp
    gano po ba katagal bago maapprove kung online lang nag apply? 
  • edited June 27
    BigFudge said:
    Great guide, MoneyMaxPH!

    ... shame about that 1st reply, though. LOLz
    Thanks, @[email protected]! Hope our article helped you out.
  • edited June 27
    Poknatis said:
    Money max is there a way for car refinancing?
    Hi @Poknatis! To learn more about car refinancing, click here. Make sure your car doesn't get repossessed! Here's a guide to help you out. https://www.moneymax.ph/blog/steps-car-repossessed
  • edited June 27
    SamanthaB said:
    Great guide. Glad you included in the reminders the "do not spend beyond your means." This is typically forgotten when the card is in the hand.
    Thanks, @SamanthaB! :) 
  • edited June 27
    Kiefkid said:
    Mas madali po ba ma approve ang CC application if through moneymax ang application? Nag try ko sa go bear kaso parang hindi naman na process.
    Hi @Kiefkid! After comparing and choosing the right credit card here, a MoneyMax.ph representative will call you right away to help you with your application. 
  • kontesers said:
    Anong bank ang mabilis mag approve ng application? 
  • edited June 27
    kontesers said:
    Anong bank ang mabilis mag approve ng application? 
    Hi, @kontesers! It really depends on the bank and your documents. MoneyMax.ph can assist you with your application just by comparing providers here.
  • gano po ba katagal bago maapprove kung online lang nag apply? 
    Hello @rebeldeako7! It really depends on the bank and your documents. You can try our comparison platform here to help you find the best credit card in the quickest time possible. 
  • piquanteyepiquanteye Member ✭✭✭
    EonBankPH DUO is a good start for online buyers and first time card users.  A Good stepping stone to get UnionBank card as well as per EonBankPH support conversation.
  • Hello! I have applied for a BDO cc and I just received an email with my application status ID. To be honest, I'm not really hopeful that they will approve my application because I'm now working from home for my employer when I was still in Dubai. My salary was being sent to me by my husband (along with his monthly padala) since we're working for the same company kaya I was only able to provide a copy of my payslip instead of an ITR. My question is, does anybody here have the same situation as me tapos na-approve yung cc application nila? 

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