If you are living and working in the Philippines, having a credit card or several cards will give you the most convenient life. Of course, cash is still king. And debit cards are also relatively helpful but only to some extent. Overall, a credit card is the way to go.
I’m not saying this because I’m promoting it; I’m saying it because it is true. I myself have some and the convenience they give me is unmatched. Having credit cards in the Philippines means you can pay your utilities from the comforts of your own home – no pesky lines in the malls, just click and go. You can also book your flights easily – no need to go to ticketing offices, wait and talk to an agent for your flight tickets.
Finally, you can use these cards easily for your groceries and transportation requirements. The best part is you also earn points. Of course, there are still more uses of credit cards, those three are the top ones I can think of.
With all the available credit cards that banks offer, how are you supposed to differentiate between all of those? Which have the most perks offered? Which gives more points? Which has the best customer service? Which cards offer the best protection? Which offers the best payment scheme?
I know there are a lot of things to consider. So in this article, I compiled the top elite cards that you can consider before applying. Here are the top credit cards, together with the perks that come with them.
1. HSBC Platinum Visa
Of course, we all heard of HSBC, the banking giant. But have you heard of their HSBC Platinum Visa credit card? This card is specifically catered towards the world traveler. With this, you can have free travel insurance while earning miles through their various programs.
Main perks include 1 air mile accumulated for every Php25 spent; 10% fuel rebate on your first transaction with Caltex; 3% fuel rebate for the rest of your transactions with Caltex and travel insurance up to Php10M.
Rates & Fees
The annual fee for this card is Php1,200. There is also an annual fee of PHP600 for all supplementary cards. Additionally, the card carries an interest rate of 3.50% per month.
The cash advance fee of 3% of the amount drawn or Php500, whichever is higher. There is also a 3.75% monthly interest rate on cash advances. For a late payment, you will need to pay Php700 or the unpaid minimum amount due, whichever is lower.
There is also a PHP1,000 fee for going over your limit and a 2.5% fee for foreign transactions.
You can reach the bank at (02)8858-0000 from Metro Manila. You can also find their main address at 7/F HSBC Centre, 3058 Fifth Avenue West Bonifacio Global City, Taguig City 1634 Philippines.
2. Metrobank Peso Platinum Mastercard
Metrobank offers comparable service with other international credit cards. Although the minimum yearly income requirement is higher, the perks are a number of elite services you can get with this card.
Main perks include 24moths zero installment plans with partner merchandise; 1 reward point accumulated for every Php20 spent; free accidental death/disablement travel insurance of up to Php5 million and triple reward from purchases at any of Rustan’s Department Store.
Rates & Fees
The annual fee for this card is Php5,000, though it is waived the first year. There is also a 3.5% monthly interest rate. The cash advance fee is Php600 or 3% of the cash amount availed, whichever is higher. Cash advances will also be charged a monthly rate of 3.75%.
The over limit fee is Php750 per occurrence. There is also a 2.5% fee on all foreign transactions.
If you would like to talk to the bank directly, you can call (02) 88-700-700. You can also find their main address at Sen. Gil J. Puyat Avenue, Makati City, 1200 Philippines.
3. Bank of Commerce Platinum Mastercard
Bank of Commerce is one of the country’s largest lenders by assets. The majority of its shares is owned by the San Miguel Corporation. Although it is not as widely-known compared to other banks (the minimum yearly income of a candidate is a whopping 1.2. million pesos) the perks their Platinum Mastercard offers are somehow better compared to others.
Main perks include the usage of card anywhere in the world; availability of dual currency billing; lifetime waived annual membership fee; 1 reward point accumulated for every PhP25 spent.
Rates & Fees
You’ll be happy to know that there is no annual fee for this card. In addition, the monthly interest rate is just 2.95%. If you make a late payment, you will have to pay Php700 or the unpaid minimum amount due, whichever is lower.
If you take out a cash advance, you will owe Php700 or the unpaid minimum amount due, whichever is lower. There is also a 2.5% charge on foreign currency transactions.
If you have questions about this offer, call the bank at 1800-10-982-6000. You can also find their head office at San Miguel Properties Centre # 7 St. Francis Street, Mandaluyong City 1550 Philippines.
4. Citi Premiermilers Card
Finally the most accessible of them all – Citi Premiermilers Card. Given that you only have to have a minimum monthly income of about 21000 pesos, this card is easier to get.
Main perks include 1 local mile accumulated for every PhP30 spent; 1 overseas mile accumulated for every PhP30 spent; 1 never-expiring mile for every Php30 you spend both here and abroad and access to VIP lounge local and abroad.
Rates & Fees
The annual fee for this card is Php5,000 for the first card and Php2,500 for supplementary cards. In addition, the monthly interest rate is 3.50%. If you miss a payment, you will owe Php850 or the unpaid Minimum Amount Due, whichever is lower.
There is also a 3.525% fee on foreign transactions. Further, the over limit fee is Php750 or the over limit amount, whichever is lower.
Lastly, if you would like a cash advance, you will be charged Php 500 or 3% of the Citi Cash Advance Amount, whichever is higher.
To contact the bank, you can call (632) 8995-9999. You can also visit their head office at 34th Street, Bonifacio Global City, Taguig City, Metro Manila, Philippines.
Although there are other cards and banks out there, I think these four offer the best services and options. Of course, you can continue your search, but I bet that these four cards still come up among the best of the best. Learn more from the banks’ websites today!