Credit Card Information

How to pick which card to apply for

Credit card use is popular due to the convenience it offers in doing cashless transactions in-store or online. There are a number of credit card issuing institutions in the country. Chances of approval are higher when the requirements are completed by the applicant.

Banks offer special credit cards tailored to the individual needs of the user. It is important to pick one that matches the specific needs of a person to allow him to enjoy discounts and other perks included in each specific card. Apart from the perks, specific cards offer lower interest rates and rebates for specific goods and services like gas or grocery purchases. One credit card may charge only 2.5% interest for basic goods purchases, while other non-basics are charged at 3% or 3.5%.

Credit Cards (image requires attribution)
Credit Cards (image requires attribution) | Source

Applying for a Credit Card

1. Regular income is a must

A regular source of income is one major requirement for credit card approval. Employment or a regular business will greatly increase the approval chances. In addition, credit history will also help as those with good credit rating can easily get another card approved. Banks often mail a pre-approved card to clients with good credit standing in their institution. These is however ans exception to the requirement of a regular income.

For those with no regular source of income, it is still possible to obtain a credit card and get approved. Some banks offer a debit card that can be used like a credit card but with a required deposit to be maintained. The amount deposited often deposit determines the credit limit. This deposit will serve as a holdout amount, which a card used cannot withdraw while the card is active.

2. Transact only with legitimate card agents to prevent getting scammed

Card agents are everywhere, in malls, department store, grocery store,banks, online, and even over the phone. Make sure to transact with a legit agent by cross-checking. Do not give out any personal information to just anyone over the phone who claims to work for a bank. Some would claim to have pre-approved cards to lure people in. Identity and credit card thief is a common crime these days so don't allow yourself to be a willing victim.

Often asked requirements

  • Proof of income.
  • Current billing address.
  • Valid identification cards, most often these are government-issued IDs.
  • Recent billing from other cards (if you have them already).

4. Period to process

Processing card application can take anywhere from a week to a month. A letter will inform the applicant on the status of the application. In the Philippines, if the application is denied, it will take another six months before one can re-apply.

5. Safety practices


Upon approval, the credit card will be sent normally by mail. Upon receipt of the card, sign the space indicated for signature which is located at the back of the credit card. This is very important to prevent the unauthorized use of the card.

5. Card use safety practices to keep in mind

Upon approval, the credit card will be sent normally by mail. Upon receipt of the card, sign the space indicated for signature which is located at the back of the credit card. This is very important to prevent the unauthorized use of the card. It may now be activated (if this is needed). The bank or card issuer will most likely provide the SOPs to ensure safety while using your credit card in purchases online or not.

Read the fine print or the terms and conditions for the card use to avoid any problems later. The rate of charges, interests and penalties are laid out clearly and it should be fully understood by the user.

Finally, one may activate online access to the credit card account for convenient account balance and payment updating.

Prevent Credit Card Identity Theft (Video credit: Global TV Report)

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Comments 4 comments

gmmurgirl profile image

gmmurgirl 4 years ago from Pilipinas Author

Hi Seigfried! Thank you for finding this hub on credit card application (philippines) helpful. I would love to read your hubs as well. Thanks and have a wonderful summer there in California!


seigfried23 profile image

seigfried23 4 years ago

A basic and comprehensive intro for any expatriot or visitor who wants a credit card. Hubs like yours is why I love hubpages. Greetings from California!


gmmurgirl profile image

gmmurgirl 4 years ago from Pilipinas Author

Hi, I totally agree, getting our wants through credit is not always a good idea. Cash is always good. There are only specific purchases where credit is highly recommended. We just have to be responsible in how we use these credit cards. Thanks Jessie!


Jessie Garza 4 years ago

Thanks for the suggestions about credit repair on this particular blog. Things i would advice people would be to give up the particular mentality that they may buy at this moment and pay back later. As a society we tend to repeat this for many factors. This includes trips, furniture, plus items we'd like. However, it is advisable to separate a person's wants from all the needs. While you are working to improve your credit score you have to make some sacrifices. For example you are able to shop online to save money or you can visit second hand merchants instead of expensive department stores regarding clothing.

http://www.debteliminationstrategy.blogspot.com/

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