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Credit cards for August 2022 in the Philippines

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Interest rates on credit cards in the Philippines

According to the guidelines for Bangko Sentral ng Pilipinas Circular No. 1133, Series of 2021, on the ceiling/s of interest rates and other fees charged by lending companies, financing companies, and their online lending platforms, the maximum nominal interest rate for unsecured loans is 6% per month (0,2% per day), and the maximum effective interest rate is 15% per month (0,5% per day). The caps apply to unsecured loans of no more than ₱10000 and payable within four months.

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Credit cards for August 2022

Credit cards

A credit card is a payment card that allows the holder to buy goods and services based on the holder's signed agreement to pay for these items. Using a credit card is a convenient funding alternative to cash. Different lenders offer credit cards in the Philippines, enabling many Filipinos to sort their urgent financial needs instantly without long application and approval processes.

What is a credit card?

A credit card allows you to make instant cashless payments via a credit line, enabling you to pay for your purchases and then repay the bank at a later date. In a credit line, the bank will pay the shop first, then you will pay the bank later. A credit card allows you to access a pre-approved loan that requires no documentation or processing and is available immediately when you need it, provided that you meet the requirements. Furthermore, many banks offer credit cards, which their customers can use to access low-interest loan products. Credit cardholders can access flexible credit limits with suitable payment terms, making credit card readily available to everyone.

The idea of a credit card is simple. It means that the cardholder can borrow money to pay for instant purchases. Therefore, a credit card can be considered a cashless payment that allows you to borrow and use a limit on your card, with the promise of repaying the amount used within the stipulated time frame. In many instances, people use credit cards when they do not have cash or do not want to spend cash when shopping. Others prefer carrying a credit card and using it when paying as it is a fast, convenient, and safe means of paying for items or making a transaction. After using the permitted amount on your credit card, you will be required to repay the loan at a later period. You will also have to pay interest on the loan amount after a "grace period" elapses. Most importantly, your credit card limit depends on your credit history, income, and repayment capabilities. While numerous credit card lenders offer hassle-free application processes, they are not all legitimate moneylenders. It is critical to investigate your options and find a lender who can provide you with an ideal credit card facility at affordable interest rates.

How can I borrow a loan using a credit card?

A credit card is a type of pre-approved loan allowing you to secure the amount you qualify for from your bank so long as you have an account with the bank. Your credit card allows you to access a credit facility based on your previous credit history. The credit card structure is designed for new customers and those borrowers who have used their credit cards responsibly and have a positive payment history. In most instances, you get a higher limit when you make your payments consistently. Borrowing a loan using a credit card is simple. It is necessary to understand the requirements of your banks before you apply for a card or use an approved card.

To get a credit card, you can always approach your bank if you are a new customer and apply for a new card. If you already have a credit card, you can get instant credit card loans by using your credit limit to credit card purchases of an item of your choice. Some credit card issuers can extend credit cash instantly. For instance, a cash advance usually does not have an interest-free grace period; instead, they have a higher interest rate than regular purchases you would access with your credit card. Moreover, advances carry a transaction fee.

Credit cards vs debit cards

A credit card denotes a financial instrument that allows you to pay for items by incurring a debt and pay it at a later date, while debit cards allow you to spend money by using funds available or deposited in your bank. Unlike debit cards which deduct the sum of money you use directly from your bank account, credit cards give you access to a line of credit issued by a credit card issuer like a bank. Besides, credit cards are better in consumer protection against fraudulent purchases compared with debit cards because the latter are usually linked to your bank account. However, newer debit cards can offer consumers more credit card-like protections, whereas credit cards do not charge you an annual fee when you use them. Below is a summary of the differences between credit cards and debit cards:

Credit card

  • Your borrowed funds are issued by a bank

  • You can earn rewards, such as travel rewards programs and discounts.

  • A credit card helps you to grow your credit limit

  • Too much spending can affect your credit history

  • A credit card is better protected against fraud

Debit card

  • Money is deducted from your bank account

  • It helps you to avoid debt accumulation

  • Attracts little or no fees

  • Usually does not charge an interest rate

  • You cannot build your credit via debit cards

Where can I get a credit card?

Ideally, getting a credit card is a straightforward process since you do not have to prepare several documents before making an application. Credit card applicants can obtain their cards within a few minutes after following a simple application process. You can apply for a card from your insurer's online platform if provided or visit a branch to make an application. Although issuers grant fast approval, it can take longer under some circumstances. Remember to provide correct details when applying for a credit card to reduce chances or rejection.

Depending on your credit card issuer, you can get an instant loan using your credit card with many benefits, including discounts, bonuses, and many other privileges. In most cases, credit card applicants can look into one of the following banks for an instant loan using their credit cards:


Citibank offers a pre-approved loan on your credit card whenever you need it. The good thing with Citibank's credit cards is that you can obtain this loan by using the Citibank app or by applying via Citibank's online platform if you do not have their credit card. However, the issuer must first approve you to access this loan product. You can follow these steps to access a secured loan via a credit card at Citibank using the app or via Citibank's website:

  1. Go online on Citibank's website or on the app

  2. Click on Credit cards and select the credit card that suits you

  3. Choose the repayment schedule that works best for you.

  4. Select the amount of the credit card loan you wish to receive. Remember that you can only be eligible for a credit card that you meet requirements for.

  5. Your funds will be instantly deposited into your Citibank account. If you prefer to have the loan deposited in another bank account, the funds will be available the following business day.

Citibank provides you with immediate access to a credit card loan, which you can repay in 6 to 48 months. You can also obtain a credit card loan above your available credit limit, which makes it easier for you to borrow money with your credit card. However, because the excess credit card loan is subject to approval, it may take some time before the funds reflect in your preferred bank account. Besides, customers with pre-approved credit cards can spend money using their credit cards and build their credit history while making credit card payments or shopping from grocery stores.

Security Bank

Security Bank is another popular bank in the Philippines offering credit cards to users and allowing them to access a credit limit usable for online shopping and in stores when they make purchase payments. Whether you are a corporate or classic customer, you can access credit limits with annual fees and interest rates dependent on credit limits. You must have a credit card with Security Bank to access credit card facilities.

When applying for a credit card loan product from Security Bank, choose the amount of money you want, the repayment conditions, and accept the terms and conditions. Always read the fine print before agreeing to the latter. Security Bank, for example, does not provide credit card loans for amounts less than ₱10,000. In addition, if you cancel the approved credit card loan before the end of the repayment period, the bank will charge you 5% of the unbilled portion of the principal amount.

Major types of credit cards in the Philippines

Borrowers can get a credit card from many credit card issuers. There are different types of credit cards that Filipinos can get from banks or credit unions. Before then, you must meet eligibility criteria and credit score terms of the issuer. The main credit cards you can access in the Philippines include the following:

Secured credit cards

A secured credit card is given to individuals for different reasons, including funding unexpected financial needs like paying medical bills, spending money on school expenses, or even purchasing home supplies. Credit card holders can get fast loans depending on their emergencies or needs. A banks or a credit union usually allows users to access a given loan limit to help their customers fund short-term financial needs. A secured credit card loan is usually backed by a cash deposit in your account and usually targets users with a poor or limited credit score. The deposit acts as collateral on the account, which provides you with security in case you fail or cannot make payments as agreed. In other words, the security deposit protects you from defaulting and helps you to maintain a positive credit history. However, some issuers will not require account opening to approve your credit card. When used responsibly, secured cards can help you build your credit history and become eligible for unsecured cards.

Unsecured credit cards

On the other hand, an unsecured credit card is the most common type of loan in the Philippines. With an unsecured credit card, you can access credit card loans with no cash deposit as collateral. Most financial institutions in the Philippines offer unsecured credit card loans. However, these loans will likely attract higher interest rates with stricter credit requirements than secured ones. Credit card holders can increase their chances of getting a higher loan limit by proving their eligibility to pay back the credit card loan amount requested within the stipulated time.

Premium credit cards

Premium credit cards are high-end cards usually offering holders the best credit facilities with annual fees to maintain the high-end statuses. They are normally more beneficial than regular credit cards. For example, a premium credit card can offer benefits such as access to domestic and international airports as well as an exclusive rewards points program. You can get a premium rewards program when you use a premium credit card or premier rewards program when you use your card for everyday purchases or get other ultimate rewards and unlimited cashback match from using your credit card at the end of a certain period. For example, you can get premium visa cards for various uses depending on whether your financial institution can approve it. A visa card allows you to access credit card facilities even in foreign countries without exorbitant foreign transaction fees.

Apart from the above-mentioned main types of credit cards, lenders often provide the following services:

  • Rewards credit cards usually offer incentives in the form of exciting rewards such as redeem rewards, which you can use and get even cash rewards.

  • Cashback credit cards offer rebates as incentives when you use your credit card. It can allow you to save money or pay off your credit balance using the rebates.

  • Air miles credit cards earn you air miles for every purchase you make with your credit card. There are also travel credit cards, which offer exclusive travel perks other than earning travel rewards when you use your credit card. You can redeem points when traveling.

  • Business credit cards allow credit card issuers to turn to an individual for payments if the business defaults on a credit card payment. Ideally, business credit cards allow you to keep individual and business expenses separate. Other purchases that may be considered business transactions like gaming transactions and recurring bills can earn you points and ultimate rewards, depending on the allowable minimum spending to qualify for these benefits. Most credit card issuers can give you ultimate rewards, an intro APR offer, or qualifying balance transfers when you use their business credit cards. For example, you can get chase ultimate rewards or chase sapphire reserve in your card account or balance transfer cards whether you are a local or a foreigner as the cards do not have a foreign transaction fee or a balance transfer fee. You can also get a free credit scorecard and no annual fees from major credit bureaus, which does not apply to debit cards.

  • Shopping credit cards can offer you discounts and other exclusive deals from shops and grocery stores for shopping in-store or online. The cards are usually co-branded by popular brands.

  • No annual fee credit cards are always available for first-time credit card holders, enabling them to access credit without annual fees.

How to apply for a credit card

Getting a credit card in the Philippines is easy if you follow correct procedures upon determining your eligibility for a credit card. First, you must meet the requirements of the chosen credit card issuer. Generally, credit cards in the Philippines are available to Filipinos aged 21 years who have a permanent address in the Philippines and, in most cases, a bank account. To increase your likelihood of getting a credit card or a higher credit limit, you also need to have a good credit history. Note that credit cards for beginners usually have a lower card limit but will still serve the purpose of helping you get a credit card loan.

Do not forget to do your research before joining the many Filipinos who own a credit card. Understand what your bank offers and the requirements that you should follow. Remember that not all banks or lending institutions have the same terms for approving your credit card application.


The first step to applying for a credit card in the Philippines is determining if you qualify for the specific credit card you would want to apply for from your chosen card issuer. Most credit card issuers will require your identity, income, and address. Ensure that you understand the terms of a credit card company before applying for a card.


There is no standard credit card application process, so contact the chosen issuer to learn about all the conditions. Credit card loan lenders will display the maximum amount you are eligible for on the application form. Once you get a credit card, you can use it to make cashless purchases in most outlets where your credit card is accepted.

Who is eligible for a credit card loan?

Credit card loans are a good option if you require finances quickly but do not want to pay exorbitant interest rates. Before you can obtain a credit card loan in the Philippines, you must demonstrate your eligibility. Most banks and credit card issuers will require you to meet certain basic eligibility criteria for a credit card loan before they can approve your application for a credit card and a loan thereafter. Different lenders’ conditions vary depending on your credit history and credit health. The basic requirements for a credit card loan in the Philippines include the following:

  • You must be between 21 and 65 years old. Some banks allow those aged up to 70 years to apply for a credit card loan.

  • You must be Filipino citizen

  • You must have a steady income.

How to repay a credit card loan debt

Repayment of an existing loan enables you to increase your credit limits. You can also earn maximum rewards when you make early payments of a credit card loan. Some banks provide a debit card and a secured payment card to allow users to access credit loans matching available money in their linked accounts. Repayment of such loans is usually easier and can help you build your credit history. Other banks wait for users to make a direct deposit in their banks or in a checking account to repay their credit card loans. You can use various ways to repay your credit card loan:

Make monthly payments. Making monthly deposits can help pay off credit card debt. Skipping payments builds the debt to unmanageable levels. You can have the bank deduct the monthly money you have spent from your paycheck. This allows you to clear debts each month before you spend money.

Make extra deposits during the month. Another simple way to deal with a credit card debt is to make several payments during the month. Making extra deposits can help you finish repaying the credit faster and eliminate the risk of defaulting.

Use personal loans to clear accumulated credit card debt. You can get a cheaper options such as personal loans, usually with lower interest rates to help clear out credit card loans. A personal loan with a reasonable interest rate attracts fewer deductions, allowing you to clear the debt at your pace. People with a good credit score can explore personal loans that will not plunge them into a cycle of debts.

Pros and cons of using a credit card

Many financial institutions can offer you a credit card depending on your eligibility and ability to borrow a certain limit and repay within the required time. Credit cards can help you in times of emergencies, such as when you need to pay urgent bills like a monthly cellular telephone bill, or for other purchases in grocery stores. Most issuers have a convenient billing cycle, allowing card holders to make scheduled payments on time. You can also get a balance transfer card that earns you rewards for spending and can help you pay your credit card with a low-balance transfer offer. However, not everyone considers credit cards to be reasonable, especially because you might become used to spending money uncontrollably and harm your credit history.


  • Easy access to loans. You use your card to pay for something instantly, and you pay later.

  • Bonuses. You can get signup and other lucrative bonuses when you use your credit card.

  • Flexible credit. Credit cards allow users to spend money on credit and pay it back interest-free if it does not exceed 45 or 60 days.

  • You can track your expenses. A credit card will give you statements at the end of the month. Use the card statements to trace back your expenditure.

  • Credit cards build your credit history. Banks can look through your ability to pay back and determine whether you are eligible for other loan facilities.


  • Can plunge users into debt. People with little financial discipline can embark on a cycle of endless borrowing.

  • Increased interest rates. Some credit cards attract high-interest rates for users. When users miss their repayment period, they have to pay interest on their debt.

  • Hidden costs. Most users rarely know about the costs of their credit cards. Some cards have fees, taxes, and renewal fees, among others. All these can drive up the cost, leading to significant spending.

  • Credit cards are prone to fraud. Technology has made it possible for hackers to clone cards and access vital information. The fraudsters use the card to make transactions on your account.

Legal regulation of the credit card loan market in the Philippines

Securities and Exchange Commission (SEC), Lending Company Regulation Act (R.A. No. 9474), Bangko Sentral ng Pilipinas (BSP), and other lending laws regulate credit card loans. Other lending laws include acceptable interest rates offered to borrowers by financial institutions and maximum loan amounts allowed per year. These regulations aid in the avoidance of lenders charging usurious interest rates or excessive fees.

Securities and Exchange Commission (SEC)

The SEC's mandate is to verify that all lending organizations in the country follow its laws and regulations. The SEC requires all financial service providers to disclose information for borrowers to make informed borrowing decisions. It can also penalize lenders who charge excessive interest on credit card loans or fail to provide borrowers with fair terms. If a firm violates any credit card loan rules or regulations, the SEC may suspend or revoke its license.

The Bangko Sentral ng Pilipinas (BSP)

BSP is the Central Bank of the Philippines. It acts through its Monetary Board to ensure price stability, a sound financial system, and an efficient payment system. As a central bank, BSP regulates and supervises credit card loan lenders to ensure that they do not engage in illegal lending practices by doing the following:

  • Examines the bank's compliance with national and international regulations. This involves ensuring that banks have risk management strategies for dealing with overdue accounts and monitoring compliance with standards governing interest rates on bank accounts, credit card interest rates, and loan payments.

  • Levies fines for infractions of regulations. Suppose a lender violates any regulation, such as charging high-interest rates on credit card loans. In that case, the BSP may levy fines or suspend the lender's operations until they remedy the infraction.

  • Stipulates that lenders may only collect late payment fees or penalties from cardholders if they clearly state the collection in the credit card loan agreement.

The Lending Company Regulation Act (R.A. No. 9474)

Before lending companies can legally function, they must register with the Bangko Sentral ng Pilipinas (BSP) and apply to the SEC for a license to operate. The principal purpose of this act is to safeguard customers from deceptive lenders who prey on those in need of financial assistance but cannot obtain loans through official channels. The law also oversees interest rates imposed by lenders through the SEC, guaranteeing that predatory lending practices used by unethical lenders do not threaten borrowers' interests.

The real cost of a credit card loan

Credit card loans are among the most convenient methods of borrowing money. You can get a credit card loan with no collateral if it is an unsecured loan and with a deposit in your account if it is a secured loan. Credit card loans enable you to get additional funds when you do not have the time to apply for a traditional bank loan. However, credit card loans come with exorbitant costs that you need to consider before taking out such a loan.

Some significant expenses associated with taking out a credit card loan include the following:

  • Loan interest rate. Credit card loan interest rates vary greatly depending on whatever lending company you choose. For example, Citibank charges 24% APR (annual percentage rate).

  • Annual fee payments for having your credit line open with the lender. Security Bank charges fees ranging from ₱2,000 to ₱5,000.

  • Default incurs additional fees. If you default on payments, lenders will charge you additional costs on top of what you already owe in interest and monthly payments. Citibank levies late payment fees of ₱1,500 or the unpaid minimum amount due, whichever is less.

Besides, as you think of taking a credit card loan, there are several risks you should consider:

  • Can you afford it? If you do not have sufficient income, do not consider getting a credit card loan until you can afford it. You must be able to repay the principal loan amount plus interests.

  • What are you getting yourself into? Before you take out a credit card loan, you should be aware of the implications for your money, particularly the repayments. Consider how much loan interest you will pay; if it is very high, you may even pay twice as much as you borrowed.

  • What happens if you default on your payment? If you find yourself unable to make payments on your loan, the lender may pursue legal action against you. You may also be subject to a late fee or other penalties.

Keep in mind that obtaining a credit card loan requires disclosing sensitive information such as bank account numbers, addresses, and social security numbers to someone else. Therefore, this increases the risk that someone might steal that information and exploit it for fraud or identity theft, potentially costing you more money.


Credit card loans in the Philippines are an excellent way to obtain additional funds when you do not have the time to apply for a traditional bank loan. Depending with the type of credit card you choose, you can use a security deposit for a secured credit card or no security for an unsecured credit card. However, you must exercise caution when choosing any credit card loan facility. It is prudent to understand what you are getting into. Remember that credit card loans typically have higher interest rates than other loans; so, read the fine print before signing a loan agreement. Furthermore, many banks will limit the amount of credit card loan you are eligible for based on your income, whereas others will not. So, before you apply, ensure you know what credit card loans your bank offers.

Spending can be addictive. It is advisable to always consider using the money available in your account. You can organize a list of essential things you need during the month and allocate your income to those needs to avoid using the credit card unless on the essentials listed. That way, you will not spend money on unnecessary items and luxury. For example, you can cut back on travel and unnecessary trips that you cannot finance from your income or savings. You can also consider creating an emergency fund to avoid using the credit card for emergencies. Allocate part of your earnings to cater to the fund. That allows you to build a solid emergency fund. Lastly, consider switching to cash payments in place of charging your credit card. Cash at hand tells you how much more you can spend. Making flat-rate cash payments allows you to plan for the money at hand. Many people using credit cards often forget they are building debt that they will pay later.