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BDO credit cards for August 2022 in the Philippines

Apply for a credit card from BDO. On 20.08.2022 you have access to 0 credit cards. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

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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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BDO credit cards for August 2022

BDO Credit Card

BDO credit card is a product of BDO Unibank. The credit card allows the cardholder to buy products, pay services or utility bills, or access cash advances to pay later. BDO is a universal bank located in the Philippines that offers a wide range of banking services.

What is a BDO credit card?

A BDO credit card allows users to pay for goods and services on credit to repay on a later date. A BDO credit card is available for BDO Unibank customers who wish to increase their buying power and pay later. So long as you meet the requirements, you get a loan whenever you need it, and you can repay later. The loans do not require a user to fill in application forms. BDO credit card loans offer low interest, flexible payment terms, and adjustable credit limits.

How can I borrow a loan using a BDO credit card?

You can borrow a credit card loan by approaching the bank. BDO credit cards are available for customers that meet the BDOs credit requirements. Credit card loans are easy to acquire as they have set limits and pre-qualification from the bank. Depending on your income and borrowing power, the bank will assign you limits on how much you can spend on the card. The bank also sets the repayment terms and interest rates. While most credit cards can make purchases and payments, some of them allow people to withdraw cash. Cash withdrawals from credit cards may come with higher interest rates.

Where can I get a BDO credit card?

You can apply for a BDO credit card online or at your BDO bank branch. Choose a card from their several options and start the application process. Follow the simple process and provide the required documents. You can have your credit card application approved in minutes. There are minimal chances of rejection unless an applicant does not supply the correct documentation.

A BDO credit card comes with several advantages. There are massive bonuses, discounts, and other privileges credit card users can enjoy.

Types of BDO Credit Cards

There are several types of credit cards for BDO customers to explore. Currently, the company offers 20 credit card options from top credit companies like Mastercard, Visa, JCB, Unionpay, American Express, and Diners Club.

There are card reward programs for travelers and cards that provide rewards for fueling, dining, and entertainment. BDO credit cards offer versatile rewards like air miles, travel insurance, rewards, and cashback.

At BDO, you may choose among the three main types of credit cards:

  • Basic. These cards are recommended for users with a minimum gross annual income of ₱180,000 and include ShopMore Mastercard, Standard Mastercard, Visa Classic, and other basic cards to choose from.

  • Premium. These cards are offered to the users with a minimum gross annual income of ₱420,000 and include Gold Mastercard, Visa Gold, Gold UnionPay, and other gold-leveled cards.

  • Elite. This type will be suitable for users with a minimum gross annual income of ₱1000,000 and include several platinum-level cards.

How to Apply for a BDO credit card?

You can obtain a BDO credit card by following a simple process. First, you need to check pre-qualification to ensure that you meet the guidelines.

Pre-qualifications

Every applicant must have the following minimum qualifications.

  • Must be 21 years of age and not older than 70. Also, supplementary card holders need to be at least 13

  • Must be a Filipino or a foreigner with two years stay in the Philippines

  • Must meet the minimum gross income for the credit card of choice. The amount ranges between ₱180000 to ₱1,800,000 for the highest credit card

  • Must be employed or a business owner with over two years running

  • Have a mobile phone or a registered landline

  • Have a physical address in any of the areas with an existing BDO bank branch

Application process

Step 1. Compile the required documents.

Step 2. Fill in a BDO credit card application form.

Step 3. File your application at the nearest BDO bank branch

Step 4. Wait for approval.

Who is eligible for a BDO credit card?

You need documents to support your application. Here are some documents to apply for a credit card with BDO bank.

  • A photocopy of the front side of the credit cards

  • Original copies of Statements of Accounts for the other credit cards

  • Photocopy capturing the front and back of any valid ID cards like a passport or a driver's license.

  • Photocopy of the latest BIR Form 2316 if employed and must be signed by your employer’s authorized representatives

  • If self-employed use a photocopy of the latest ITR

New applicants without credit cards will need the following:

  • A complete BDO credit card application form

  • Legal Identification proof

  • Proof of income

How to repay BDO credit card loan debt?

Borrowers should make the payment before or on the due date, as indicated on their SOA. Paying on time will help you avoid late payment charges, and your account will remain active. You can always visit any BDO branch nearest you or contact the company to make payments. However, if your payment due date is on weekends or national holidays, the payment date automatically moves to the next business day.

Steps to repay

You can pay for your credit card through BDO mobile app or the BDO online banking website if your payment is due. However, you need to enroll your BDO credit card in Your BDO online account before processing the payment. To use the BDO online Banking website, you need to follow the following procedure:

First. check whether you are enrolled as a BDO biller. If you are not, you have to enroll to make a payment. Follow the following steps to enroll on the app:

  • Tap on the More button at the bottom and select Enrollment

  • Choose enroll company/biller

  • Enter the requested information

  • Click on Continue and confirm the details

  • Submit the details

After enrolling on the app, you can now pay via mobile app or online banking or any other method you have chosen above. You can do this by following these steps:

  1. Open the app.

  2. Select the option Pay bills.

  3. Enter payment details. You will need to supply details such as your BDO account where you will pay the loan from and choose your enrolled BDO credit card that you want to pay. You can also select the Payment schedule option by choosing whether you want funds to be deducted immediately or enter a specific date.

  4. Key in the amount you are paying.

  5. Enter the name on your BDO credit card.

  6. Click Continue.

  7. Once you have filled all the above details, press Continue to proceed to the next step.

  8. Review and confirm. Check whether all the details you have entered are correct.

  9. Press Confirm to process the payment of your BDO Credit card.

  10. You will get a reference number once the payment has been successful.

The payment will be sent to the BDO credit card account. The company will send you an email detailing the payment. Also, if already enrolled for online banking, you can check your BDO credit card account balance.

Pros and cons of using a BDO credit card

A BDO credit card offers a convenient way of accessing credit with use. You may enjoy special offers and discounts when you use the card to pay for products or services. However, you need to understand the advantages and disadvantages of a BDO credit card before applying for one.

Pros

  • Ascertains easy tracking of expenses

  • Offers incentives such as reward points and cashback

  • Helps in building a line of credit

  • Allows easy access to credit

Cos

  • Easy to overuse

  • High-interest rates

  • Hidden charges

  • May lead to debt build-up

  • Has complicated terms and conditions

Legal Regulation of Credit card loan market in the Philippines

Securities and Exchange Commission (SEC), Lending Company Regulation Act (R.A. No. 9474), and Bangko Sentral ng Pilipinas (BSP) are in charge of credit coupled with other lending laws.

The laws regulate acceptable interest rates and the amount financial institutions can lend in a year. The laws protect the borrowers from exorbitant interest rates.

The Bangko Sentral ng Pilipinas (BSP)

The BSP is the central bank of the Philippines. It has a monetary board that ensures a sound financial system, price stability, and efficiency in the payment systems. The BSP protects the borrower by conducting the following duties:

  • Ensures that lenders follow the international and national regulations. They include checking if the banks have risk management strategies for handling overdue accounts.

  • Ensures that lenders only collect late payments or penalty fees if they state so in their card application

  • Sets the fees and levies a lender gets if they do not follow set regulations. They can suspend their operations until they remedy the infraction.

Securities and Exchange Commission (SEC)

The SEC ensures that all lenders follow the set rules and regulations. The SEC ensures that lenders do not blindside the borrowers with terms to swindle them. Thus, the lender must keep the borrower informed of all the details so they make informed decisions. They can revoke a lender's license if they violate rules like charging higher interest rates than the agreed amount.

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

Lenders must first register with the BSP before they start running their operations. They have to apply to SEC for an operating license. The act protects borrowers from any lenders that may exploit them. Through the act, they ensure that a borrower gets fair treatment and eliminates unscrupulous lenders that may exploit people in need of financial relief.

The real cost of a BDO credit card loan

Credit cards offer an easy way to borrow money. They are available to most users, and they do not require collateral. Though they come easy, borrowers have to check their borrowing habits and interest charges. Here are a few things to consider.

  • Loan interest rate. The monthly credit card loan rate for the BDO credit card is 2%. The annual rate is 24%.

  • Annual fee. The annual fee for keeping your credit line open is ₱150 for a basic card.

  • Additional fees. BDO credit will charge you a late fee for late payments. Borrowers who make late payments can pay ₱850.

Before making that decision to take a credit card loan, think of the following:

  • Is it necessary? Do you need to use a credit card? Spending money on unnecessary things can create endless debt and sink you into endless spending cycles.

  • How will I repay the debts? Paying off the debt is as important as borrowing. Inability to pay can lead to more financial constraints. A payment plan is vital before you engage a borrower.

Credit card applications utilize personal information. Sharing personal details can open gateways for fraud and other identity theft crimes. Ensure that you only entrust your details to a trusted firm like BDO.

Conclusion

The BDO credit card is a perfect way to get financial aid. Whenever you need a quick fix, a credit card loan will suffice. The fast application process and quick approval make the credit cards accessible. Disciplined borrowers can use the card for years as long as they are payback. There are benefits of using a BDO credit card loan to pay for your shopping and other simple expenses.