When using a BPI credit card, transactions are made against a line of credit rather than the account holder's cash deposits. When someone purchases using a BPI credit card, a balance is accumulated on their account that needs to be paid off each month.
Types of BPI credit cards
BPI Visa signature card
The BPI Visa signature card is ideal for people who want access to global services and earn real thrills rewards. It comes with a free membership for the first year and the cost of its annual membership is ₱5,500 2nd year onwards.
Features
Faster points accrual. When you spend ₱20, you get one reward point
50% off all-year-round signature offers
Free use of the airport lounge at NAIA 3
Special currency exchange rates
Complimentary travel insurance up to ₱20m
24-hour Visa Global Concierge
1.85% low currency conversion rate
Free membership to the Ayala rewards circle
BPI platinum rewards Mastercard
The BPI platinum rewards card is ideal for people who want to earn attractive rewards, especially on travel bookings. It also comes with a free membership for the first year and the cost of its annual membership reaches ₱4,000 2nd year onwards.
₱30 local spend or ₱20 spent on any foreign transaction made locally and overseas = one real thrill rewards premium point.
All-year-round real 0% installment for up to 6 months on airline tickets
Free priority pass membership with up to four free passes for access to airport lounges throughout the world
Up to ₱10m in free travel insurance; 180 days of purchase protection
Access to travel and lifestyle services from Mastercard
BPI Amore platinum cashback card
The BPI Amore platinum cards are ideal for people who generally transact online a lot. They will be able to earn attractive rewards by using this card for online or offline purchases. You can get cashback everywhere you purchase, and Ayala malls provide great benefits. Just like other cards, it also comes with a free membership for the first year and the cost of its annual membership reaches ₱5,000 2nd year onwards.
4% on dining establishments, 1% on supermarkets and other retail establishments, and 0.3 % on all other purchases
Benefits at Ayala Malls: free admission to the lounge, a 5% movie discount, and free parking tickets
Terms of installments of up to 36 months
1.85% low currency conversion rate
Access to immediate funding
How to apply?
Any customer with a BPI account can apply for a BPI credit card. To apply, follow the steps below:
Visit the BPI website, highlight Cards, and click on Credit cards.
On the new page, highlight Apply now and click on it.
Enter your date of birth and your phone number.
Type in your email and retype for confirmation.
Read the terms and conditions, click on Agree if you do, and then click Submit for confirmation.
Further directives will be sent to your email address.
Requirements
To apply for a BPI credit card, you will be required to submit a proof of ID, and proof of income.
The borrower has to submit a proof of ID that has their picture, with its front and back portion clearly visible. The accepted IDs include driver’s license, passport, voter’s ID, SSS/GSIS ID, BIR/TIN ID, PRC ID, postal ID, or company ID (issued by any institute registered by BSP, SEC or IC)
Along with that, they will be required to submit a proof of income or a statement of accounts from your previous credit card company.
Pros and cons
Using the BPI's credit card services has the following benefits and drawbacks.
Pros
A card is a useful tool for establishing a credit history;
It is safer than cash;
It includes some bonus points.
Cons
Borrowing is quite expensive;
With the card, it is simple to fall into a debt trap;
Applying for multiple cards could harm your credit history.
How to repay?
Automatic debit arrangement (ADA) or over-the-counter repayment of BPI credit card loans is only possible at the branch where you applied for the loan and signed the contract. The BPI mobile app allows you to keep track of your loan and payments, and if you forget to make a payment, a 6% late payment fee will be assessed.