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Cashback credit cards for October 2022 in the Philippines

Cashback
Apply for a cashback credit card from the banks verified by our specialists. On 03.10.2022 you have access to 120 credit cards. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 120

Updated:
30.09.2022
13:53
Citibank
Citi Rewards Mastercard®
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Citibank
Citi Simplicity+ Visa Card®
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Citibank
Citi Rewards Visa Card®
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Citibank
Citi PremierMiles Visa Card®
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Eastwest Bank
EastWest EveryDay Titanium Mastercard®
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PNB
PNB Visa Gold®
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PNB
PNB Platinum Mastercard®
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PNB
PNB Essentials Mastercard®
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HSBC
HSBC Premier Mastercard®
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HSBC
HSBC Gold Visa Cash Back Credit Card®
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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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Cashback credit cards for October 2022

A cashback credit card allows you to receive a portion of your purchases as statement credit. The more you use your card, the more rewards you accrue. As a result, you receive cashback on all purchases for each eligible transaction, which enables you to save as you spend more.

What is a cashback credit card?

A cashback credit card rewards you with a percentage of your purchase price when you use it. It's similar to a rewards credit card, except you get cashback instead of points for other eligible purchases. It also makes it easier to pay down your credit because you'll save up with each purchase rather than wait until the following month.

However, before you get a cashback credit card, here are some things you should know:

  • You can earn cashback on various transactions, not just those made at gas stations, supermarkets, and travel agencies. A cashback credit card will reimburse you for a percentage of your purchases, which could range from 1% to 5% or more.

  • You can redeem cash rewards and use them for a future purchase; you do not have to use them on the card itself. You can use any rewards or discounts given to you in any way you want, such as saving money on your next big purchase.

  • You must understand how much cash rewards you will receive on the card and the conditions of your agreement with the bank or credit union where you got the card. Before applying for a new card, you should also look into the rewards programs offered by each provider.

  • You have to pay your credit bill in full each month, or the provider will report it to the credit bureaus, thus lowering your credit score.

  • You can also benefit from combined purchases into categories that you choose, which is possible with some cashback cards that allow splitting eligible purchases that you can pay in equal monthly payments.

How to choose the right card for you

Credit cards with cashback can help save money on everyday shopping. Thus, opening a credit card account then choosing the right cashback card is essential as you get the most value for money.

When deciding between several cashback credit card types, keep the following factors in mind to determine which credit card is best:

  • Credit score. If your credit health is in good shape, you can obtain better rates on your cashback card. Ensure you have a good credit score above 650 to get a reasonable interest rate on your cash reward card. Your provider will assign you a credit limit and interest rate based on your credit worthiness. If you do not know your credit score, some companies will supply you with a report on your credit history, such as CIBIApp.

  • Cost. You must determine whether the benefits will outweigh the costs and how long they will last. Then consider your spending habits and how you might save money using a cashback credit card. Compare all the alternatives available to discover one that meets your requirements. Also, if this is a supplemental card, be sure the interest rate is lower than what you are now paying on other cards.

  • Effort to earn rewards. When choosing bonus categories, consider how much effort you want to put into earning rewards. It might be easy to reach at least the minimum spending amount every month if you are doing something like grocery shopping or gas stations where you go regularly. However, if it is something you rarely do, like doing other purchases, eating out, or traveling, then, perhaps, having a cashback card with rotating bonus categories would be ideal because you always get to pick the variety you get cashback from. Additionally, if you travel frequently, choose a card that provides cashback and travel reward benefits. You can use the cashback to pay for other eligible expenses. On the other hand, travel rewards will give you unlimited access to airport lounges and purchase protection. You can also use these rewards to pay for your flight and lodging.

  • More benefits. You should also consider what a cashback card can do for you. Is it merely a means of accumulating cash rewards? Or is it a tool that can assist you in saving money on everyday purchases? Then, look into a few cashback cards to learn more about them and make sure you choose one that matches your needs. Remember that there are many cashback cards available; some reward only certain transactions, while others may reward all in-store or online purchases. Also, when you spend in any of the permissible areas, your earn adjusts automatically. Furthermore, certain cashback credit cards with higher reward rates can be even better when combined with other cards.
    Additionally, ensure that your cashback credit card has all the great features, including a sign up bonus, unlimited cashback match, or premier rewards program.

  • Global use. If you travel a lot, especially to other countries, a cashback card that lets you earn unlimited cashback, redeem reward dollars, and free access with no sign ups is worth it. If you travel frequently and are concerned about having your account closed, you might choose a card that allows you to make international purchases. Your account will stay open, and no sign-ups are necessary to deposit or transfer funds. You can make all your entertainment purchases while having fun traveling about. You can also receive cashback on your combined eligible purchases in any category you choose, as long as the provider specifies. You may also utilize the balance transfer tool to move funds from one of your savings accounts to a foreign bank account and earn cash rewards.

How to maximize your cashback rewards using your credit card

When you select a cashback card that meets your needs, you can maximize your benefits by doing the following.

To begin, understand your rewards. Cashback cards feature a variety of rewards programs you can enjoy if you sign up for a credit card with various rewards programs and ensure you check the top eligible spend category. You only need to understand what they are, and then you can make eligible purchases to maximize cash rewards. For example, an RCBC Landmark Ansons Mastercard gives you access to a lot of rewards as it is a credit card, discount card, and loyalty card. You can also use this card for travel and enjoy unlimited privileges. Therefore, when choosing a cashback credit card, choose the one that has more rewards as you will be able to accumulate more cashback easily this way.

Next, you can use balance transfer if you have various amounts on different credit card accounts. It allows you to avoid paying interest on both balances simultaneously while receiving extra cashback on each separately. You only need to double-check your card's qualifying balance transfers. Then, if applicable, you pay an intro balance transfer fee.

Additionally, choose a cashback card that pays additional incentives if you spend a certain amount of money within a given time frame. Also, do not spend money to earn bonus cash. The small percentage of cashback you get when you redeem rewards may not be worth it if you go over your budget. Consider other costs involved like annual fee, foreign transaction fees, and late payments.

Finally, pay off all of your debts each month. Otherwise, you will lose your bonus rewards plus interest. You can start by having a budget that lists all your income and expenses. Then consider which area you can reduce your spending on. When yo do this, it will enable you to free up some funds that you can use to pay off your credit card loan fast.

Types of cashback credit card rewards

Credit cards with cashback are an excellent way to earn rewards without needing to make significant purchases regularly. The trick is to find the card that best fits your spending habits and lifestyle.

Important! While some cards allow you to earn cashback and bonus rewards, others can also enable you redeem your cashback as a statement credit or even direct deposit to your account once your rewards balance reaches a certain amount.

Still, there are many types of cashback credit card rewards you can opt for.

Flat-rate

With a flat-rate cashback credit card, the reward you receive is the same as the amount you spent on each eligible purchase. Because most flat-rate cashback cards offer returns ranging from 1% to 2.5%, you are getting the most out of your credit card advantages with this card.

A flat-rate cashback card, such as the UnionBank Gold Mastercard, offers 1% cashback on all purchases. There is no limit to how much cashback you can get; it never expires. You can even get a cash advance in over 30 million businesses and ATMs worldwide. To be eligible for this card, you must be between 18 and 70. You must also provide copies of your source of income and one valid official ID with a photo and signature.

Tiered

A tiered credit card allows you to earn cashback at different rates. The beauty of this card type is that you may specify how much money goes toward rewards. Credit cards with tiered cashback can enable you to earn rewards even for online retail purchases.

You can acquire a card with levels, such as the Security Bank Complete Cashback Mastercard, which offers 2% back on dining, 5% back on grocery, 4% back on gas, 3% back on utilities, 2% back on eating, and 1% back on shopping. You must earn at least ₱360,000 as your gross annual income. You must also have worked as a full-time employee for at least a year or as a successful independent contractor for at least three years.

You can also receive 6% cashback on grocery purchases, 2% on Meralco bill payments made through Citibank Online, and 0.20 % on all other purchases when you use the Citi Cashback Credit Card. To receive the maximum return on supermarket and Meralco purchases, you must spend more than ₱10,000 per month on non-supermarket and non-Meralco expenses such as gas or drugstore purchases. You must also be over 21 to apply for this no annual fee Citi card for the first year.

Dynamic bonus categories

Credit cards with dynamic bonus categories allow you to earn points on every transaction you make with your card, regardless of the type of purchase. You can gain points on any transaction, including groceries and gas, even if it falls into a different category than the one for which you are expected to earn points.

If you are not careful with your spending, dynamic bonus categories may be your ideal solution. They reward you for doing what matters most: making the purchases you want to make.

With the UnionBank Platinum Mastercard, for example, you can earn 1% on all transactions for an annual membership fee of ₱3,000. To qualify for the card, you must have a minimum monthly income of ₱50,000, but there are no limits to the maximum rewards you can earn in a month or year. Additionally, the cashback collected does not expire, and you get free access to the NAIA Terminals 1 and 3.

Membership-only cashback credit cards

Membership-only cashback credit cards are often issued by firms that want their consumers to become members of their business, after which they will provide them with bonuses and a share of the earnings from their transactions.

There are various types of membership-only cashback cards available, including those that pay rewards for shopping at specific stores and others with no usage limits. The most common membership-only cashback card rewards you with cashback when you spend money at a merchant's store or website or even use a specific eligible delivery service.

Some cards, such as the HSBC Gold Visa Cashback credit card, have annual fees. So if you're ready to pay a charge every year, it's worth it if it helps you save money on purchases.

With the HSBC Gold Visa Cashback Credit Card, you may get a 6% fuel rebate on your first purchase and a 3% petrol rebate all year at Caltex stations countrywide. You will also receive up to 12% off at Zalora. You can also get unrestricted airport lounge access when you use the Visa signature concierge services. If this is your primary card, you must be between the ages of 21 and 65.

No-annual-fee card

When you pay for a credit card with no annual charge, you can use it to make purchases that do not have an annual fee. However, ensure that other expenditures, like the foreign transaction fee, do not become too burdensome, especially if you make a direct deposit to other bank accounts worldwide.

A no-annual-fee cashback card can also benefit you because it allows you to use your credit card whenever you want without worrying about incurring more costs.

Using a card with no annual charge, like the RCBC Landmark Ansons Mastercard, gives you access to all the advantages of a credit card, discount card, and loyalty card. Additionally, on weekdays, you receive a 5% rebate on all purchases made at Anson's, landmark supermarket, and landmark department store. You can also benefit from privileges like travel plus lite insurance, purchase protection, and access to the Skyview airport lounge when you travel abroad.

You can also use the EastWest Platinum Mastercard to get the most value for your money. With this Mastercard, you can earn 3% cashback on purchases in department stores and restaurants. You will also receive 0.3% cashback on straight charges at other places, as well as free complete travel accident and inconvenience insurance worth up to ₱20 million. You can also use the Visa Paywave technology at the EastWest Visa Platinum Point of Sale to pay for your transactions.

Pros and cons of using a cashback credit card

There are multiple reasons you might utilize a cashback credit card. It can assist you in paying off debt faster, saving money, or purchasing something nice. But, before you run out and apply for one, understand the benefits and drawbacks of utilizing it.

Pros

  • You may make money while saving for the items you want by using cashback cards.

  • You can use your cashback credit card to earn points for gift cards, airline miles, and other rewards.

  • You can easily keep track of your spending, which helps you stay consistent with your goals.

  • You can earn even more rewards if you pay your balance in full each month.

  • You can enjoy low-interest rates if you have a good credit score.

Cons

  • You must be careful when choosing a cashback credit card because sometimes they will receive less than what you pay in interest.

  • You could end up paying more interest than you would if you didn't use a credit card.

  • You have to pay off your balance each month, or you could pay more in interest than if you didn't use a credit card.

The main requirements for getting cashback credit cards

Cashback cards reward you for spending money and getting a percentage back. But if you do not use them correctly, they could also be detrimental. Some suppliers insist on an account opening before you can use their cashback credit cards, while others do not. Therefore, it is crucial to understand what requirements your provider expects of you before applying for a credit card. You must meet the following requirements:

  • You must be a Filipino citizen or a resident.

  • You must be of legal age.

  • You must have a valid Philippine ID card, passport, driver's license, or other picture identification.

  • You must have had a valid billing address that matches your permanent and primary residences for the previous three months.

  • You must provide documentation of employment that shows your income issued within the last two months or that you have worked for at least one year with a recognized organization.

  • You must have your most recent income tax return or a registered business that has been profitable for at least a year if you are self-employed.

How to apply for a cashback credit card

After fulfilling the requirements mentioned above, follow these steps to apply for a cashback credit card:

  1. Visit the lender's website

  2. Click on Credit Cards.

  3. Click on Apply Now.

  4. Provide personal information about yourself: name, contact information, address, and phone number.

  5. Click on Submit.

  6. Wait for approval.

How to repay a cashback credit card debt?

When your billing cycle is over, you can repay your credit card debt as follows:

  1. Go to the lender's website.

  2. Select Credit Cards.

  3. Click on Pay Loan.

  4. Submit any required information, like the fixed monthly plan fee plus interest.

  5. Click Submit.

  6. You will receive a confirmation once the transaction is complete.

Legal regulation of credit cards market in the Philippines

The Bangko Sentral ng Pilipinas is in charge of supervising credit cards in the Philippines (BSP). The BSP takes these steps to protect the nation's citizens, residents, and other investors against unethical credit card issuers.

To govern credit cards in the Philippines, the BSP has enacted a variety of regulations, including:

  • The bank may request complete payment in case of default or non-payment of any money owed.

  • The bank must be financially stable, have the correct leadership, and have the managerial skills required to run a credit card business to provide services efficiently.

  • The bank must provide all the details their credit card limit involves, like purchases, cash advances, and all other charges.

  • The bank must follow the proper procedures to ensure that applicants have good credit and can pay their financial obligations before issuing credit cards.

  • The bank must ensure that all credit card applicants undergo a rigorous underwriting process and verify any information submitted.

The actual cost of a cashback credit card

Most cashback cards give you a percentage back on your purchases, reducing the amount you spend on an item. Therefore, compared to other credit cards that provide additional points to preferred rewards members, the actual cost of a cashback credit card is lower, especially if you choose one of the leading providers. However, additional charges add up, thus increasing the real cost of a cashback credit card.

The initial expense you incur is the sign-up fee paid at the time of the application. The price will vary depending on the lender, while some cashback cards have no sign-up fee.

Then, the provider will impose an annual fee besides the interest rate on your credit card balance. The annual fee may also differ from one company to the next. Some businesses demand an annual fee of ₱1500-₱3600 or more, others waive it for life, while others only for a year.

Finally, interest rate costs differ depending on the lender. If you pay off your balance in full each month, the lender will charge no interest on purchases made with the card. But if you don't, interest will accrue until it becomes due, then it will be levied against future purchases made with the card.

Remember that ‌these fees can add to your credit bill, especially if you skip a payment and incur a late payment fee. So, if you are having trouble repaying a cashback card debt, here are some pointers to help you.

  • Create a budget. No matter how minor you believe, your expenses are, ensure to include them in your budget. In this manner, you will determine where you are overspending by checking your monthly cellular telephone bill and where you may cut back. For instance, if you frequently eat out, consider cooking your meals four days a week. You can then use the money you save to pay off your cashback credit card debt.

  • Be mindful of your debt. If you do not pay off your debts, it gets more and harder to do so. It could even be more challenging to pay the bill off if your credit card company imposes a late fee because the provider adds the cost to the amount you already owe.

  • Consolidate all of your outstanding debts into a single loan. It can include every debt you owe to different lenders and any unpaid sums from other kinds of loans. It will enable you to pay off all your bills and spread your annual payments into monthly installments.

Conclusion

Cashback cards allow you to charge purchases to your card and then receive a percentage back in cash at the end of the billing cycle. Depending on the card, you can earn bonus rewards, enjoy balance transfers, and if you are a preferred rewards member, you can earn a higher percentage of cashback on every purchase you make. Moreover, depending on how much you spend and the type of cashback rewards card you use, the amount you receive may be substantial enough to cover your monthly fee. Besides, most cash rewards do not expire as long as you ensure that your account remains open. However, before you can enjoy all the cash rewards, you must first choose a credit card that suits your needs. Therefore, consult with your bank to determine the best solution for you and start saving today.