Metrobank is a Philippine-based financial institution that offers credit card services. Customers can use their credit cards to make online purchases, pay for services, and settle utility bills while earning discounts and points. Users can also use their credit cards to transfer payments from one account to another.

What is a Metrobank credit card?

A Metrobank credit card is a service the bank offers to enable customers to pay for goods and services, settle utility bills, transfer money to any account, and repay later. Top Metrobank credit card users access many benefits and rewards such as welcome gifts and special discounts. Furthermore, customers do not pay annual fees for using credit cards in the first year. Customers who meet the income requirements are eligible for loans to make payments and repay later. To get the card, customers register by filling out an application form with their details, and upon approval, they can access all the services.

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

Metrobank offers credit card loans to its customers to cater to emergencies and other personal needs. The amount you qualify for depends on your credit limit and rating. When the bank determines your income and whether you are in formal or self-employment, the amount you qualify for is determined by your credit limit and rating. The bank charges a monthly effective interest rate on a loan borrowed and distributes it uniformly throughout the repayment period. Advance cash withdrawal is another service offered on Metrobank credit cards for users in need of fast cash. Unlike personal loans, the cash advance is accessible at any Metrobank ATM but attracts more interest than the personal loan.

Where can I get a Metrobank credit card?

Some of the cards you may apply for over the counter or online are the Metrobank cashback card, Toyota card, and Metrobank rewards plus card. Before applying, study the features of each card and choose the one that suits your needs. After choosing, you can visit your nearest branch and apply or fill out the online application form on the bank's website. If you meet all the requirements, your application gets instant approval.

Types of Metrobank credit cards

There are 15 card types from different credit companies, including Visa, Mastercard, Virtual Mastercard, Titanium, and Platinum. Each card comes with a bonus or reward for new users and freebies. The best credit cards have a reward point for customers that includes an annual fee waiver for new Metrobank credit card holders, free travel insurance, discounts, reward points, and rebates on goods for shopping during the promo period.

Here are the main types of credit cards offered by Metrobank.

• Toyota Mastercard. This is one of the bank's travel cards with a waiver in the annual fee for the first year. To apply for this card and enjoy bonus points as you spend money at a Toyota dealer, your gross annual income should be ₱180,000, and the annual fee after the first year is ₱2500. The cash advance for this card attracts a 2% monthly interest or 24% annual interest. Users earn a reward point for every ₱20 spent, and if the money is spent in the preferred Toyota dealers, you earn twice the points.

• Dollar Mastercard. This Mastercard offers free travel insurance to users who use the card to buy airline tickets. Users of this card pay bills in dollars and are exempted from paying the annual fee during the first year. To qualify for this card, your annual income should be ₱600,000 or more. The annual fee for a Dollar Mastercard is $80, and the cash advance attracts a 2% monthly interest. Late payment attracts a monthly penalty of 3% from the due date.

• Travel Platinum Visa. This card is used for buying airline tickets, paying for accommodation, and other overseas expenses. You earn a point for every ₱20 you spend, and if you spend it on airline and other travel expenses, you earn 3x reward points. You should have a ₱700,000 minimum annual income to be eligible for this card, and the annual fee after the first year is ₱5,000. A cash advance on this card attracts a 2% monthly interest or 24% annual interest. If you pay after the due date, you are charged a ₱1000 interest on the amount due.

• Metrobank Rewards Plus Visa. If your annual income is ₱350,000 or more, you are eligible for this card. The Reward Plus Visa earns reward points for every ₱20 you spend and attracts a 2% monthly interest for a cash advance. With any amount you spend on electronics, gadgets, and telecommunication, you have rewarded 2x the points. This card is free of the annual fee for the first year and attracts a ₱400 fee after the first year

• Metrobank Femme Visa. Women qualify for this card if your annual income is P180,000 0r more. This card is full of perks and rewards, with every ₱20 you spend earning you a point. A cash advance on this card attracts a 2% monthly interest and a ₱2,000 annual fee. The card is exempted from the annual fee during the first year.

• Metrobank Femme Signature Visa. Women qualify for this card if your annual gross income is ₱700,000 or more. After the first year, you are charged a ₱5000 annual fee, which is waived perpetually for supplementary cards. Every ₱20 spent on this card attracts a 2% monthly interest, and a late payment attracts a ₱1000 penalty if you spend beyond your credit limit while using the bank levies you a ₱200 penalty for any amount above your credit limit.

• Metrobank Cashback Visa: You should have a minimum gross income of ₱350,000 annually to qualify for this card. The annual fee is ₱3500, waived in the first year. For a cash advance, the interest rate is 2% per annum, while late payment attracts a ₱1000 penalty. If you exceed your credit limit, you are charged ₱750 for any amount above your credit limit.

• Metrobank Peso Platinum Mastercard: With a minimum gross income of ₱700,000 annually, you are eligible for this card. The annual fee is ₱5000 after the first year, where it is waived. Each ₱20 spent on this card earns you one reward point. The advance cash attracts a 2% interest per month and a ₱1000 penalty on late payment. Spending beyond your credit limit attracts a ₱750 interest for any extra amount.

• Metrobank World Mastercard: The minimum gross income for cardholders is ₱4,000,000. World Mastercard holders pay an annual fee of ₱6000 and ₱3000 for supplementary cards. The card holders are exempted from the annual fee for the first year, and the monthly rate for the cash advance is 2%. Every ₱20 you spend earns a reward point, and they double the rewards for international transactions.

• Metrobank M Free Mastercard: Principal and supplementary holders of M Free MasterCard enjoy the perpetual annual fee waiver. With a ₱180,000 minimum gross income, you can apply for this card. The interest on cash is 2% per month and a ₱1000 late payment fee. If you spend beyond your credit limit, the penalty is ₱750.

• Metrobank Titanium Mastercard: You qualify for this card if your annual gross income is ₱350,000 or more. The annual fee is ₱3500, and the supplementary annual fee is ₱1500. Titanium MasterCard holders enjoy a waiver during the first year, and every ₱20 spent earns a reward point. For dining, department store and online shopping, the reward points are 2x. The penalty for late payment is ₱100, and for any amount spent above your credit limit, you pay a ₱750 penalty.

• PSBank Credit Mastercard: This card has the annual fee permanently waived, and the supplementary cards have the annual fee perpetually waived. The minimum gross annual income for cardholders is ₱180,000, and the interest rate for the cash advance is 2% per month. Late payment attracts a ₱1000 penalty and spending above your credit limit attracts a ₱750 penalty.

• Metrobank ON Virtual Mastercard: This Mastercard is ideal for users seeking a secure online shopping experience. A minimum gross annual income of ₱180, 000 qualifies you to apply for this card at a ₱500 annual fee. The annual fee for the first year is waived and the interest for cash advance is 2% per month or 24% annually. Every ₱20 spent earns one bonus . The penalty charged for late payment is ₱1000 and extra money spent above your credit limit attracts a ₱750 penalty.

• NCCC Mastercard: NCCC card allows you to get a reward for all your spending and convert your reward points to the NCCC loyalty card. Any account holder with a minimum gross annual income of ₱180,000 or more qualifies for this card. The annual fee is waived for the first year and ₱1500 from the second year onwards. Supplementary cards are charged a ₱800 annual fee. Cash advance on this card attracts a 24% interest per year and ₱1000 for late payment. For every ₱20 you spend, you earn a reward point.

• YAZZ Prepaid VISA Card: This is a general purpose reloadable visa card for all purchases as long as you load it. Yazz Prepaid Visa card is used for making cashless payments and is available in national bookstores, Robinson Department Store, SM supermarket and select ECPay outlets. This card can also serve as a savings account and has no minimum income requirement because it is a prepaid card.

How to apply?

The Metrobank credit card application is simple. You should review the requirements to confirm your qualifications and make sure you meet them all.

The following minimum qualifications are a must-have for any Metrobank credit card applicant:

1. Must be 18-71 years old.

2. Have a landline number.

3. Have a valid TIN, SSS, or GSIS number.

4. Have a ₱350,000 minimum income.

5. Have a valid photo-bearing government-issued ID with the date of birth and signature.

6. Be at least six months employed as a regular employee or provide proof that you are self-employed and earn the minimum income required.

Application process

1. Ensure you have all the requirements.

2. Fill out the credit card application form. You can apply online from the bank's website or visit your nearest branch.

3. Submit your application to the nearest Metrobank branch.

4. Wait for approval after your application is accepted.

Who is eligible for a Metrobank credit card?

You need documents to support your eligibility before applying for a Metrobank credit card. Note that the requirements for a Filipino citizen are different from those of foreign citizens. The documents include the following:

Proof of identification documents

The proof of identification documents includes a copy of a valid photo-bearing ID issued by the Philippine government with a date of birth, a signature, and its instrumentalities per the Sentral Bangko ng Pilipinas, such as:

• TIN ID

• PRC ID

• A valid Driver's license

• Passport

• UMID

• PWD ID

A depositor must have a minimum total relationship balance (TRB) of ₱50,000 or must have an account for 12 months with a minimum balance of ₱25,000. Foreigners should provide proof of income or employment and a copy of the Alien Certificate of Registration (ACR) or Immigration Certificate of Residence(ICR) or Visa card.

A borrower should also have an existing credit card from other banks, which should be at least nine months old with a ₱25,000 minimum credit limit if you are applying for a supplementary card.

If employed, a non-depositor should provide copies of the last three months' payslips from the date of application as proof of income, an original copy of the certificate of employment (COE), and a copy of the latest ITR (income tax return) duly stamped as received by the BIR.

If self-employed, a non-depositor should provide a copy of the latest audited financial statement (AFS) with a bank or BIR stamp and a copy of the latest income tax return duly stamped as received by the BIR or its authorized agent.

How to repay Metrobank credit card loan debt?

Metrobank deducts the amount you owe them on when your salary is credited to your bank. Note that if you are a business owner, you should deposit funds to your account before the due date to avoid incurring penalties for late payment. If the amount in your account is insufficient, you can top up by visiting the nearest branch or partner establishments like PSBank. Late payment attracts a 3% interest rate; therefore, you should always try to spend an amount lower than your income.

Steps to repay

Metrobank credit card holders are furnished with a statement of account (SOA) that lists each transaction made in a month. The SOA shows all the transactions carried out by the cardholder and in case of an error, you should visit the nearest PSBank or Metrobank branch for instant rectification.

You can also pay your loan through mobile transfer. If you are a first-time user, you should register by calling the customer service hotline at 88-700-702. After registration, you should check your statement of account to know the amount you owe the bank. Then, access PayNow on the @MiaofMetrobankCard page on Facebook Messenger and pay your loan in three steps.

1. Select PayNow.

2. Confirm your transaction.

3. Send money and wait for the payment to be approved.

Pros and cons

A Metrobank credit card offers a convenient way of settling bills and making payments in time. It also offers users a chance to enjoy the perks offered by different cards; plus, you can acquire goods when you don't have enough funds and pay later. It is important, however, to read all the terms and conditions and check out the advantages and disadvantages of using your Metrobank credit card. The best credit card for you is dependent on your income and credit limit. Also, check out for the monthly effective interest rate before borrowing using your card.

Pros

• It enables cardholders to make payments in time even when they have no cash.

• Users enjoy rewards in form of discounts and bonuses when they pay using the Metrobank credit cards.

• New members are exempted from paying the annual fee for the first year.

• The Metrobank mobile version has a simple user interface to enable customers to pay their loans online in time at low interest.

• Users can make straight purchases and pay for merchandise using the MasterCard at no extra transaction fee.

• Current users can apply for a supplementary card, for example, the Metrobank femme signature, to enjoy different rewards.

• Cardholders get fast cash for emergencies such as hospital bills without collateral.

• The EMV chip integration in all Metrobank Visa and MasterCards makes them secure from fraud.

Cons

• If not used wisely, it can lead to over expenditure

• The bank charges a high monthly effective interest rate for late loan payments.

• The minimum requirements are not favorable to low-income earners.

Legal regulation of credit card loan market in the Philippines

All banks and lending bodies are registered by the Securities and exchange commission (SEC). The lending company regulation act (R.A No. 9474) and the Bangko Sentral Ng Pilipinas (BSP) regulate the lending companies to protect customers against unreasonable interest rates.

Securities and Exchange Commission (SEC)

Before registering a bank or other lenders, the SEC ensures adherence to the set rules and requirements. The requirements include written terms of lending, which clearly state the interest and other charges to prevent lenders from enticing borrowers with attractive perks with hidden exorbitant charges. SEC plays the role of regulating the market by keeping lenders with a get-rich-quick scheme at bay.

The Lending Company Regulation Act (R.A. No. 1974)

Also known as the lending and regulation act of 2007, the R.A. was signed by the president to regulate the establishment of lending companies. The act places their operations in a sound, efficient, and stable condition to offer optimum advantages to borrowers. It also lays down the minimum requirements and standards under which the companies should operate to mitigate undue advantage on the borrowers by the lenders through unreasonable interest rates.

Among other things, the act:

• Explains what a lending company is and lists the institutions that qualify to be lenders.

• States how a lending company should be organized

• States that the minimum capital requirement for lending companies is ₱1,000,000.

• The citizenship requirement of lenders is that at least 51% of the stocks should be owned by Filipino citizens.

• States that the interest rate on loans can be agreed upon by the lending body and the borrower but must comply with Republic Act No. 3765 also known as the "Truth in Lending Act."

The Bangko Sentral Ng Pilipinas (BSP)

BSP is the central bank of the Philippines with a board that controls the financial system in the country. It ensures stability in prices and efficiency in the payment system; PSP protects the borrowers by performing the following duties:

• Formulates and implements the policy in banking and credit businesses to maintain price stability.

• Oversees payment and settlement systems and financial infrastructures to foster prudent practices by lenders

• Ensures banks and other lending bodies only collect what they state in their terms from borrowers.

• Sets the fees and interest a lender should get if they are found operating outside the set regulations.

The real cost of a Metrobank credit card loan

A credit card loan is the easiest to access and requires no security. Furthermore, it is easily available through the bank branch or ATMs and gets approved fast. Borrowers should, however, follow the rules and regulations set by the lending bodies to avoid incurring heavy penalties or drowning in huge debts which may affect their credit score. To avoid unnecessary debts, always spend within your income. Here is a list of interest rates levied on Metrobank credit card loan borrowers.

• Finance charge (loan interest rate). The bank charges a 2% flat rate on all credit card loans per month or 24% interest annually. The interest is levied on any outstanding amount from the previous month after the due date.
• Annual fee. The bank waives the annual fee for all credit cards during the first year and charges ₱2500. Sometimes, the amount is waived by the bank when running promo programs if the customer hits the set annual expenditure. Any customer with a Mastercard or Visa card should check out the ongoing promo details to benefit from bonuses and waivers.
• Additional fees. Metrobank has no hidden charges, but any loan not repaid on or before the due date attracts a monthly interest of 3%.

It is crucial to analyze the above credit card loan charges before borrowing. Only apply for the loan or seek advance cash when necessary to avoid accumulating huge debts. You should also avoid unplanned purchases, which may lead to expenditure that exceeds your income.

Conclusion

Metrobank credit card loans are a fast way of getting financial help during emergencies. It also ensures your bills are settled in time hence promoting seamless running of business activities. Borrowers should observe rules and regulations when borrowing and have their loans paid in time to avoid extra fees and improve their credit limits. The bank offers promotions and bonuses regularly. Cardholders should check out for promos when they log onto the bank's website and enjoy the benefits during the promo period.