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Credit cards with no interest for October 2022 in the Philippines

No interest
Apply for a no-interest credit card with from the banks verified by our specialists. On 03.10.2022 you have access to 70 credit cards. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 70

Updated:
30.09.2022
13:42
Citibank
Citi Simplicity+ Visa Card®
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PNB
PNB Essentials Mastercard®
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PNB
PNB Ze-Lo Mastercard®
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HSBC
HSBC Premier Mastercard®
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UnionBank
Ateneo Alumni Association Visa Card®
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UnionBank
Southwestern University Alumni Foundation Visa Card®
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UnionBank
Philippine Academy of Ophthalmology®
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UnionBank
UnionBank Corporate Visa Card®
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UnionBank
Suy Sing Visa Card®
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UnionBank
La Salle Greenhills Visa 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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Credit cards with no interest for October 2022

Banks and other financial institutions offer their customers credit card services to help them pay for merchandise, settle utility bills, and access cash advance and loans. There are many credit cards in the market today with different features, benefits, and requirements. Funds accessed through credit cards attract interest like other loans, but some financial institutions offer 0% interest credit cards during promotions and specified transactions.

What are credit cards with no interest?

These no-interest cards charge a 0% intro APR (annual percentage rate) on some or all transactions for life or during a promotion period. During this time, cardholders can transact and repay the amount borrowed during the billing cycle with no additional fee. A common example is when banks permit cardholders to make 0% intro APR on purchases and balance transfers, pay for goods from specific sellers interest-free, or access cash advances and repay within a predetermined time frame without interest.

Also, APR credit cards allow you to access loans and other privileges at no extra fee. It can help you save money on some transactions for life or within a promotion period. If you use your card frequently, checkout for promotions where you borrow and repay at 0% intro APR and save on your transactions.

Attention! When using 0% intro APR cards, other rules and regulations governing the credit transactions hold. You should pay your loan on time, settle other charges like the annual fee and foreign transaction fees, and clear any over-limit fee in time to avoid gaining a bad credit score and penalties.

How to choose a credit card with no interest

Choosing a no interest credit card is a way of reducing your debt or accessing a loan at zero or low extra charges. There are many no-interest cards in the market today. Therefore, before you apply for a 0 APR credit card, study its features extensively and understand its requirements because other charges may apply. If the card offers loans at 0% intro APR as a promotion, check out when the period ends and evaluate your financial ability to clear your loan within that time. Ensure that the 0% APR enables you to enjoy all the great features the credit card has to offer and not just a select few. Here are some factors to consider before choosing a credit card with no interest.

Determine how long will it take you to repay your loan

Most banks offer credit card loans and cash rewards to new members at 0% intro APR as a marketing technique. If you want to access a 0% intro APR loan, you should borrow and repay within the promotion time because the credit card interest rates on the same loan after the promotion can be quite high.

Set your financial goals

The primary reason for seeking a credit card with no interest is to access a loan and pay no or little extra fee. If you want to reduce your debt through a 0 APR on balance transfers from one card to another, analyze the other charges like the annual fee pay and transfer and loan processing costs. If the balance transfer credit cards is cheaper, you can go for the loan. Remember, if the loan repayment period exceeds the promotion period, you pay interest that is on the high side, which leads to little or no savings at the end and even when you use a no balance transfer fee card.

Learn about how long will the 0% intro APR promotion last

Banks offer a zero-interest loan to credit card holders for a period ranging from one to two years after the account opening. Before you apply for a card, analyze your financial needs and establish if the loan you take is payable before the promotion period ends. You also need to confirm whether you can only use the 0 APR credit cards in eligible delivery service or in combined purchases in bonus categories.

Compare an interest-free and a low interest cards

Use the loan calculator offered by the bank on its website and compare the amount you pay on a low-interest loan and an interest-free loan, which may spill over to the after-promotion period and cost higher interest. The average monthly interest for credit card loans is 2%, while some banks will charge up to 15% interest after the promotion period. You can also compare which has a no intro balance transfer fee as this will help you make balance transfers at a cost effective way.

Know your responsibility in repaying the loan

No-interest cards only enable you to redeem cash rewards and also offer cash advance and loans that attract no interest but other charges apply. You should know your responsibility in keeping time and meeting all other charges such as transactions and foreign transfers to avoid falling into huge debts from accrued penalties to maintain your credit worthiness. The no-interest card you choose should meet your financial needs and offer you a way to minimize debts in your transactions and other purchases.

Check on the rewards

When applying for a credit card, make sure that the maximum rewards outweigh the costs of owning the card as you make your monthly payments. You can also find out if splitting eligible purchases into equal monthly payments is possible. You should also confirm that it is a card for balance transfers.

Types of ‌no-interest credit cards

When comparing offers from different banks, remember that not all financial institutions offer the same types of no-interest cards. As a result, if you're looking for a way to pay off your debt without paying interest, it's critical to understand the differences between them in order to select the best one for your situation.

Important! Some no-interest cards offer additional benefits, such as cashback bonuses or airline mile rewards programs, which other banks such as Citibank, RCBC, or HSBC provide to their customers.

However, these cards differ in terms of the amount of money you can transfer, the amount of money applied to the balance each month, qualifying balance transfers, charges such as foreign transaction fees associated with your card, and on-time minimum payments. You must also confirm the eligible spend category that entitles you to a 0% APR on everyday purchases.

With these considerations in mind, here are the banks that provide one of the best low-interest credit cards.

Citibank

A Citibank no-interest credit card can help you increase your purchasing power easily as you access funds which have no annual fees. You can also redeem rewards to pay for foreign transaction fees, invoices at restaurants, or to shop at your favorite online retailers.

The only no interest card from Citibank is the Citi Simplicity. It is also known as the Citi Simplicity+ Mastercard. You must be above 21 and make a minimum of ₱180,000 annually to be eligible. You must also have proof of Philippines citizenship and residency.

The bank will not charge you late payment fees if you fail to pay the minimum amount by the due date. Citibank will also not charge you over-limit fees if you exceed your credit limit while using this secured MasterCard.

It is also eligible for those carrying debts on high-interest credit cards and looking for relief from this kind of payment burden, hence helping in planning major drugstore purchases. It also allows you to pay off your credit debt without incurring further interest or delaying penalties.

Citi Simplicity has a 10% interest back for on-time minimum payments of the amount due. It also has a foreign transaction fee of 3.5%.

HSBC

The HSBC no-interest cards allow users to make purchases, pay bills, transfer funds, and then repay later. You must be a Filipino citizen or a foreign citizen with proof of local residence, and you must be between the ages of 21 and 65 to apply for the HSBC card. Following approval, these cards offer a variety of benefits, such as access to funds, reward points, cashback offers, and transaction savings.

HSBC Red Mastercard is a cash rewards card designed for shopping easily. There are a fee of ₱200 per transaction and cash rewards of 4x bonus points on every domestic and global transaction. You also earn no expiry on reward points like 4x bonus points on local shopping and access a 2.08% cash advance interest fee.

HSBC Premier Mastercard helps to earn more bonus points abroad that have a validity of three years but at an annual fee of ₱5000. You earn ultimate rewards like 10 bonus points on every ₱20 you spend, and 5% cashback on travel. You also enjoy free flights, insurance cover which covers up to ₱5 million, premiums,, and unlimited Wi-Fi.

HSBC Advance Visa is a low-interest card with ultimate rewards like a lot of discounts for everyday spending on purchases. It has a 0% intro APR for new customers and a 3.5% finance interest charge that makes it possible to save more and allocate the required resources. You enjoy fuel savings and access a 0% installment plan. You also earn 4 points on every online purchase under the premier rewards program, 12% discount on every spend of ₱500, and zero-interest rates in all the cash advances.

RCBC

Using your RCBC Bankard card to shop, dine, and travel can earn you rewards and bonus points. You can also use this card to shop while traveling because it includes security features such as EMV chip technology. You will receive free travel insurance, purchase protection, and access to world-class airport lounges when you convert any RCBC Bankard purchases made abroad into interest-free installments.

There are a couple of RCBC no-interest cards.

The RCBC Visa Infinite Card is one of them, and with it, you earn cash rewards for as little as ₱36 of your transactions and get a 5% rebate from any clothing store worldwide. You also get a free membership to priority pass and obtain free travel insurance up to ₱1,000,000 and purchase protection. You also enjoy ultimate rewards like unrestricted and free access to the Skyview Airport Lounge with one travel companion if you are the primary cardholder.

The other no-interest card is the RCBC Bankard Gold Mastercard. You earn flexible and non-expiring bonus points, unlimited cash rewards and reward dollars after minimum spending that are used for more purchases. However, you need to pay an annual fee of ₱3000.

When you start using the card, you earn one point for every ₱125 used at grocery stores, drugstores, and gas stations. You also earn flexible, non-expiring rewards points on all purchases, which you can redeem for air miles, cash rebates, and shopping vouchers.

You also keep tabs on your credit health by gaining financial control and empowerment by using free budget monitoring tools and access to the Skyview airport lounge. Additionally, you receive free Travel Plus Lite insurance and purchase protection if you charge all of your international travel-related expenses to your card.

How to apply for a credit card with no interest

After choosing the card that suits your financial needs, you can apply for it at your nearest branch or visit the bank website and fill out an application form online. You should, however, ensure you meet all the requirements to avoid rejection of your application by the bank.

Pre-qualifications

  • You must be 18-71 years old. Some banks set the minimum age of applicants at 18, while others set it at 21. The maximum age of applicants is 65-71 years in most banks.

  • You must have proof of income. If you are employed, you should provide an appointment letter and the last three payslips to prove that you meet the income requirements.

  • If you are self-employed, you must provide a tax return and other business documents for the last three years in the same business.

  • You must provide proof of creditworthiness through a positive credit history.

Application

Once you meet the pre-qualification criteria, you can visit your nearest bank and fill out an application form with copies of supporting documents. If you have any queries, the customer care team will guide you on what is required.

Another way of applying is via email. You can access the application form, fill it out, and send it to the bank as an electronic mail and wait for the bank to approve.

The most convenient way is an online application through the bank’s website. You must have all the documents required before applying saved as a single PDF file. To apply online:

  1. Visit the bank's website and click on the menu. You will find all the services and products offered by the bank. Select Credit cards.

  2. Choose the card with no interest that you want to apply for and check out its features and rewards to ensure they meet your financial needs.

  3. Click on Apply and an application form with all the requirements will pop up. Read the requirements carefully before filling out the form.

  4. Attach the supporting identification documents and submit your application.

  5. Wait for verification and approval of your application by the bank.

  6. The bank will send you an email to collect your card when it is ready. This should take about 1-14 days depending on the bank.

How can I borrow a loan using credit cards?

You can borrow funds without interest using one of your 0 APR cards from accredited ATMs or pay for specified goods and services at no extra fee. If your bank allows you no-interest loans for a specified period, say one year, all transactions you carry out attract no interest. During this period, you can access cash advance from your nearest ATM and repay later without interest or visit your nearest branch and apply for a loan. If the bank activates your account for mobile phone transactions, you can apply for a loan remotely through the mobile app. Then, you can apply for a 0% intro APR card loan online as follows:

  1. Visit your bank’s website

  2. Fill out a loan application form

  3. Ensure you provide the required details accurately

  4. Submit your application and wait for approval by the bank

  5. Your loan will be disbursed to your account if you meet all the requirements

How to repay a no-interest card loan debt

The most common method of repaying your no-interest loan is through an automatic debit arrangement, where the bank deducts your loan amount due from your savings accounts.

However, this is not always applicable since your account balance can be less than your amount due. You can avail funds to your account by direct deposit to your account over the counter or in an ATM.

If you are far from a bank branch or payment point, it is easier to deposit funds online through the mobile app. Follow the following steps to repay your loan online.

  1. Visit your bank website

  2. Click on the Menu.

  3. Select the account to credit and type the amount to transfer

  4. Click on Loans and select Pay Loan

  5. Enter the amount you want to pay and approve payment

  6. Wait for a confirmation message from the bank.

Pros and cons of using no-interest credit cards

Although no-interest cards loans help us manage our debts and meet our financial needs at a low cost, they come with some changes. Before applying for a card that will help you access a loan at no interest, you should analyze its features extensively and understand the cost of using such a card. Here are some advantages and disadvantages of using a no-interest credit card.

Pros

  • When used wisely, they help you manage and reduce your debt at low cost.

  • You enjoy perks, cash rewards, and discounts from selected stores at no extra cost.

  • You can purchase goods and services on loan and repay without interest.

  • They can help you clear loans from other cards through balance transfer at 0% APR.

  • Cardholders can access cash advances through ATMs and sort out emergencies conveniently.

  • No-interest loans get approved faster than traditional ones.

Cons

  • If the promotion period ends before you clear your loan, you will have to pay high-interest rates.

  • They encourage impulse buying, which leads to poor credit rating.

  • The zero-interest loans are linked to specific merchants and products which may not meet all your needs.

Legal regulation of the credit card loan market in the Philippines

The Philippines' legal and regulatory bodies for loan companies are the Bangko Sentral ng Pilipinas (BSP), the Lending Company Regulation Act (R.A. 1974), and the Securities and Exchange Commission (SEC).

The SEC is in charge of ensuring that companies offering credit card products are operating within legal parameters. Its responsibility in this area includes acting as an impartial body that permits businesses to show compliance with legal rules. It also provides information to investors who wish to know what to expect from a credit card company. It also aids in the prevention of identity theft by mandating creditors to verify applicants' identities before issuing cards or lines of credit.

On the other hand, BSP, the central bank of the Philippines, is essential to controlling the credit card industry. Its main goal is to ensure that financial institutions run the credit card industry ethically and transparently, safeguarding consumers from unethical business practices. The BSP has been working closely with member banks to create an environment where they can offer their credit cards without fear of penalties. It has also made a concerted effort to educate Filipinos about the benefits of using credit cards rather than cash.

Finally, the Lending Company Regulation Act governs the credit card sector. R.A. 1974 was passed to ensure that they hold all lending companies accountable to their clients. The act also specifies some obligations that all lenders must meet. It also states their responsibilities in ensuring that their clients receive accurate information about their transactions and rates. The statute also specifies how credit card firms should preserve client information and data, as well as what information they should provide their consumers regarding account management and timely payment. It also specifies who is accountable for ensuring the accuracy and timeliness of this information.

The real cost of taking a credit card loan

Before taking a credit card loan, it is essential to know its real cost. You need to consider the following to grasp the actual cost better.

The first is the interest rate. You'll be charged with interest on your loan balance when you take a credit card loan. The interest rate can vary based on how long you have left on your loan, but it will always be higher than what you would pay if you take out a cash advance with your bank account.

Then, consider the fee for paying back your loan early. The fee varies by a lender and might include an interest rate for early payments.

Finally, you need to understand the total amount you'll need to pay back. The amount will depend on whether any fees or penalties are associated with paying back early and how much money you need to pay.

Conclusion

Zero-interest cards offer you a cheap way of purchasing goods and services at no extra fee. If you use them responsibly, you save a lot of money annually on purchases and utility bills payment. Some zero-interest cards come with conditions that you should read and understand before submitting your application. You should also note the expiry date of the no-interest loan to avoid incurring high-interest rates when the promotion period expires.