About credit card
Landbank of the Philippines offers three credit card options: Classic, Gold, and Corporate. These credit cards allow you to make cashless transactions at Mastercard-accredited businesses. You can also spend money on eligible purchases while earning rewards or bonuses. However, Landbank may accept or reject your request to redeem your loyalty or rewards points without providing a reason or alerting you whether it was granted or denied.
Features
The plastic money contains EMV Technology, which helps to protect your information and decrease fraud. Another security feature is the 3D one-time password (OTP) delivered to your registered cellphone number. Every transaction is authenticated using the OTP before it is executed. The Landbank credit card is accepted at over 30 million approved businesses and 2.7 million ATMs worldwide. However, any foreign exchange rate transactions will be charged in pesos due to the Landbank cards' single currency billing structure.
For every ₱50 purchased online or at point-of-sale (POS) terminals, the Landbank Credit Card gets one reward point. You can use the points to pay for purchases or annual card fees. You can also convert retail transactions and single purchases into monthly installments for up to 24 months as you continue shopping. If you apply for a Landbank cash advance facility, you only qualify for up to 30% of the credit. If you miss a payment, the unpaid amount will be charged daily interest calculated from the previous cut-off date and summed up at the end of each statement period.
Additionally, you can get your Landbank statement of accounts through email. However, there is a ₱100 fee for monthly printing or reprinting of your statement. Moreover, you can set up notifications to receive email alerts for each successful purchase, regardless of its amount.
Pros and cons
Before you apply for Landbank plastic money, consider the advantages and disadvantages of using it. These include:
Pros
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You will not be charged any annual membership fee for the first year.
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Your cards only attract a low monthly interest rate of 2%.
Cons
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You will be charged an annual fee of ₱1000 for Classic and ₱2500 for Gold if you are one of the Landbank credit cardholders.
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You will be charged a monthly finance charge of 2.0% for a single currency billing in pesos and other foreign currency transactions.
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You will be charged 5% of the amount withdrawn, up to a maximum of ₱200, ₱300 for replacing a Landbank card, ₱500 for a returned check fee, ₱350 for retrieving a sales slip, and ₱100 for printing and reprinting statements.
How to Apply for a LANDBANK credit card
To apply for a Landbank credit card, first, go to your nearest Landbank branch and inform customer care that you need an application form. To qualify, make sure you meet these requirements:
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You are between the ages of 21 and 65, have a steady source of income, a good credit score, and a minimum yearly income of ₱150000.
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Provide your most recent 1x1 ID photo, your most recent income tax return, and pay stubs for the last three months if employed. Also, submit a photo-bearing valid identification with your signature and proof of billing address.
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Provide your registration documents from the Department of Trade and Industry (DTI) or the Securities and Exchange Commission (SEC) if self-employed.
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Your audited financial accounts and ITR for the previous three years will be needed if it is a corporation. You may also include a list of essential officers or stakeholders, as well as photocopies of valid identification with the signatures of the applicants, corporate secretary, and authorized officers of the corporation.
Next, pick the card you want, fill out the form and specify which account you want the card linked to. Customer care will review your documents to evaluate your eligibility. Before signing, carefully read the data privacy permission form. Lastly, wait to receive the status of your application.