![]() They're also among the most affordable to own, as they usually come with lower annual fees than premium cards.īasic credit cards are also considered the no-frills type because they don't offer rewards. Some examples include the Bank of Commerce Classic Mastercard and the PNB Visa Classic. Sometimes called classic or standard credit cards, basic cards are the easiest to qualify for because of their low minimum income requirement. It’s why there are various credit card types in the market that appeal to different types of users.īefore going through the steps on how to get a credit card for the first time, inform yourself of the following types of cards first. Types of Credit Cards Suitable for BeginnersĮach different credit card appeals to a specific type of user who shares the same budget range, interests, lifestyle, and financial needs. Starter credit cards that offer good rewards programs are also worth considering. The best choice for credit card beginners is one with a low annual fee, interest rate, penalty fee, and income requirement. Eligibility requirements - This pertains to the minimum age, income, and other requirements to qualify for a credit card.Credit cards with very low annual fees or interest rates usually don’t offer rewards. Rewards program - Redeem points for every amount spent using the credit card, including cashback rebates, annual fee waivers, gift certificates, and air miles.If the bank doesn’t charge it, your transaction will be automatically declined when you exceed your credit limit. You also have to pay an over-limit fee when you go beyond your credit limit. Penalty fees - The bank charges a late payment fee when you don’t pay at least the minimum balance by the due date.Interest rate or finance charge - This interest will be charged when you carry a balance over from the past month.Many starter credit cards waive annual fees for the first year so that you can save money as a new credit cardholder. Annual fee - It’s the membership fee you pay for the convenience of using a credit card.Your first credit card must be something you can afford to own.Ĭonsider these important factors when shopping for your first credit card in the Philippines: To make it easier to find the best choices, look for certain qualities in a credit card. However, you need to open a savings account with the bank and deposit at least ₱10,000, which will serve as your collateral. If your income falls below the bank’s threshold, you can easily get approved for a secured credit card that doesn’t have any income requirement. You can get one if your older family members apply for a primary credit card and enroll you for a supplementary card. If you’re too young to qualify for a credit card, you may still be eligible for a supplementary credit card, as long as you’re at least 13 years old. Employment/Self-employment status – At least one-year regular employment or at least one to two years of profitable business operation/professional practice.Valid Taxpayer Identification Number (TIN).Contact number – An active residence or business landline number and mobile number.Gross annual income – At least ₱120,000 to ₱252,000 (for basic credit cards). ![]() Citizenship – Filipino (for most banks) and foreigners living in the Philippines for the past two years.Age – At least 21 up to 65 to 70 years old.Here are the common eligibility requirements for first-time credit card applications: Minimum Eligibility Requirements for First-Time Credit Card Application With that, banks impose minimum requirements on age, income, employment/business operation status, and others for credit card applicants. ![]() Check If You're QualifiedĪ credit card application is like a typical job application that requires applicants to meet certain minimum qualifications to be eligible to apply. Take note of these reminders before applying for one. Here’s how to get a credit card for the first time. How to Apply for a Credit Card for the First Time: 4 Tips ![]() Here’s a simple credit card guide for beginners on how to apply for a credit card for the first time. Is getting your first credit card a part of your #adulting goals? That plastic card is an excellent tool for building your credit history and managing your finances as a young professional.īut don’t dive into it yet without doing your homework.
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