The best credit card in the Philippines varies depending on individual needs, but the UnionBank Rewards Credit Card is highly recommended for its excellent rewards program. For travel perks, the BPI Platinum Rewards Card stands out due to its competitive foreign exchange rates and lounge access.
| Credit Card | Best For |
|---|---|
| 1. BPI Rewards Card | First-Time Cardholders |
| 2. PNB Ze-Lo Mastercard | Low-Income Earners |
| 3. UnionBank Cash Back Visa Platinum | Cashback |
| 4. BPI Signature Card | Travel |
| 5. UnionBank Lazada Mastercard | Online Shopping |
| 6. BPI Amore Cash Back Card | Groceries |
| 7. HSBC Gold Visa Cash Back | Dining |
Discover the best credit cards in the Philippines that can transform your spending into serious savings! Whether you’re a savvy shopper, frequent flyer, or dining enthusiast, this definitive guide has the perfect card for your lifestyle.
With detailed insights into rewards, fees, and perks, you’ll have all the ammunition you need to maximize your credit card benefits and take your finances to new heights. Get ready to unlock a world of exclusive discounts, cashback, and premium experiences – the key is in your wallet!
This list is compiled by credit card experts and real users, ensuring you get the most accurate and up-to-date information. So, what are you waiting for? Scroll down and find your perfect credit card match today!
Key Takeaways
- The best credit cards in the Philippines for 2024 were selected based on different needs like rewards, cashback, and travel perks, helping you find what suits your lifestyle.
- Credit Cards are categorized to help first-time cardholders, low-income earners, and specific spending habits like dining, groceries, and online shopping.
- Important factors in choosing a credit card are minimum income requirements, fees, interest rates, and the alignment of rewards with personal spending habits.
Understanding Credit Cards
Understanding credit cards can empower you to make smarter financial choices and open up a world of benefits. If you already have an existing credit card, you might be familiar with some features, but diving deeper can reveal why a specific credit card is considered one of the best credit options available.
What is a Credit Card?
A credit card is a small plastic or digital card issued by a bank or financial institution that allows you to make purchases or withdraw cash on credit. It’s like having a mini loan in your wallet that you can use for various transactions.
When you use your credit card, the issuer lends you money to cover the cost of your purchase. You then have a set period of time (usually 20-30 days) to pay back the amount you spent, plus any applicable interest charges if you don’t pay the full balance.
Credit cards are widely accepted in the Philippines and around the world, making them a convenient and secure way to pay for goods and services.
Benefits of Using Credit Cards
Using credit cards can offer several advantages for millennials and young professionals:
Convenience
Credit cards allow you to make purchases without carrying large amounts of cash. They’re accepted by millions of merchants worldwide.
Fraud Protection
Most credit cards offer zero liability protection, meaning you won’t be held responsible for unauthorized charges on your account.
Build Credit History
Using your credit card responsibly and making payments on time can help build your credit score, which is important for securing loans, renting an apartment, or getting approved for a mortgage in the future.
Rewards and Cashback
Many credit cards offer rewards programs that give you points, miles, or cash back for every peso you spend. These can be redeemed for travel, merchandise, or statement credits.
Easier Budgeting
Credit card statements provide a clear record of your spending, making it easier to track your expenses and manage your budget.
Key Factors to Consider When Choosing a Credit Card
Before we dive into the best credit cards in the Philippines, let’s discuss the key factors to consider when choosing a credit card. These include:
- Minimum Income Requirements
- Fees and Charges
- Rewards and Perks
- Credit Limit
1. Minimum Income Requirements
When applying for a credit card, banks set minimum income requirements to gauge your ability to repay borrowed money. Typically, these requirements vary by card type and issuing bank. For instance:
- BPI Rewards Card: Requires a minimum monthly income of ₱15,000
- PNB Essentials Mastercard: Has a lower threshold at ₱10,000
Meeting these requirements is crucial for getting approved.
Also, before applying, evaluate your income and spending habits. This will help you find a card that suits your financial profile without stretching your budget.
2. Fees and Charges
Credit cards come with various fees such as annual fees, interest rates, late payment fees, and foreign transaction fees. Consider the fees associated with a credit card before applying.
- Annual fee: Many credit cards charge an annual fee, which can range from ₱1,550 (like the BPI Rewards Card) to ₱30,000 (such as the Security Bank Gold Mastercard). Some banks may waive this fee for the first year. Consider whether the benefits of the card outweigh this cost.
- Interest Rates: If you think you might carry a balance, look for cards with lower interest rates. High-interest charges can quickly add up if you don’t pay your balance in full each month.
- Late payment fee: A late payment fee on a credit card is a charge that the credit card issuer applies when a cardholder fails to make at least the minimum payment by the due date. The amount of the fee can vary by issuer and typically ranges from ₱850 or 5% of the overdue amount.
- Foreign transaction fee: a charge that credit card issuers apply when you make a purchase in a currency other than your home currency or when the transaction is processed by a foreign bank. This fee typically ranges from 1% to 3% of the transaction amount.
3. Rewards and Perks
Many credit cards offer rewards programs that allow you to earn points or miles for every purchase you make. Consider a credit card with a rewards program that aligns with your spending habits.
- Types of Rewards: Different cards offer various rewards, such as cashback, travel miles, or points for merchandise. Think about how you spend your money and what rewards would benefit you the most.
- Redemption Options: Check how easy it is to redeem your rewards. Some cards have complicated processes or limited options, which can be frustrating.
- Bonus Offers: Many credit cards provide sign-up bonuses if you meet a spending threshold within the first few months. These can give you a great head start on rewards!
4. Credit Limit
Your credit limit is the maximum amount you can charge on your credit card. Make sure your credit limit is sufficient to cover your expenses, but not so high that you’re tempted to overspend.
Best Credit Cards in the Philippines for 2024
With so many credit cards available in the Philippines, finding the right one can feel like searching for a needle in a haystack.
To make it easier for you, I’ve compiled a list of the top credit cards for 2024, categorized by what they do best.
Whether you’re looking for cashback, travel rewards, or perks for dining out, there’s something here for everyone.
Best Credit Cards for First-Time Cardholders
For first-time credit card holders, the best cards offer a blend of no annual fees, low fees, easy approval, and straightforward rewards, making them perfect for those just starting their credit journey. Curious to see which cards made the list? Discover the top choices that can set you on the right path!
PNB Ze-Lo Mastercard
- Income Requirement: ₱10,000/month
- Interest rate: 2.5%
- Features:
- Zero annual fees for life
- No late payment or over-limit fees
UnionBank Rewards Card
- Income Requirement: ₱15,000/month
- Interest rate: 3%
- Features:
- 3x points when you shop and dine here and abroad
- 1 never-expiring point per ₱30 spend
MetroBank Titanium Mastercard
- Income requirement: ₱15,000/month
- Interest rate: 3%
- Features:
- 2x rewards points on dining, department store, and online purchases
- 1 point for every ₱20 spend
BPI Rewards Card
- Income requirement: ₱15,000/month
- Interest rate: 3%
- Features:
- 1 BPI Point per ₱35 spend
- Up to 36 months of installment terms
- Up to ₱2 million travel insurance coverage
Best Credit Cards for Low-Income Earners
The best cards for this group can help you stretch your budget further without the burden of high costs. Let’s dive into the top picks designed to support your journey!
PNB Ze-Lo Mastercard
- Income Requirement: ₱10,000/month
- Interest rate: 2.5%
- Features:
- Zero annual fees for life
- No late payment or over-limit fees
PNB Visa Classic Card
- Income Requirement: ₱10,000/month
- Interest rate: 3%
- Features:
- Annual fee: ₱300/year
- 1% rebate on your revolved interest
PSBank Credit Mastercard
- Income Requirement: ₱15,000/month
- Interest rate: 3%
- Features:
- Zero annual fees for life
- 0% installment program
Best Cashback Credit Cards
If you’re looking to get more bang for your buck, the best cashback credit cards are your ticket to savings. These cards offer generous cashback on everyday purchases like groceries, dining, and fuel, turning your spending into tangible rewards.
UnionBank Cash Back Visa Platinum
- Income Requirement: ₱15,000/month
- Annual Fee: ₱2,000 (waived on first year)
Cashback Rates:
- Up to 6% cashback on supermarket spending.
- Up to 2% cashback on Meralco bill payments via the UnionBank online app.
- Up to 0.20% cashback on all other spends.
Citi Cash Back Card
- Income Requirement: ₱15,000/month
- Annual Fee: ₱2,500 (waived on first year)
Cashback Rates:
- Up to 5% cash back on supermarket purchases.
- Up to 2% cashback on Meralco bill payments through the Citibank online app.
- Up to 0.20% cashback on all other spends.
RCBC Flex Visa
- Income Requirement: ₱15,000/month
- Annual Fee: ₱3,000 (waived on first year)
Cashback Rates:
- Double rewards points in two chosen categories (dining, groceries, etc.)
Best Travel Rewards Credit Cards
For avid travelers, the best travel rewards credit cards are your passport to exciting adventures and savings. These cards offer valuable perks like airline miles, hotel discounts, and access to exclusive travel lounges, enhancing every journey.
BPI Platinum Rewards Card
- Income Requirement: ₱100,000/month
- Annual Fee: ₱5,500
Features:
- 2 BPI Points for every ₱30 local spend or ₱20 foreign transaction abroad
- Free access to 1,300+ airport lounges worldwide
- 0% interest on airline installment
- Up to ₱10 million travel insurance coverage
- Low forex conversion rate of 1.85%
MetroBank Platinum Mastercard
- Income Requirement: ₱58,334/month
- Annual Fee: ₱5,000
Features:
- 1 reward point for every ₱20 spend
- Points redeemable for air miles
- Up to 50% off on dining deals
BPI Signature Card
- Income Requirement: ₱83,334/month
- Annual Fee: ₱4,000
Features:
- 2 BPI Points for every ₱20 spend
- Lounge access to PAGGS at NAIA Terminal 1 and NAIA Terminal 3
- Up to ₱20 million in travel insurance coverage
- Low forex conversion rate at 1.85%
MetroBank World Mastercard
- Income Requirement: ₱125,000/month
- Annual Fee: ₱6,000
Cashback Rates:
- 1 air mile for every ₱17 foreign currency spend
- 3x rewards points for international transactions
- Exclusive access to airport deals
Best Credit Cards for Online Shopping
If you’re a shopaholic, the best credit cards for shopping can turn your purchases into rewarding experiences. These cards offer enticing benefits like exclusive discounts, cashback on retail spending, and special offers at your favorite stores.
UnionBank Lazada Mastercard
- Income Requirement: ₱30,000/month
- Annual Fee: ₱3,000
Features:
- 6 Lazada credits for every ₱200 spent on Lazada purchases and bill payments
- Free ₱50 monthly shipping vouchers at Lazada
- Fee ₱500 discount vouchers for 5 Lazada Sales all year round
HSBC Red Mastercard
- Income Requirement: ₱16,667/month
- Annual Fee: ₱2,500
Features:
- 1 point for every ₱20 spend
- 4x bonus points on online, dining, shopping and overseas transactions
- 6% rebate on your first Caltex fuel purchase plus 3% rebate all year round
- 0% interest and up to 36 months on installment deals
BPI Amore Cashback Card
- Income Requirement: ₱15,000/month
- Annual Fee: ₱2,050
Features:
- 4% cashback for supermarket and department store spend
- 1% cash back on drugstore and utilities spending
- 0.3% cash back on other offline or online local retail
- 0% interest for installment plans up to 36 months
- Discounts and freebies at participating Ayala Malls merchants
Security Bank Complete Cash Back Mastercard
- Income Requirement: ₱65,000/month
- Annual Fee: ₱3,000
Features:
- 1% cash back on shopping
- 5% cash back on groceries
- 4% cash back on gas
- 2% cash back on dining
- 3% cash back on utilities
- Free access to local airport lounges at preferential rate (A Lounge, Marhaba Lounge, and PAGSS Lounge)
Best Credit Cards for Groceries
For those who want to make the most out of their weekly grocery runs, the best credit cards for groceries offer fantastic savings and benefits. These cards provide cashback or rewards points on supermarket purchases, helping you cut down on essential expenses.
BPI Amore Cashback Card
- Income Requirement: ₱15,000/month
- Annual Fee: ₱2,050
Features:
- 4% cashback for supermarket and department store spend
- 1% cash back on drugstore and utilities spending
- 0.3% cash back on other offline or online local retail
- 0% interest for installment plans up to 36 months
- Discounts and freebies at participating Ayala Malls merchants
Security Bank Complete Cash Back Mastercard
- Income Requirement: ₱65,000/month
- Annual Fee: ₱3,000
Features:
- 1% cash back on shopping
- 5% cash back on groceries
- 4% cash back on gas
- 2% cash back on dining
- 3% cash back on utilities
- Free access to local airport lounges at preferential rate (A Lounge, Marhaba Lounge, and PAGSS Lounge)
Best Credit Cards for Dining and Entertainment
Dining out is a popular activity in the Philippines, and having a credit card that offers rewards for dining purchases can be a great way to save money. Here are some of the best credit cards for dining in the Philippines:
BPI Amore Platinum Cashback Card
- Income Requirement: ₱83,334/month
- Annual Fee: ₱5,000
Features:
- 4% cash back on restaurants and online food delivery purchases
- 1% cash back on supermarkets, department stores, and other shopping stores
- 0.3% cash back on all other local or international spend, in-store or online
HSBC Gold Visa Cash Back
- Income Requirement: ₱16,667/month
- Annual Fee: ₱2,500
Features:
- 5% cash back on dining transactions
- 0.5% cash back on all other transactions
- 3% rebate on Caltex fuel purchases
Unionbank Rewards Credit Card
- Income Requirement: ₱15,000/month
- Annual Fee: ₱2,500
Features:
- 3x rewards points at restaurants
- 1 reward point for every ₱30 spent
- Redeem cash credits, merchandise, gadgets, and more using your points
FAQs About Using a Credit Card in the Philippines
What are the 23 best credit cards in the Philippines for 2024?
Some of the top recommendations include the Metrobank Credit Card, AUB Classic Mastercard, and other great options that cater to various needs and lifestyles.
Can I have multiple credit cards from different banks?
Yes, you can have multiple credit cards from different banks. However, it’s important to manage your spending and payments responsibly to avoid late fees and maintain a good credit score. Ensure that your total credit limit is appropriate for your income and spending habits.
What is the minimum income requirement for credit cards in the Philippines?
₱15,000 is the minimum income requirement for credit cards in the Philippines. Entry-level cards typically have lower income thresholds, while premium cards may require higher incomes. It’s best to check with the specific bank for their minimum income requirements.
What should I do if my credit card is lost or stolen?
If your credit card is lost or stolen, immediately contact your card issuer to report it. Most banks have 24/7 hotlines for this purpose. The bank will then block your card to prevent unauthorized transactions. You may need to request a replacement card and update any recurring payments linked to the lost card.
How can I use a credit card to pay in installments?
Many credit cards in the Philippines offer the option to convert your purchases into installment plans. This allows you to pay later in manageable monthly payments. Look for features such as flexible installment plans and low conversion fees when choosing a credit card.
What should I consider when choosing my first credit card?
When selecting your first credit card, consider factors like annual fees, interest rates, rewards programs, and eligibility requirements. Cards like the Metrobank Credit Card and AUB Classic Mastercard are popular choices for Filipinos starting their credit journey.
How can I earn rewards with my credit card?
To maximize rewards, use a credit card that offers points for transactions made, such as shopping credits, gift vouchers, or mutual funds. Some cards also provide additional rewards for specific categories like groceries or travel.
What are the eligibility criteria for getting a credit card in the Philippines?
Eligibility criteria vary by issuer but generally include age, minimum income requirements, and Filipino citizenship or residency. Applicants usually need to provide proof of income, valid identification, and other supporting documents.
Can I transfer my credit card balance from one card to another?
Yes, many credit cards offer balance transfer options. This can be a great option if you want to consolidate debt or take advantage of lower interest rates.
How do I use a credit card to purchase big-ticket items like appliances?
Credit cards offer installment payment plans, allowing you to spread the cost over several months. Check your card’s terms for any conversion fees and ensure the retailer accepts installment transactions.
Conclusion
Choosing the best credit card in the Philippines can be overwhelming, but by considering your lifestyle and financial needs, you can make an informed decision.
Whether you’re looking for a credit card for cashback, rewards, travel, or dining, there are many options available in the market. Remember to always read the terms and conditions, and to use your credit card responsibly to avoid accumulating debt.
