Bank of Commerce is among the largest banks in Philippines and has been in operation since 1963. Bank of Commerce has over 125 branches across Philippines and has a total net income of P1.3 billion as of 2014. The services offered by Bank of Commerce include consumer and corporate banking, trade and treasury services and loans and credit card services. Among their range of credit cards, The Bank of Commerce MasterCard Classic is a popular card and sought after by many. The card earns reward points and provides a host of benefits to the cardholder. The features of the card are as follows.
Bank of Commerce MasterCard classic cardholders can avail the iPhone at 0% instalment promotional offer. This offer is valid till 31st May 2017. The offer is open to principal as well as supplementary cardholders. The offer provides for the purchase of an iPhone 7 on an instalment plan for 12 months and a tenure of up to 24 months at 0% interest on the purchase of an iPhone 6s or SE.
Features and Benefits of the card
- The card earns reward points on every expense charged to it and earns accelerated reward points at select outlets.
- The annual fee on both, the principal and supplementary cards, is waived for the first year.
- The cardholder can take advantage of instalment plans available when shopping at select merchants that allow them to convert purchases made with the card into 0% interest instalments with tenure options ranging from 3, 6, 12, 18, 24, to 36 months.
- The card earns reward points on every expense charged to the card. The card earns reward points at the rate of 1 reward point for every P25 charged to the card on qualifying retail purchases.
- The card earns 5 reward points for every P25 charged to the card at select shopping and dining merchant outlets.
- All Bank of Commerce cardholders are enrolled onto the 3D secure facility which provides an additional layer of security on the credit card when making online purchases.
- The card is also protected from fraudulent transactions by the implementation of OTP or One Time Password software that sends a passcode to the registered mobile number of the cardholder as an extra step of authentication.
- The cardholder must have attained the minimum age of 21 years.
- The cardholder must not exceed the maximum age of 65 years.
- The applicant can be a Filipino resident or a permanent resident.
- The applicant must have an office or business landline or a residential landline.
- The applicant must reside within 15km of any Bank of Commerce branch.
- The applicant must earn a minimum annual income of P120,000.
The card is an invite only card but cardholders are still required to submit certain documents at the time of submitting the application.
For new salaried applicants
- A copy of the latest BIR Form 2316 signed by the employer.
- A copy of the certificate of employment disclosing number of years of service and breakdown of compensation.
- A copy of the latest payslip dating back at least 3 months.
For new self-employed applicants
- A copy of valid ID.
- A copy of the business registration certificate
- A copy of the latest ITR and W4 with the BIR stamp.
- A copy of the latest bank statements dating back at least 3 months.
For foreign applicants
- A copy of the applicant’s passport and visa
- A copy of the applicant’s valid work permit and visa
- A copy of the letter or contract of employment.
Fees and charges
|Annual fees||P1,200 for principal credit card and P600 for Supplementary card. The annual fees for both cards are waived for the first year.|
|Effective rate of interest (Monthly)||The EIR on a monthly basis for the card charged is 3.25%.|
|Cash Withdrawal fee||P300 or 5% of the amount withdrawn, whichever is higher.|
|Minimum monthly payment||P500 or 5% of the outstanding balance, whichever is higher plus for cards with Pesos billing and USD50 or 3% of the outstanding amount charged for cards with USD billing.|
|Foreign Exchange Conversion rate||Foreign Currency purchases are converted into Pesos and a charge of 2.5% is levied on the converted amount.|
|Late payment fee||5% of the minimum amount or P500 whichever is higher.|
|Retrieval of charge slip||P200 for local charge slips and P300 for overseas purchases.|
|Card replacement fee||P300 in case of lost/Stolen credit cards and P200 for damaged credit cards.|
How to Apply for the Card
You can apply for a Bank of Commerce MasterCard Classic credit card through the following ways:
- Applying online: New or existing Bank of Commerce cardholders can get the Bank of Commerce MasterCard Classic card by submitting the online application forms available on the Bank of Commerce website. This paperless process involves the borrower having to fill out the application form and submit it along with the supporting documents required.
- Applying through a Bank of Commerce branch: Borrowers can also get the credit card by visiting any of the banks’ participating branches and filling out the necessary application forms. The borrower will have to carry with them any supporting documents pertaining to their identity proof or income criteria.
How to Report stolen cards
Cardholders must report any loss of card immediately. If the card has been lost or stolen, cardholders are required to report the same by calling the Bank of Commerce Customer Care Hotline. Cardholders will be held liable for all purchases made using the card prior to reporting of the loss or theft of the card.