• Best credit cards for starters in 2016

    Are you new to the world of credit cards? Overwhelmed by the various options, benefits and features they have? Finding the perfect card for you is a tedious job and you must tread carefully when you make your choice.

    Trying to get your first credit card is no easy task. Most cards need so many requirements which can be intimidating for the first timer. Especially if you have a low annual income and no credit history. Does that sound like you? Read on to find out about some of our top choices when it comes to credit cards for starters in Philippines.

    We have picked cards that have low annual fees, have the first year’s annual fee waived off, and don’t need a high annual income. Also, they charge reasonable monthly interest rates so it’s easiest on your pocket. It is easy to get your hands on one of these starter cards. Then, all you need to do is start fashioning a great credit history by being a responsible card holder and always paying off debts on time. So when you want to apply for other banking products in the future, your good credit history will show your credibility.

    BDO Shopmore Mastercard

    Minimum annual income required: P180,000

    Annual fees: P75 a month (P900 a year), waived first year

    Finance charge: 3.50% monthly

    This is a great starter card if you are a ShopMore shopper. Every time you at SM Retail Affiliates and SM Advantage partner establishments like Petron and Taal Vista Hotel, you earn one point for every P200 spent. Also, when you use your SM Advantage card get an additional 0.5 points for every point you earn. What’s more, you get a 5% rebate if you spend a minimum of P5,000 during the ShopMore’s 3-day sale.

    BPI Blue MasterCard

    Minimum annual income required: P180,000

    Annual fees: P1,550, waived first year

    Finance charge: 3.40% monthly

    If you are looking for a good international starter card, the BPI Blue MasterCard is a great option. It is equipped with free travel insurance of up to P2 million. You can withdraw up to 30% of your credit limit and it can be used in over a million Maestro/Cirrus ATMs worldwide. Further, get Real Thrills Rewards Points with this card. For every P35 you spend, earn 1 point. The points can be collected and exchanged for rewards from BPI’s catalogue.

    Maybank Visa Classic

    Minimum annual income required: P150,000

    Annual fees: P1,000, waived first year

    Finance charge: 3.00%

    Out of all the starter cards that we found, this card has the lowest income requirement. Whats even better is the lower than average monthly finance charge. Using the Visa classic abroad is also great on your wallet because you can pay in local currency, which could save you money in conversions. Pay in installment plans of your choice with the Maybank EzyPlans.

    Metrobank M Free

    Minimum annual income required: P180,000

    Annual fees: No annual fees for life

    Finance charge: 3.5% monthly

    Metrobank’s M Free Card’s no annual fees for life, sounds almost too good to be true. But it’s true. It is the only card which waives annual fees without having a platinum status. So what are you waiting for? Grab your very own Metrobank M free card to enjoy the many benefits of being a Metrobank cardholder without thinking about any annual fees whatsoever. You will also get to enjoy the rewarding Metrobank’s M Here program which offers remarkable discounts on hotels, travel and dining.

    The minimum documentation you need for any credit card are:

    1. Government-issued ID (like passports, Driver’s License, SSS ID)

    2. Proof of income (pay slips, income tax return, original certificate of employment, BIR form 2316)

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