Nearly all credit card issuers (banks) in the Philippines offer credit cards for Filipinos working or residing abroad. Millions of Filipinos work abroad owing to the available opportunities and earning potential in countries around the world. The spiking numbers every year indicate the increasing interest of Filipinos seeking job opportunities in developed economies across Asia, Europe and North America. Categorized as OFWs(Overseas Filipino Workers), Filipinos falling under this ambit are people who work in a different country for a fixed period or indefinitely and are likely to return to Philippines at a later time.
This also includes students who are studying in a different country and also those who are permanently residing abroad. Since OFWs form a considerable chunk of the overall population, some of the banks and financial institutions offer tailor made cards with exclusive features for aspirants in the OFW category. Depending on the profession and income, banks mostly offer secured credit cards for Filipinos working abroad.
Some of the leading banks that offer cards in this category are as below.
- Banco de Oro (BDO) Credit Cards
- HSBC Credit Cards
- BPI Credit Cards
- MetroBank Credit Cards
- Security Bank Credit Cards
Secured Credit Card for OFWs
Filipinos working abroad have access to most of the financial products just like their counterparts residing in the country. On the flipside, since OFWs are working outside the country for most or the time in an year or perhaps, forever, banks offered credit on the basis of a collateral. This collateral is mostly weighed with a definite investment option such as Time Deposits. Before getting your hands on a card, you may be required to open a Deposit account of a definite term or a fixed amount.
On the basis of monies held in the deposit account, you will be provided a credit line of an amount equivalent or slightly lower that the deposit value. As long as the card is active, you will not be allowed access to withdraw the monied held in the deposit account. Since this will be an internationally valid instrument, it can be used anywhere in the world with no limitations just the way one would use a credit card in the Philippines. As stated earlier, one can opt for a variety of cards based in specific categories such as Groceries, Travel, Utility etc.
Credit Card Application Process For OFW
Some of the banks let you apply for a credit card online, over the web portal. Since OFWs live and work abroad, this option may not be open to them since you will be required to submit documents and sign paperwork such as the agreement contract. Depending on the mode of application, one can either apply online or offline at the designated branch.
If you’re in the Philippines, consider applying well in advance before leaving the country to ensure the required paperwork is completed in due time. Existing customers of a bank in Philippines can may also be eligible for preapproved offers. Do inquire with the bank over the phone or watch out for email campaigns in your inbox. Based on the bank’s rules in this regard, you may be required to open a savings/checking account to facilitate the credit card application process.
Eligibility for OFW
Along with specific eligibility criteria, the following requirements have to be met to become eligible for a credit card as a Filipino working outside the country.
- Min. entry age is 21 years with an upper cap of 65 years.
- Stable and min. numbers of years into the job.
- May be required to furnish a local address proof to support the application.
Documents Required For OFW Credit Card Application
- Valid IDs
- Certificate or Contract of Employment.
- OFW Card issued by POEA/POEA Certificate.
- Work Permit or Work Visa issued in the country of residence.
- Address proof of home
You can contact the bank to get precise details on the documentation. Depending on the applicant’s nature of work and income, one may be required to furnish additional set of documents towards signing up for the credit card.
If you’re an OFW or know someone who works abroad and looking for credit cards in the Philippines, BankBazaar.ph helps you to compare the features and benefits offered by various banks on their credit cards. The portal also maintains up to date information on the rates and terms offered, thereby helping you in making quick decisions on the card you that best matches the requirements.