The EastWest Bank Practical MasterCard offers a lot of perks and interesting features. It caters to the needs of an average customer and offers them the benefits of most credit cards combined. A list of its features would include cash advance facilities, flexible fee payment, worldwide acceptance and low interest rates.
Features and Benefits
- The cardholder can choose the structure of the payment of membership fee. They can either pay it monthly, quarterly, or annually.
- The EastWest Bank Practical Mastercard offers an interest rate of 3.25% for the purchases you make at gas stores, supermarkets and pharmacies. For other purchases, the interest rate charged is 3.49%.
- You can use EastWest Bank Practical Mastercard while traveling within Philippines or across the globe. This card is accepted in as many as 29 million entities in more than 200 countries in whichever place MasterCard is accepted.
- The cardholder can transfer their credit card balance to their EastWest Bank Practical Mastercard to get amazing savings and low monthly installments.
- If you enroll in the Quick Bills Facility of your EastWest Practical MasterCard, the premiums of your various insurance policies as well as your bills get automatically deducted from your EastWest Practical MasterCard. This makes managing bills more convenient. Participating billers include Meralco, PLDT & MyDSL, Bayantel, SKYCable/SkyBroadband, and Globe among others.
- All the purchases you make on this card in Philippines or abroad will be billed in Philippine Peso.
- Cardholders can avail cash advances of up to 50% of their credit limit. This will be available at EastWest stores throughout Philippines or any ATM that carries the Cirrus and the MasterCard logos. You will be charged an interest from the date of getting the cash to the date of repaying it.
- Cardholders can enjoy 0% interest instalments at select merchant outlets.
The maximum number of supplementary cards that you can request for is 9. You share your spending privileges with your family members using these supplementary cards. You can also assign a cap to each of the cards to keep the expenses in check.
The card uses 3D secure technology for online transactions. It prevents the card from falling victim to fraud and cloning.
The following are the requirements:
- The applicant must be a citizen of Philippines or should be an expat living in Philippines.
- The applicant of the principal card should be at least 21 years old.
- The gross annual income of the applicant should be P120,000.
- The applicant must have a mobile number or a residential or business landline.
The applicant has to submit a completed application form. Along with it, they must submit photocopies of Professional Regulation Commission (PRC), Voter's ID, a valid ID with a picture and signature, BIR ID, or a SSS card.
A salaried person has to submit the following documents:
- Salary statement of the last three months
- Latest BIR Form 2316
- Valid references of other credit card and latest account statement
- Latest service record for people employed under the government
- A certificate of employment listing the breakdown of salary
- Letter of appointment
A self-employed person has to get the following documents:
- Latest financial statements
- Latest BIR Form 1701/ITR
Fees and Charges
|Annual membership||P1,400 for Principal cardholder and P700 for Supplementary cardholder.|
|Interest Charge||3.25% per month, or 39% annually.|
|Cash Advance Service Fee||3% of the cash advance amount or P600, whichever is higher.|
|Cash Advance Over-the-Counter Fee||A fee of P500 will be charged for cash advance transactions availed over-the-counter at EastWest stores in addition to the cash advance service fee and applicable Interest Charge.|
|Late Payment Charge||7.50% of the minimum payment due or P500, whichever is higher.|
|Over Credit Limit Fee||An amount of P500 for every instance of credit limit being exceeded.|
|Gambling and Gaming Fee||A 5% service fee shall be charged on gambling or gaming transactions and/or transactions made at gambling or gaming establishments|
|Card Replacement Fee||P400 each time the card is replaced.|
How to apply for EastWest Bank Practical MasterCard
The applicant can apply for EastWest Bank Practical MasterCard online by visiting the official website of the EastWest Bank. The processing of the application form takes not more than 10 to 15 working days.
Lost/Stolen Card Liabilities
The cardholder can report the loss of their EastWest Practical MasterCard using the bank's 24-hour customer service hotline at (02) 888-1700. The cardholder will not be held responsible for any financial liability due to fraudulent transactions made on the card from the time the loss or theft is reported.
For residents within Metro Manila, replacement cards will be sent within 9 banking days from the time of the report of loss of card was made. For residents outside Metro Manila, the card will be sent within 9 to 12 banking days from the time of the report of loss of card was made. A replacement fee of P500 will be charged to the EastWest Practical MasterCard.