In today’s fast paced world, having a credit card is more or less a norm. Credit card issuers have been redefining the way we use credit cards, giving us a multitude of reasons to use plastic money for routine as well as specific and large value purchases. Owing to its utility factor, credit cards can be the ultimate answer for managing both personal and business related expenses.
A plethora of banks and financial institutions offer an array of “need related” products in the Philippines. With so many options to choose from, it can be literally a tough task to choose the right credit card. Therefore, it's important to “compare” cards before making a choice. In this fast paced world, we hate waiting for goods and services and the same logic holds when we apply for a credit card. We’re eager to get our hands on it at the earliest. Once you do decide to get a credit card, it can be quite a tiring experience if you do not keep the below points in mind before and after applying.
Choose a Card That Suits You
Since most of the cards are category based, you must look up for resources online and choose a card that actually syncs with your requirements. Though cards come with some common features applicable to all, its the exclusive benefits you must keep an eye on. A frequent traveller or shopoholic can get a card that is rich on benefits in these categories. Therefore, make a thorough study on the types of cards offered by issuers and select the one that suits your needs as well as budget. This way, you don’t have to worry about applying for a wrong card and then regret being rejected or experiencing uncalled for delays.
If you’re someone new to the world of plastic money, choose a basic card until the time you get accustomed to using one. Once the nitty gritties have be understood, a second card can be considered as a back up.
Self Assess Your Eligibility
Cards are not only categorized on the basis of the benefits it offers, but also on the footing of the income group which limits the eligibility. Your income or background may not match the requirements of the card. With a view to ensure no delay in processing or approval, lookout for the eligibility conditions and make sure you qualify before applying. Some of the card issuers host tools on their website to assess eligibility, thus making your job easy. Make sure, you are well acquainted with such tools.
Understand the Product Portfolio
As a responsible and well informed customer, you must make an attempt to understand the card on the offer, its features and benefits along with a detailed eye on the fees and charges. A particular card may be high on rewards and discounts and come with a high cost associated with it such as premium annual fee, high interest charges etc. In order to ensure no bottlenecks when you apply in terms of being in not too sure if this is the card you want, read the fine print before making an application.
Check Your Credit
One of the most vital determinants. Bad credit history means delay or denial in issuing the credit card. Banks and financial institutions use external as well as internal automated tools to dig into the credit history of the applicant. Critical decisions are made on the basis of past credit performance. In order to avoid potential issues at the time of processing your application, ensure there is no history of defaults, late payments or incorrect personal information. If you see any discrepancies, have it corrected on a priority basis to ensure the process of procuring your favorite card is hassle free.
Most of the banks let you apply for a credit card online, over the internet. This is one of the most highly recommended channels since the application is directly sent to the centralized processing center, thereby ensuring faster and accurate processing. By applying online, there are less chances of errors in the application form since most of it is filled by you. Offline applications are usually done at branches which can be time consuming. Online application also means access to real time tracking, making it much easier to know the approval status.
Follow Up Regularly
Though most of the processing is system and technology driven, there can be a delay owing to various factors such as lack of required documentation and other reasons. As a pro-active aspirant, ensure you either follow up with the centralized customer service or local processing center for up to date status. Banks usually keep you up updated real time on the application status either by e mail, SMS or phone calls. In case you see that the processing time is exceeding the turn around time provided by the bank, chase for updates at regular intervals.
Secured credit cards are more likely to be issued faster than their unsecured counterparts.
Bankbazaar.ph hosts pertinent information on credit cards offered by various banks in Philippines. You can look up for information on features and benefits of various cards and also compare them with the easy-to-navigate menu options. The site also hosts break up of various banks cards in the categories of Travel, Shopping, Grocery etc. making it easier for you to make a choice.
One can also get details of fees, charges, rewards, documents required to name a few. So, go ahead and use the free resources available on this site to get the most suitable credit card for you and your family in the Philippines.