• Land Bank Classic Local

    Land Bank Classic Local
    Credit Card
    Annual Fee
    Reward type
    Land Bank Classic Local
    Annual Fee:
    P850
    Reward type:
    Insurance and Utilities

    Landbank or otherwise known as Land bank of Philippines is a government financial institution that has taken on the noble mandate to promote the development of the countryside while continuing to be financially viable. Landbank is one of the largest credit institutions in the rural areas and at the same time has managed to become one of the top commercial banks in the country. Landbank offers a range of products such as deposits and loans and among its credit card offerings, the Landbank Classic Local credit card is a sought after choice. The features of the credit card are as follows.

    Features and Benefits

    • The card has a low annual fee.
    • The card can be billed either is Pesos or in US Dollars and has low monthly minimum dues based on the nature of the transaction. The minimum payment due is as low as P200/US$5 or 3% of the outstanding balance, whichever is lower.
    • The card is widely accepted not just in Philippines but across the globe. The card can be used in over 220 countries and at over 30 million merchants globally.
    • The card can be used to make sizeable cash withdrawals with competitive interest rates on cash advances. Cash advances of up to 30% of the cardholder’s available credit limit can be made.
    • Cardholders can make card payments through a wide variety of payment channels. Payments can be made through Landbank branches, through phone and internet services, through ESM machines, and through ATM machines.

    Rewards

    • The card can be used to make deferred payments. Big ticket items purchased from select merchants using this card doesn’t have to leave cardholders wondering how they would come up with payments. Larger purchases can be converted into affordable instalments at prevailing interest rates that allow cardholders to manage payments with ease.
    • The cardholder can pay utility bills. Cardholders have to enrol for the utilities payment service available for MERALCO and PLDT utilities.

    Insurance Offered by the card

    • The Landbank Classic Local card offers cardholders a complimentary travel insurance policy. The policy is offered when the cardholder purchases airfare solely using the card. The insurance package covers accidents caused during travel as well as travel inconveniences experienced such as lost or delayed baggage and delayed or cancelled flights.
    • Cardholders can benefit from the medical insurance offered by this card. The Landbank Classic Local Visa card offers a personal insurance policy that provides cover for accidental death or dismemberment. The policy will provide cover if the cardholder’s account is active and is in good standing.

    Eligibility Criteria

    • 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 of the Philippines.
    • The applicant must have a stable source of income.
    • The applicant must earn a minimum annual income of P240,000.

    Documents Required

    The applicant must submit certain documents at the time of application.

    For salaried applicants

    • A copy of the latest BIR Form 2316.
    • A copy of the latest ITR which should be duly stamped as received by BIR
    • 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.
    • Alien Certificate of Registration or I-Card for foreign applicants.

    For 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 credit card statement from other banks.
    • Alien Certificate of Registration or I-Card for foreign applicants.

    For Corporate applicants

    • A copy of the certificate of registration as issued by the SEC.
    • A copy of the audited financial statements of AFS and the ITR dating back at least 3 years.
    • A copy of the board resolution authorizing the application for the Landbank credit card as well as the designation of an officer of the company to sign for the credit card on behalf of the company.

    For Government Corporations

    • A copy of the executive order that created the government entity.

    Fees and Charges

    Fee Charge
    Annual fees P850 for principal credit card and P500 for Supplementary card. The annual fee is waived for the first year for both cards.
    Effective rate of interest (Monthly) The EIR on a monthly basis for the card is 3.25% for transactions carried out in Pesos and 2.25% for transactions carried out in US Dollars.
    Cash Withdrawal fee The fee is P50 for every withdrawal. The interest on cash withdrawals is 5% of the amount withdrawn.
    Minimum monthly payment P200 or 3% of the current outstanding amount, whichever is higher for Pesos transactions or US$5 or 3% of the current outstanding amount, whichever is higher for US Dollar transactions.
    Returned Check Fee P500 for every instance of check returned.
    Late payment fee 7.5% of the minimum amount due or P600 whichever is higher.
    Retrieval of charge slip P350 for every instance of charge slip retrieval.
    Card replacement fee P300 for every instance of card replacement.

    How to Apply for Landbank Classic Local Credit Card

    You can apply for a Landbank Classic Local credit card through the following ways:

    • Applying online: New or existing Landbank cardholders can get the Landbank Classic Local credit card by submitting the online application forms available on the Landbank 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 Landbank 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.

    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 Landbank Customer Care Hotline at 1-800-10-840-7499. Cardholders will be held liable for all purchases made using the card prior to reporting of the loss or theft of the card.


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