Credit cards are one of the most preferred ways to pay for purchases and charges. The number of credit card holders in Philippines has been on the rise like never before owing to multiple factors that is primarily represented by its feature - “Buy Now, Pay Later”. Millions of people around the world trust this mobile credit instrument for their routine and exclusive financial needs. In the Philippines, a plethora of cards are offered by indigenous as well as multi national banks that come with a slew of benefits and features to suit the growing needs of the new age customer.
If you’re are someone new to the world of credit cards or looking for a credit card with low fees and charges, you’re likely to look up for cards that come with no annual fees. Most of the credit cards are billed an annual fee apart from the interest charges for purchases and cash advances.
What is an Annual Fee?
Also known as Annual Maintenance Fee(AMF), it is billed by the credit card issuer to the account on an annual basis, due around the date your card was issued on an yearly basis. The annual fee is a fixed amount charged towards maintenance of your account and is communicated at the time of signing up for the card.
One of the most common concerns of a card user is the AMF itself. Most of us do not feel the need for such a fee since we’re already paying fair amount of interest charges on the purchases made. However, this is a standard practice across the industry. The good news is that there are a couple of ways to either have this fee waived for a certain period or for its lifetime. One can also apply for a card that does not come with an annual fee, thereby saving you from all the hassles.
In our effort to bring to you, the most comprehensive and latest information on credit cards and other financial products in the Philippines, we’ve collated a list of the top 7 credit cards in the Philippines with no annual fee as listed in the section below.
- Eastwest Bank Platinum Card
This card is a perfect melange of best-in-class benefits and perks that provide the most worldly experience. This card is offered by Eastwest in association with Mastercard that is sure to host the most comprehensive deals and discounts along with a high cash advance limit.
- PNB The Travel Club Platinum MasterCard
A credit card for frequent travellers, this card from PNB is offered in partnership with The Travel Club and comes with pleasing discounts and rebates on all category based purchases. In addition to the exclusive features and benefits, it also offers a high reward points earning potential.
- Metrobank M Free Mastercard
A card from Metrobank that offers the most extensive benefits at no annual fee for its lifetime.This is a chip enabled card that provides all standard benefits such as Balance Transfer, Supplementary cards etc.
- BDO UnionPay Gold
This card from BDO is offered in association with UnionPay that guarantees a range of benefits such as dual currency billing, free travel insurance and so on. Not only is the AMF waived for the principal card for the first three years, up to 4 supplementary cards also come for free. Spend a min. of P180,000 during succeeding years and get the fees automatically waived.
- HSBC Premier MasterCard
A card with high reward points earning potential that comes with some of the most exclusive features such as availability of funds in case of an emergency, travel & accident insurance coverage and so on. This card is specifically designed for frequent travellers and comes free for life as no AMF is charged.
- PSBank Credit MasterCard
A basic card that comes with standard features and benefits and offers a host of value added services such as supplementary cards, balance transfers etc. at pleasing interest rates and charges. This card is issued under cross selling arrangement between PSBank and Metrobank Card Corporation(MCC).
- Citi Rewards Card
If you’re someone who loves earning reward points for spends on credit cards, this is the right card for you. For every P30 you spend, earn 1 reward point that never expires. As an incentive, you can earn 3x points for shopping, dining and other category based purchase and all these at no annual fee.
While nobody likes paying the annual fee on credit cards, there are plenty of ways one can get this waived, either for a specific period or for its entire lifetime. Lets look at ways you can get rid of the AMF.
Watch out for the promos and festive offers by card issuers that offer waiver of the Annual Maintenance Fee either on specific products or the entire range. During the promo period, you can be eligible for free cards that do not come with hassles of paying a fee annually. Details of ongoing promotions are available on the official website of the bank. This information can also be accessed over branches or by calling the customer service.
Waivers If You Exceed Min. Spends
Most of the banks provide this option as a standard procedure. If the total spends exceed the min. threshold amount during the billing year, you stand to have the AMF waived for that year or for a lifetime. Details of this feature will be available in the fine print provided by the bank in the welcome kit and can also be accessed on the relevant webpage.
Annual Fee for Supplementary Cards
This fee for Add On cards is waived by most banks either for all the cards issued under the principal holding or for a certain number of units. Do inquire with the customer service wing on the applicable fees and charges.
Using a credit card comes with a lot of responsibility and calls for strict financial discipline. The process of being diligent starts with choosing the card itself. Bankbazaar.ph helps you in comparing card offerings from various banks and thereby helping in making a wise decision. Before applying for a credit card in the Philippines, take some time out to compare credit cards on this easy-to-navigate website to aid your quest to get the most suitable card based on specific needs.