Shopping Credit Cards Overview
With the advent of globalization, the world has become a smaller place so has the retail market. One need not visit Paris to buy an Yves Saint Laurent perfume or Italy to buy a designer Prada dress. Shopping malls in the Philippines brings products from all over the world to the customers’ lap. Also, online marketplaces have made shopping even more comfortable. People all over the world are now enjoying shopping as a form of relaxing therapy, fondly referred as “Retail Therapy”.
A wide array of credit cards as offered by banks in the Philippines makes the shopping experience more rewarding. Shopping with credit cards has many advantages over paying with paper money – reward points with every purchase, exclusive offers for cardholders and other special privileges like additional discounts, to name a few. You can also convert your costly purchases to affordable EMIs
How do Shopping Credit Cards work?
Shopping credit card holders are entitled for two types of benefits – reward points and cashback offers. Whenever the cardholder swipes the card while making a purchase, reward points based on the amount of billing is credited to the customer’s account. Reward points can be used to make purchases or get discount vouchers for selected brands.
Alternatively, some credit card issuers offer cash back on purchases based on the amount. Some co-branded shopping credit cards like BDO Forever 21 MasterCard gives special discounts and offers at all Forever 21 stores to the cardholder.
Benefits of Shopping Credit Cards
Shopping credit cards are the smartest way to make your spending more rewarding. Here are some of the features that normally accompany a shopping credit card.
- Shopping credit card holders earn discounts and special cash back offers whenever they swipe their cards for billing.
- Cardholders stand to earn reward points with every purchase that they make with the card.
- Customers are also allowed to convert their costly purchases to easy monthly instalments at low interest rates and flexible tenure options.
- Exclusive offers from brands associated with card issuers are also offered.
- Certain banks waive off the annual membership fee when the purchase amount crosses a threshold.
- Some banks also offer welcome gifts like discount coupons and products.
- Customers are also offered rebates and exclusive deals on certain spends.
- Shopping credit cards also come loaded with other benefits like dining deals, offers in salons and spas, lifestyle privileges, deals on hotel accommodation etc.
Other common benefits that accompany shopping credit cards are as follows.
- Customers can access their accounts online and manage transactions and payments from the comfort of their home.
- Credit cards can be used to make purchases in any country across the globe, perfect for someone who is a frequent traveller and an avid shopper.
- Shopping credit cardholders will also be entitled for other facilities like balance transfer, emergency cash advance benefits, fuel surcharge waivers and insurance benefits.