Credit Cards for the Undecided, Doubtful, and Newbies

Got your first job and now sure you can get yourself a credit card? Or are you a senior employee still having doubts on getting one? Can’t decide which card to get?

Here are some ideal credit cards for first-timers, with their features and perks for you to review. Take a look also at their annual fees and interest rates to help you decide on which card is the best for you.

If you are a young professional seeking financial independence, RCBC Bankard myDream JCB can be your sidekick. It is accepted in 26 million establishments in the country and worldwide, which lets you enjoy spending wherever you are.

Major perks:

• Lowest interest rates

• Flexible rewards for purchases and payments

• Major purchases at 0% interest for 3, 6, or 12 months through Easyterms installment

• Aid in financial management through Spend Analyzer (RCBCs online credit card transaction tracker)

Annual income requirement: PhP180,000

Annual fee: PhP800, waived on the first year

Interest rate: 2.90% monthly

If you enjoy shopping and love the idea of getting rewarded for it, you’ll get along with BDO ShopMore MasterCard. You’ll receive rewards, treats, and freebies when you use this card to shop at SM Retail Affiliates, SM Advantage partner-establishments, and other BDO partner stores.

Major perks:

• Free SM Advantage Card

• Additional 0.5 point on your SM Advantage Card on top of the 1 point you earn for every PhP200 worth of purchase

• 5% rebate during SM’s 3-day Sale for a minimum spend of PhP5,000

Annual income requirement: PhP180,000

Annual fee: PhP800 (PhP75 per month), waived on the first year

Interest rate: 3.5% monthly

With its free travel insurance, BPI Blue MasterCard makes for a great travel buddy and international starter credit card. No worries using your card when traveling abroad because it is recognized in over 29 million establishments worldwide.

Major perks:

• Up to PhP2 million worth of travel insurance when you charge your travel fare to your card

• Cash Advance of up to 30% of your credit limit

• Real Thrills Rewards Point for every P35 spent

Annual income requirement: PhP180,000

Annual fee: PhP1,550, waived on the first year

Interest rate: 3.4% monthly

Metrobank’s M Free and M Lite MasterCard credit cards let you enjoy living—and working—in the Metro. Most of its shopping, dining, and pampering treats are centered in the capital, but you also get to enjoy discounts and deals nationwide through ‘M Here! Metrobank’s partner establishments include Giordano, Beauty & Butter salon, and Paraiba. True to its name, the best thing about M Free is that there is no need to pay an annual fee, ever.

Major perks:

• No annual fee for life

• Embedded chip for better protection from fraud

• Discounts, free gifts, and great deals at ‘M Here! Partner establishments

Annual income requirement: PhP180,000

Annual fee: None

Interest rate: 3.5% monthly

This card, offered by the only Malaysian bank in the list, has the lowest income requirement and one of the lowest interest rates. Through the Maybank2u app, it also provides convenient online banking and secure card transactions with the latest Internet security technology.

Major perks:

• Instant cash through EzyCash with flexible installment options of 3, 6, 12, 18, and 24 months

• Pay in Philippine Peso for purchases and transactions abroad

• Exclusive deals from Maybank merchant partners

Annual income requirement: PhP150,000

Annual fees: PhP1,000, waived on the first year

Interest rate: 3% monthly

To apply for your first credit card, there are some basic requirements that you need to prepare:

• Bank application form, which can usually be found online

• Government-issued ID’s (Driver’s License, Passport, SSS ID, Voter’s ID, etc.)

• Proof of income (Certificate of Employment, latest pay slips, latest Income Tax Return)

Note: Individual cards’ terms and requirements may change without prior notice.