Philippines Credit Cards

Philippines credit cards are available through all major financial and thrift institutions of the nation. These credit cards are used for making retail purchases, ATM withdrawals, and for online and mobile transactions.

Philippines credit cards are available through all major financial and thrift institutions of the nation. These credit cards are used for making retail purchases, ATM withdrawals, and for online and mobile transactions.

The Philippines Credit Card Industry

Philippines credit cards became popular products among financial cards in the early 2000s. While people with poor credit ratings opt for prepaid cards, banks voluntarily offer Philippines credit cards to qualifying customers. Aggressive marketing strategies of credit card issuers and strong Overseas Filipino Workers (OFW) remittances have contributed to the growth of credit industry in the Philippines.

The online revolution in the country saw the development of e-commerce services. Banks allowed cardholders to indulge in online banking with credit cards. For more effective services, credit card issuers turned towards m-commerce or financial services through the mobile phone.

Philippines credit cards are accepted at all major shopping destination in all major cities in the country. However, in smaller towns and the countryside, there is no provision for credit card payment. Some shopping outlets have a minimum amount limit for credit card payments. Again, cardholders may have to pay a surcharge for credit card use at some outlets.

 Philippines credit cards also allow ATM cash withdrawals up to a specific amount. Card issuers provide a personal identification number (PIN) along with the credit card for ATM transactions.

Philippines Credit Card Issuers

Some of the major Philippines credit card issuers are:

• Metrobank: Popular credit card products from Metrobank are the M Lite MasterCard and M Free MasterCard. The M Lite credit card has low finance charges, aimed at frugal people. While the other card has premium benefits, such as no annual fees and extended credit limits.

• Citibank: The bank offers Philippines credit cards with special reward programs, such as air miles, cash back, membership privileges and fuel surcharge waiver. Some of the popular credit cards from Citibank are Rustan’s Card, PremierMiles Card, Shell Visa, Platinum Visa and Cash Back Card.

• HSBC: HSBC has a platinum range of credit cards for valued customers. However, the classic and gold cards with rewards benefits are also available for regular customers.

Other Philippines credit card issuers are the Union Bank, Standard Chartered, Bank of the Philippine Islands (BPI), Rizal Commercial Banking Corporation (RCBC) and AIG.

The Philippines credit card industry is highly vulnerable to online fraud. To prevent this, the apex bank requires cardholders to keep a track of online transactions and purchase only from credible sites.

Find more information on international credit cards on EconomyWatch below.