The Filipinos with good credit rating are now equipping their wallets with credit cards, the latest financial tool and they easily manage the day to day lifestyle needs. On the other hand, the people without good credit history too can enjoy the benefits of a credit card through the Secured credit card option.
A secured credit card is issued after depositing an amount, as a security. Depending upon the value of this collateral amount, the credit limit is determined by the bank. If the credit card bill is paid continuously for a particular number of months, say for 12 months, the bank converts the secured credit card into a regular credit card.
To get the best secured credit card in the Philippines, you need to mull over certain significant factors.
- The card should report to the credit card bureau of the Philippines, to record your improving credit rating.
- Inquire about the deposit amount, the best credit card offers and the interest rates for the credit bills.
- Finally, pick out the card which goes with your current needs. For example, the Citibank diversifies credit cards for the fuel needs, shopping needs, cash back offers, drug purchases, travel needs, etc.
In fact, many bankers offer lower interest rate for the secured credit cards, when compared to its regular counterpart, to improve the credit score at a faster rate. The secured credit card is definitely a boon to all the Filipinos, who start to build their credit history and the ones with poor credit score.
Credit Cards in Philippines 