Choose the best Visa card in the Philippines

Visa, like its counterpart MasterCard, is a global payments processing network. Visa, in conjunction with its affiliated banks and financial institutions, offers a range of credit and debit cards. As per statistics published by the Bangko Sentral Ng Pilipinas, there were 18 credit card issuers as of 30^th September 2014. So, let's get down to the nub – how do you go about choosing the best Visa credit card in the Philippines:

Is there one best credit card?

We've said this earlier, we've said this often and we'll say it again: there is no one best credit card. How could a card that offers you Air Miles at the drop of a hat benefit you if you have no plans of flying anytime soon? How could an ultra-Premium credit card that provides you with loads of perks and privileges benefit you if you are not meeting the required income eligibility norms? What, we will do here is outline a process that will help you identify those Visa cards that best suit your requirements.

Could a debit card be more suitable for you?

Okay, lets return to the basics: a credit card is a loan product; an unsecured line of credit, to be more technically correct. If you are prone to impulsive purchases or splurging tendencies you should consider things carefully before you go in for a credit card. It is not like there are no alternatives.

Debit cards can give you most of the benefits of credit cards and because they are not a loan product you do not need to specifically apply for one. You will also not need to fulfill a range of eligibility criteria, carefully track usage etc. Visa offers a range of debit cards through affiliated financial institutions in the Philippines including Visa Classic, Visa Gold, Visa Platinum, Visa Signature and Visa Infinite.

Have you checked out the Visa range of credit cards?
 

 

Visa's credit card range in the Philippines also includes Visa Classic, Visa Gold, Visa Platinum, Visa Signature and Visa Infinite. Check the features available on these cards and check these cards with a few issuing banks to understand their eligibility norms. You will understand the cards that you are eligible for.

Have you analyzed your shopping / spending patterns?

List out all your spends, both big and small, and group them into categories. Categories could include groceries, petrol spend, spend on utilities like gas, electricity, telephones, clothing, dining and entertainment etc. Analyzing your spends category-wise and identifying high-spend categories will help you choose a credit card that gives you the most rewards for your highest spending categories. This enables you to maximize the rewards and benefits you earn.

Do you know the main credit card categories?

There are cashback cards. There are shopping cards. There are air mile cards. There are gas cards. And, there are reward cards. And... a few more. Try and understand the different types of credit card categories and their main features.

Now, that you have the basic contours in place, its time for you to shop around – check individual credit card offerings and zero down to the one that fits you best.