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.

Tips to apply for a credit card online with ease

Credit cards are a highly popular financial product simply because they confer so much convenience and so many benefits (caveat: when used right). In a similar vein, the Internet is also a tool of convenience and advantages. Bring the two together and you have easy online credit card applications!

Choosing a credit card

Even before you apply for a credit card, you must choose one – one that best fits in with your requirements. Here is a nutshell guide to choosing your best fit credit card:

• Check out various credit cards
• See if you comply with their eligibility requirements
• Check out the rewards on offer with each of these credit cards
• Sync the rewards with your top spend categories
• You will arrive at a short-list of credit cards that meet your requirements
• Use third-party multi-bank, multi-card comparators to zero in on the best card for you
• Applying for a credit card online

Applying through the bank's website

A number of banks allow you to apply online for their credit cards through their secure websites. This works in one of the following two ways:

You may be required to fill up an online form and attach scanned identity documents; the bank will verify these and get back to you with a decision. Alternatively, representatives from the bank will contact you regarding your application and will take your application forward.
You will be required to fill up a detailed application form online and attach supporting documents; upon completion a decision may be conveyed to you.

Applying through a third-party vendor's website

You can also apply online through the websites of third party vendors. The advantage with these vendors is that you can check and compare credit cards issued by various banks based on criteria like balance transfer, annual fees, interest rate etc. Having made your choice you can apply for any of these cards through the vendor's website itself. You could even stand to gain from exclusive promos offered only through these websites.

Use your credit card wisely

To maximize the benefits from your credit card, plan your spends keeping your requirements and the card's billing cycle in mind. And, finally pay in time and in full to avoid late fees and interest charges.