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Owning a credit seems like a must these days. Aside from the "extra cash" it could provide, having a credit card makes it easier for you to guarantee and/or pay for your online transactions like travel tickers or hotel reservation.

Apparently, credit card companies are strict when it comes to granting credit card. This is still considered as loan or utang, which is why they look closely at your capacity to pay. If they see that you are earning this much, then they will either reject your application OR approve it but you have low credit limit. 

We got good news for you: there are credit card options available for low income earners, or those who earn P10,000 to P15,000 every month (or P120,000 to P180,000 every year). The good thing about this type of credit card is that it comes with zero to low annual fee and the interest rate is less than four percent. Nonetheless, make sure you pay your bill on time to avoid paying for interest.  

Stick around find out what your options are if you plan to get a credit card:

AUB Easy Mastercard

  • Monthly income requirement: P10,000
  • Interest rate: 3.5 percent
  • Annual fee: Free for life
  • You can freely choose your payment frequency, minimum amount due, and due date

BDO Installment Card

  • Monthly income requirement: P10,000
  • Interest rate: 3 percent
  • Annual fee: P1,000

BDO JCB Lucky Cat

  • Monthly income requirement: P15,000
  • Interest rate: 3.5 percent
  • Annual fee: Free for the first year; P125/month or P1,500/year for the succeeding year/s
  • Every P50 = 1 non-expiring reward points, which you can also use to pay for the annual fee

BDO Standard Mastercard / Visa Classic

  • Monthly income requirement: P15,000
  • Interest rate: 3.5 percent
  • Annual fee: Free for the first year; P125/month or P1,500/year for the succeeding year/s

BPI Family Credit Card

  • Monthly income requirement: P15,000
  • Interest rate: 2 percent (by far, the lowest in the market)
  • Annual fee: Free for the first year, P1,000 for the succeeding year/s 

EastWest Practical Mastercard

  • Monthly income requirement: P10,000
  • Interest rate: 3.25 percent for drugstore, fuel, and supermarket purchases; 3.49 percent for other purchases
  • Annual fee: P1,400

Metrobank M Free Mastercard

  • Monthly income requirement: P15,000
  • Interest rate: 3.54 percent
  • Annual fee: Free for life

Metrobank ON Internet Mastercard

  • Monthly income requirement: P15,000
  • Interest rate: 3.54 percent
  • Annual fee: Free for the first year, P500 for succeeding year/s
  • Designed for online transactions with secure payment facility

PNB Visa Classic

  • Monthly income requirement: P10,000
  • Interest rate: 3.25 percent 
  • Annual fee: Free for the first year, P300 for the succeeding year/s
  • Comes with P1 million travel insurance

PNB Essentials Mastercard

  • Monthly income requirement: P10,000
  • Interest rate: 3.25 percent
  • Annual fee: Free for the first year, P1,200 for the succeeding year/s
  • Comes with P1 million travel insurance and up to P250,000 purchase protection insurance

PSBank Credit Mastercard

  • Monthly income requirement: P15,000
  • Interest rate: 3.50 percent
  • Annual fee: Free for life

RCBC Bankard Classic 

  • Monthly income requirement: P15,000
  • Interest rate: 3.54 percent
  • Annual fee: Free for the first year, P1,500 for the succeeding year/s

RCBC Bankard myDream JCB 

  • Monthly income requirement: P15,000
  • Interest rate: 2.90 percent 
  • Annual fee: Free for the first year, P800 for the succeeding year/s

Don't get too excited. Even if there are credit cards available for you, don't apply right away. Explore your options and look closely into the features to determine the right kind of credit card for you. Once you get approved, be wise with your spending. The interest rate may be lower compared to standard credit cards, but you can avoid that by making sure you pay in full come billing time. 

 

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