How to get a credit card for a foreignor in the Philippines

coach53 wrote:

Glen Adkins wrote:

I tried BPI.  If I deposit P10,000 and leave it in the bank, only then will BPI give me a credit card.  I would rather have the use, of my money, and no credit card.  The credit card becomes useless.

Yes. A bank giving "credit" up to the amount the card holder have deposited      Ridicilous...

They must be talking about the all new philippines only 'CEDIT' card.
(the one with the missing R)

 

Glen Adkins wrote:

I tried BPI.  If I deposit P10,000 and leave it in the bank, only then will BPI give me a credit card.  I would rather have the use, of my money, and no credit card.  The credit card becomes useless.

That is the definition of a secured credit card. It’s used in the US for people with no credit history or bad credit history. We’re in another COUNTRY, you’re credit history in your home country might as well not exist. We’re all starting from scratch. If you want to get credit here, I suggest opening a gcash account. They have a gcredit line which they will extend and increase as you use your gcash account. You also get a virtual debit card which you can use for online shopping. You can also purchase a physical debit MasterCard which you can link to your account. They have a point system for extending gcredit which is explained on their website. This will also build your credit history here in phils.

I've got a prepaid Visa credit card thru BPI. No interest, no fees. Works for me. Throw a load on it and go shopping..

Might as well use a debit card.

I think a secured card and a debit card is the way to go. Put as much as you can afford on the secured card. Because in the future any bank doing a credit check on you will see the limit. For example if you put 10K USD down, any bank checking your credit history will see the high limit, thinking you are really trustworthy.


Pay the card each month in full each month, with no interest charge.

Build your credit history up with lots of charges paid in full each month. Then apply for a charge card at another bank, you may be able to qualify. I know back in the states on a credit check there is no indication that a secured card is actually a secured card, but just a regular charge card.

So eventually if you're able to get an unsecured card, you can use it like a personal loan for purchases as long as you pay it in full each month. Example you buy a TV for $800 USD, put it on the card, pay in full when the statement comes. So you have borrowed $800 interest free.

Works for me, the interest free part.

I have debit and credit cards from HSBC. No problem.

blacksheepjuno wrote:

Glen Adkins wrote:

I tried BPI.  If I deposit P10,000 and leave it in the bank, only then will BPI give me a credit card.  I would rather have the use, of my money, and no credit card.  The credit card becomes useless.

That is the definition of a secured credit card. It’s used in the US for people with no credit history or bad credit history. We’re in another COUNTRY, you’re credit history in your home country might as well not exist. We’re all starting from scratch. If you want to get credit here, I suggest opening a gcash account. They have a gcredit line which they will extend and increase as you use your gcash account. You also get a virtual debit card which you can use for online shopping. You can also purchase a physical debit MasterCard which you can link to your account. They have a point system for extending gcredit which is explained on their website. This will also build your credit history here in phils.

This has been stated about 10 times in this thread and seems pretty easy to comprehend...

Forget getting a credit card in the Philippines.  Remember, it is still a third world country and no one needs 30% to 40% interest rates.  Use a bank debit card instead.

To mention most of the time when buying anything aside from food in my local supermarket.

There are 3 prices, cash price, credit card price and interest free installment price. Cheapest being former to most expensive being latter.

Yes  you can haggle when you buy anything here with cash. Aside from the supermarket

Bank debit if you are buying something expensive and not comfortable walking around with that type of cash in your pocket.

Exactly!

@onefogarty cash is king here, but for a credit card, I had my wife get one from the bank we use for our business.  They start off with a very low limit, but it goes up more as you use it.  We only use for groceries and pay off in full before due date.  We recently used it for P117,000 to pay a DHL shipment for a customer, he did not pay back on time and the first interest payment they sent to us was P5500, we made customer pay that on top of the initial money which he paid immediately, not wanting to incur $100 per month debt.  Our limit then jumped up P50k., After a year and a half is only at P198k.

@Glen Adkins

third world country????

you never been around the world then.

calling Philippines third world country.

@Glen Adkins
third world country????
you never been around the world then.
calling Philippines third world country.
-@aparascandolo

you never been around the world then.

In which case neither have The World Bank. But what do they know?

CITI & HSBC

I thought about getting a Philippines credit card a long time ago when the only bank account I could get was BPI, I inquired about a credit card from them and they told me they would give me a credit card and whatever credit limit I wanted, they would freeze the equivalent amount in my current account, I now have both BPI and BDO accounts and I wonder if BDO do the same.

FindlayMacD said . . . . I thought about getting a Philippines credit card a long time ago when the only bank account I could get was BPI, I inquired about a credit card from them and they told me they would give me a credit card and whatever credit limit I wanted, they would freeze the equivalent amount in my current account, I now have both BPI and BDO accounts and I wonder if BDO do the same.

*******************************

We have two saving accounts at BDO, Peso & Dollar. They were opened up before I was eligible for an account. The dollar account is in my stepsons name. Unsolicited BDO sent my stepson a credit card, I believe if my memory serves me right it had a 27% interest rate.

@Enzyte Bob Most credit cards have very high interest rates but I always pay off my UK card before or by the due date so I don't incur interest charges.

We had the same thing Bob, unasked for both Ben and I, cut them up as soon as we got home.

Yes Fin same with our Aussie cards, clear the cards before the due date. I even keep my master card with 2 to 3 hundred bucks credit for things like netflix and other direct debits so I don't have to watch too closely.

Cheers, Steve.

FindlayMacD said . . . Bob Most credit cards have very high interest rates but I always pay off my UK card before or by the due date so I don't incur interest charges.

******************************

Same with me, I only use my charge cards for auto pays originating in the states so no interest charges. My cards are old some beyond 20 years. I have two cards that originally had interest of 7.75% & 8.25%, of course they are higher now do to the Feds inching up the prime rate.

But these two cards are used if I have to carry a temporary balance.

I've posted this before so it would be advice to new Expats. Even if you don't need to use your credit cards, put a charge on them from time to time. Inactive cards will be cancelled without notice.

BDO is expat friendly, you can always apply for a Secured card at first and eventually you will be allowed to have an unsecured credit card.