Credit card

[Imaginos]

I'm on a tourist visa with a tourist ACR. I was having a hard time opening a bank account last year with the typical story of needing a long term visa before I could open the account. I'd tell them I needed a bank account to deposit the money for a SRRV visa but they wouldn't buy it. Hmmm. Catch 22. Was refused at BDO snd saw an RCBC across the street. Walked in and had an account within an hour. Joint account soon after. Wow.

Later i inquired about payout on death. They said not possible in the Philippines because you need a will, but I could get free insurance that paid double the amount in my account on my demise, but you need at least 100k balance. This insured account also provides a credit card. So I signed up a month or so ago and was just notified, after sending a copy of my ACR last week, that I was approved and the card will be delivered soon. I don't expect to use it as I typically just use a Capital One card from the USA for most purchases. And the card permits free access to the lounge in NAIA. It will get used for that. 

All banks here should be like this.

[Dave Hounddriver]

18 minutes ago, Imaginos said:

This insured account also provides a credit card.

The Philippine credit card that came with my account, years ago now, charged 3.5% per MONTH interest.  Is it still the same?  I gave mine back with comments about illegal usury.

[OnMyWay]

34 minutes ago, Dave Hounddriver said:

The Philippine credit card that came with my account, years ago now, charged 3.5% per MONTH interest.  Is it still the same?  I gave mine back with comments about illegal usury.

My wife got a BPI credit card about 6 months ago.  She has been been using it to purchase a lot of stuff online for our new house.  I always pay credit card balances in full every month.  During our move, I missed paying it and paid it in full about 7 days late.  I wonder what that will cost?  Too lazy to find out.  It's done.  I will wait for the next statement.

[Tommy T.]

I only have USA credit cards. I have them set up to automatically pay at the end of their billing cycle. I tried getting PI credit card in the past and the applications went nowhere - no acceptance, no acknowledgement of receipt of app.. typical response here of no reply if they can't deal with it... so frustrating.

[scott h]

4 hours ago, Tommy T. said:

I tried getting PI credit card in the past and the applications went nowhere

How long ago was that Tommy? I have a PNB cc (joint account) that we got 12 years ago, no problems that I remember. Have even increased our credit limit twice. 

Not long ago I applied for a Union bank cc as SnR (I wanted a free pizza) got turned down flat. 2 months later the wife applied at SnR got approved in 36 hours. (and I got another pizza )

My income is way higher than my wifes. I think something is going on with foreigners not getting approved. Wasnt there a thread awhile back about guys having problems getting approved for Gcash?

[Imaginos]

7 hours ago, Dave Hounddriver said:

The Philippine credit card that came with my account, years ago now, charged 3.5% per MONTH interest.  Is it still the same?  I gave mine back with comments about illegal usury.

I haven't received the card yet. As I stated, I have no intention to use it except for the free entrance into the lounge at NAIA.

Credit cards in the USA typically charge about 30% per annum I believe, almost the same.

 

Edited January 17 by Imaginos

[starrt]

When I first arrived here I was renting a condo unit. I got an account opened at China Bank Savings through the rental agent's connections. I was refused a CC at that bank even though I was still earning income at that time.

Later, my wife and I opened an account at BDO for the monthly payment for purchasing our new condo. I never applied there for a CC but got one in the mail.

Later on we closed the account at China Bank Savings because of issues transferring funds into the account from Canada and opened up accounts at Security Bank. We got a car loan from Security Bank, but were never able to get a CC in my name.

Every bank is different in how it handles the issuance of CC, especially to foreigners.

[Mike J]

11 hours ago, Imaginos said:

I haven't received the card yet. As I stated, I have no intention to use it except for the free entrance into the lounge at NAIA.

Credit cards in the USA typically charge about 30% per annum I believe, almost the same.

 

The rate referred to earlier by @Dave Hounddriver was 3.5% percent per month, not per year.  Compounded out it would be equivalent to 51.11 percent APR. 

[Tommy T.]

14 hours ago, scott h said:

How long ago was that Tommy? I have a PNB cc (joint account) that we got 12 years ago, no problems that I remember. Have even increased our credit limit twice. 

I am not sure anymore, but I think I tried 2 years ago and maybe 5 years before that. But I did not have the SRRV at the first time. Maybe I will try again... It's not urgent or even really necessary, but I like to always have options. For you, it could be that you got a cc because you have a joint account with a Filipina? For me I was trying it solo. By the way... all my Filipino accounts are also at PNB. There is a branch in downtown Davao that provides super service, but they do not have any control over cc apps... Those are handled at the corporate level in Manila.

 

Edited January 18 by Tommy T.

[Possum]

16 hours ago, Imaginos said:

Credit cards in the USA typically charge about 30% per annum I believe, almost the same.

This piqued my interest, pun intended, so I checked my US cards interest rates for the first time in years. They have gone up. Now from 14.5-20%.

My wife's Metrobank card's interest rate is 36%.

We pay them off immediately like most folks do but the mere fact that such usury is legal annoys me. The US banks currently get money at 4.5% from the Fed and loan it at +30%