Thanks to flexible terms, getting a credit card is easier than ever. However, most card applicants have a tough time comparing different options. If you are planning to get a credit card, we have a few suggestions below that can come handy.
Do I need a card?
Well, if you are employed and have a decent income, you should get a credit card. It’s not about spending lavishly, but more about spending beyond your limits. Let’s say that you want to buy a TV and there are some ongoing online offers. Instead of getting a loan, you can buy on your card and pay the amount in easy monthly installments. People who have a number of small loans often use credit cards to consolidate their payments and debts. Credit card users also get special offers from merchants and dealers of different goods and services from time to time.
What to know?
There are a few mandatory requirements in each country and lending market. For example, if you want to apply for credit card Philippines, you must be of 21 years of age and should have a stable job. Also, you must have a minimum gross annual income of Php 180,000. It largely depends on the country you live in. Using credit cards involves plenty of extra charges. Besides paying for the interest rate, you will also need to spend on yearly fee, besides additional costs for late payment, if any.
How to compare?
First things first, always choose the lowest interest rate possible. Also, there’s a special kind of card for every user. You will find credit cards for women, frequent travelers and for those who need cash-back programs and fuel rebates. There are also cards that come with special programs for frequent flyers. Before you apply for BDO credit card, consider you financial needs. If your income just meets the minimal criterion, you will not an approval for a higher-limit card. People often forget to pay their bills on time, and there can be high charges for the same. Consider the short and long term financial implication of taking a card. You can check online, as well, to find websites that compare credit cards from different lenders.
Finally, get your papers ready. You will need a long list of documents and proofs for submitting the application, and the lender might be interested in asking a few questions related to your current financial situation.