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💳️ Save Php 1,500+/month with these credit cards
Here's a list of some of the best credit cards for young graduates.
Matthew Du
October 15, 2023
It’s a new week with the Ipon Challenge. We know adulting is scary (and exciting), so we wanted to help you kick off this week by talking about beginner options for a shopper’s best friend: credit cards. 💳️
In today’s edition, we’ll go over:
Why you should get a credit card 🤔
How to pick your first spending partner 👯
High rewards card options for beginners 💸
TLDR;
The Bottom Line
Top Picks for Beginners
For the Cashback Shopper: Metrobank Cashback Visa 💰
Metrobank’s Cashback Visa offers as much as 5% cashback on purchases and the highest rewards on groceries, telecom, schools, and streaming services. The 0.2% cashback for other transactions is competitive compared to other cards. That said, they are capped at PHP 1,000 every billing cycle (PHP 12,000 annually), and without rewards points or air miles, you may want to look at other options.
Though their rewards are slightly lower, the BPI Amore Cashback card allows you to earn as much as PHP 15,000 every year.
For the Points Rewards: EastWest Gold Mastercard 🪙
When looking at their rewards promos, Eastwest has one of the best conversion rates available. This card gives you PHP 1 back for every PHP 304 you spend. It also has one of the lowest foreign currency conversion fee (1.7%) among all cards. Eventually, you could use this card to work your way up to the EastWest Krisflyer Platinum Mastercard.
A very close second would be the BPI Gold Mastercard, which gives you PHP 1 for every PHP 350 you spend. A key advantage of the BPI Gold Mastercard would be its shopping and dining rewards and ability to pay for stuff over 36 months.
For the Deals: BDO Standard Mastercard 💳
BDO has gained a reputation of being a great option for different deals and recurring promos, but its rewards point system leaves something to be desired.
They do make up for it in their rewards programs and exclusive offers. From 5% rebates to buy-1-get-1 deals, check out all the deals BDO offers on this page.
On Picking The Right Credit Card
Picking the right credit card requires you to consider specific things, here are some considerations:
1.) Your Needs and Goals: Do you want travel rewards? Cash back? Points? Different cards cater to specific needs. See our list above. 👆️
2.) Fees: Cards charge an annual fee, which can be waived once you meet certain spending requirements. If you plan to travel or shop internationally, make sure you card has low to 0 foreign transaction fees.
3.) Credit Requirements: some cards require monthly salaries of at least PHP 40,000, while others are more lenient. Applying for cards within your range will help avoid unnecessary extra steps.
Added note: a lot of cards offer sign-up bonuses if you spend a certain amount in the first few months. Make sure to check that out!
The content
Climbing the Credit Card Ladder: The Best Credit Cards For Beginners in the Philippines
Here’s a list of the top credit cards for the newly employed:
When you’re looking for the most promos: BDO Visa Classic
Requirements:
| Fees and Limits:
|
Rewards:
0% installment options for select partners. 2 points for every PHP 1,000 spent. (2 rewards points = 2 PHP)
Free membership for the first year.
7% off at Expedia
And up to 20% dine-in rewards (until Dec 2023). Varying online rebate options.
It’s the same thing, but for Mastercard: BDO Standard Mastercard
Requirements:
| Fees and Limits:
|
Rewards:
0% installment options for select partners. 2 points for every PHP 1,000 spent. (2 rewards points = 2 PHP)
Free membership for the first year.
7% off at Expedia. Php500 off at Lazada on BDO Wednesdays. (until Dec 2023)
When you would rather have cashback over deals: BDO Amex Cashback
Requirements:
| Fees and Limits:
|
Rewards:
0% installment options for select partners.
Up to 10% cashback for the first 3 months.
Earn 1% bonus cashback on local purchases and 2% bonus cashback on overseas purchases.
Year-round travel offers in Hong Kong, Singapore, Taiwan, and Maldives.
When you’re looking for points over promos: BPI Blue Mastercard
Requirements:
| Fees and Limits:
|
Rewards:
1 reward point for every PHP 35 spent (10 rewards points = 1 PHP).
Free membership for the first year.
Withdraw up to 30% of your credit limit through cash advance.
Flexible installment plans up to 36 months. Free travel insurance up to PHP 2 million.
Get this for cashback on utilities and groceries: BPI Amore Cashback
Requirements:
| Fees and Limits:
|
Rewards:
0% installment options for select partners.
Up to 10% cashback for the first 3 months.
Earn 4% cashbacks at supermarkets.
Earn 1% bonus cashback on drug stores and utilities.
Earn 0.3% cashback on all other local retail spend.
A level up from BPI Blue Mastercard: BPI Gold Mastercard
Requirements:
| Fees and Limits:
|
Rewards:
1 reward point for every PHP 35 spent (10 rewards points = PHP 1).
Free membership for the first year.
Withdraw up to 70% of your credit limit through cash advance.
Flexible installment plans up to 36 months.
Free travel insurance up to PHP 10 million.
More points for big expenses: Metrobank Rewards Plus Visa
Requirements:
| Fees and Limits:
|
Rewards:
1 point per 20 pesos. (20 rewards points=1 PHP)
Earn 2x Rewards Points on electronics & gadgets, telecommunications & transportation, and online spending.
Year-Round Metrobank rewards.
The highest cashback percentage on this list: Metrobank Cashback Visa
Requirements:
| Fees and Limits:
|
Rewards:
Up to 5% cash back on groceries, telecom, school, and bookstore spend.
Receive 0.2% cashback on all other retail purchases.
Maximum of PHP 1,000 rewards per statement cycle.
The best all around credit card for beginners: EastWest Gold Mastercard
Requirements:
| Fees and Limits:
|
Rewards:
1 reward point for every PHP 100 charged. (3.04 rewards points = PHP 1)
Lowest foreign currency conversion.
Up to PHP 20 million travel insurance.
Year-round perks and privileges.
Why should you care?
Should You Climb The Credit Card Ladder?
Here are three reasons:
Building Credit: Credit scoring is relatively new in the Philippines, but a good score gives you benefits like faster loan approval, lower interest rates, and better deals on property leases.
Saving Money: Using a credit card can help you save money with rewards. If, for example, you have a 2% cash back reward on all purchases, you basically have a 2% discount on what you buy.
Premium Travel: Who doesn’t want to see the world? Some credit cards allow you to accumulate points and have them exchanged for flight miles. Some cards also give you travel insurance.
Stuff Worth Sharing
The Link Lowdown
Nerdwallet’s guide to credit cards - explains how to pick the best credit card for you
The most beautiful credit card in the Philippines - something we can look forward to.
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