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PMT Forum's MOST POPULAR Discussion Boards => Banking / Insurance / Credit Cards => Topic started by: yurieyap on Sep 09, 2011, 09:38 PM

Title: Credit card application
Post by: yurieyap on Sep 09, 2011, 09:38 PM
Hi po,

Im planning to apply credit card, right now kasi mag 2 2years palang business ko as single proprietor. Now ang problem ko is hindi pa ganun kalaki ang binabayad ko sa BIR kasi nga hindi pa naman ganun  kalakas ang business ko. Pede ba ako pagawa ng ITR and Financial Statement sa accountant na kakilala ko? papalagyan ko ng mataas na annual gross para makakuha ako ng malaking credit limit sa credit card? hindi ba delikado or baka malaman ni BIR na ganun kalaki ang pinagawa kong ITR? Kasi meron nag ooffer saken ng ganun. More on online kasi ang business ko kaya need ko mataas na credit limit.

Hope matulungan nyo po ako.

Thanks in advance,
Yurie.
Title: Re: Credit card application
Post by: yurieyap on Sep 17, 2011, 10:49 AM
pa share naman ideas nio dito maraming salamat... :(
Title: Re: Credit card application
Post by: puberer on Sep 19, 2011, 06:03 AM
sa tingin ko wa epek yan mam.  kung naiisip mo yang diskarte na yan, mas alam na yan ng CC company.  ang mainam na pwede mo gawin is maging maganda ang bank records mo.  sooner or later mismong CC company na ang cocontact sa iyo para mag avail ka ng CC. 

try to open an account sa citibank bank.  then pag maganda ang takbo ng pera mo dun, baka mabigyan ka nila ng CC.  meron naman inooffer ang ibang banks na pag nag time deposit ka sa kanila, pwede ka maka avail ng CC nila.  kung baga, ang collateral mo is yung pera mo sa TD. 

Title: Re: Credit card application
Post by: mjtfernandez on Sep 19, 2011, 09:42 AM
East West Bank is lax in issuing credit cards. Most often, if you are recommended by someone, then it would be much better.
Title: Re: Credit card application
Post by: pinoy_oman on Sep 22, 2011, 12:23 PM
Hi all;
I checked my credit card balance last night at na shock ako ang laki pala ng Finance charges pag minimum lang babayaran mo, dati kasi auto debit sa savings ko ang payment kaso na gipit ako kaya for 6months I tried to pay the minimum amount.

Kumuha lang naman ako ng credit card for ticket purchases kaso pag gipit ka magamit din minsan pang shopping.

Kailangan talaga e full payment para wala charges,  hirap talaga  6% ang finance charges aside from the interest which is 3% from your purchases.

BPI blue mastercard gamit ko. Plano ko mag change nga credit card kaso parang hiyang na ako sa BPI.
Title: Re: Credit card application
Post by: mikkoy on Sep 22, 2011, 12:32 PM
Interest and finance charges are almost the same for locally issued cards. If you apply for another card, you can do a balance transfer with interest rates at 1% per month.

the 6% finance charge applies only if you didn't pay the minimum due.
Title: Re: Credit card application
Post by: pinoy_oman on Sep 22, 2011, 02:13 PM
I don't know why it happened this way. Before I have no surcharges when i paid the total amount auto debit in my savings account. just last 6months when I started paying only the minimum due. I never failed to pay my bills, i'll try to settle this when I get home. I just use my credit card mostly on my airline ticket
purchases.

Title: Re: Credit card application
Post by: anakbaryu on Sep 23, 2011, 12:07 AM
Where can you apply for a credit card (in RP) with some freebies where there are no service charges if you pay your balance in full every month? 
Title: Re: Credit card application
Post by: puberer on Sep 23, 2011, 06:34 AM

Kailangan talaga e full payment para wala charges,  hirap talaga  6% ang finance charges aside from the interest which is 3% from your purchases.


laki naman ng finance charge niyan sir.  karamihan dito 3.5% lang. 

may interest din pag nag purchase ka?  kakaiba yan. 

kung ako sa iyo sir, hangga't kaya mo i-full payment gawin mo na.  kasi kung minimum lang, mapapansin mo pataas ng pataas ang bill mo.  at yung binabayaran mo na minimum, tignan mo po, halos interest palang yan.  malulubog ka niyan sir. 

Title: Re: Credit card application
Post by: mxherr5 on Sep 23, 2011, 10:33 AM
@anakbaryu,
I would consider citibank cashback card as something that would
fit your requirements.

5% cashback on groceries and 0.5%(ata..I forgot the exact
figure) on everything else.

Plus if you charge 15k monthly there's no annual fee.

Unfortunately, a third of my expenses is my house amortization
Hindi aabot ng 15k kung walang house

At sana ma implement nila yung MasterCard InControl
I'd be more confident of my cards security with that
Title: Re: Credit card application
Post by: alexrobort on Sep 23, 2011, 02:11 PM
Friend, Before you apply credit card, you should know about credit card and what are the companies provide credit card. which is the best one and also .
www.creditcardhelperzone.com
is helpful to your doubt.
Title: Re: Credit card application
Post by: puberer on Sep 23, 2011, 04:01 PM

5% cashback on groceries and 0.5%(ata..I forgot the exact
figure) on everything else.

Plus if you charge 15k monthly there's no annual fee.


maganda yang cashback card sa mga may negosyo.  pabor yan sa akin kasi weekly umaabot sa 9k ang groceries ko. 
Title: Re: Credit card application
Post by: freelancer_babe on Sep 25, 2011, 09:14 AM
Hi Yurie,

I'm an online worker, so sort of online na rin ang business ko. I could just share what I did when I needed money for my freelancing activities. I am assuming here that you are responsible in pay your debts back, right?

Pede ba ako pagawa ng ITR and Financial Statement sa accountant na kakilala ko?

I think banks are not easily fooled. They really pay for people to do background investigation to your credit worthiness. The ITR and financial statements are not just for the show.

If you were a bank, would you lend money to people you don't know?

Maybe the BIR won't know how much you've earned, but sending falsified documents might put you in the bank's blacklist. Merong negative databank kasi to show the credit-worthiness of a person. That data is shared by banks, so you will just end up not being able to get a checking accounts, loans for several years because of a bad record.

More on online kasi ang business ko kaya need ko mataas na credit limit.

Do have SSS and Pagibig? I believe you have these, as these are requirements since you are paying BIR. Why not try taking out a salary or multipurpose loan from them (I did this to buy a laptop computer). The interest of these institutions are much much lower than that of a credit card. Try to borrow some money from relatives or close friends, usually walang interest sa mga yan (I did, to buy a huge LCD monitor and a UPS). It also helps if you have been a member of a cooperative, may loans ang mga yan (I'm not a member of one though).

Pool up all those funds, and I think you will have enough - pwedeng mong paabutin ng mga P100k combined. At mababa pa (or free sa kaibigan at kamaganak) ang interest. At least di ka nag-iistruggle sa payments, unlike that of a credit card.

Im planning to apply credit card, right now kasi mag 2 2years palang business ko as single proprietor.

I've only applied for a credit card lately, and I'm still waiting approval. I'm happy with the SSS, PAGIBIG and "kamag-anak" at "kaibigan" loans though, I only felt the need to apply for a credit card just to minimize the expenses of using debit cards as my freelancing business grows (I've been using these for online purchases with a VISA or Mastercard or those items in town that can be swiped) as well as get better deals out of these cards (rewards points or free gasoline). I really intend to pay the entire balance at the end of the month, as I don't like to deal with huge finance charges.

Also, consider using a "secured credit card" - the one that permits you to time-deposit an amount so that finance documents (income tax return and financial statements) are not needed. The downside to a "secured credit card" is that, the lower the amount to time-deposit, the lower the credit. Pero yun lang, you are able to build your credit history at the beginning at least and you are permitted to switch to a regular credit card and withdraw your time-deposited amount after a year (you have to make such a request this from the bank). BPI, Metrobank and Unionbank are the banks I know that offers such cards.

Pwedeng diskarte mo rin ang humiram just like what I have suggested above then open a secured credit card using the borrowed amount for the time-deposit - since you are doing business online and you need to pay for purchases via credit cards. :)
Title: Re: Credit card application
Post by: yurieyap on Sep 26, 2011, 01:23 PM
Hi to all,

  Maraming salamat sa mga advice, and marami ako nalaman, buti nalang hindi ko tinuloy yung pagpapagawa ng itr hehe...

 :thankyou: :thankyou: :thankyou:
Title: Re: Credit card application
Post by: kimerran on Sep 26, 2011, 03:04 PM
credit card is good in building credit history. :)
basta always pay in full.
Title: Re: Credit card application
Post by: pinoy_oman on Sep 26, 2011, 05:25 PM
credit card is good in building credit history. :)
basta always pay in full.

Agree ako! at dapat responsible user tayo ng credit card  para walang problema sa finances in the future.
Title: Re: Credit card application
Post by: ferrariEverest on Sep 28, 2011, 02:37 AM
Im planning to apply credit card, ..Pede ba ako pagawa ng ITR and Financial Statement sa accountant na kakilala ko? papalagyan ko ng mataas na annual gross para makakuha ako ng malaking credit limit sa credit card? hindi ba delikado or baka malaman ni BIR na ganun kalaki ang pinagawa kong ITR?
d mo na kailangan mangdaya.
with credit card issuers like BPI Family savings bank, pwede ka mag apply without the need to submit requirements. BUT merong collateral (pera na ilalagay sa time deposit). nakadepende nga lang yung credit limit mo sa collateral na yan.
@anakbaryu,
I would consider citibank cashback card as something that would
fit your requirements.
5% cashback on groceries and 0.5%(ata..I forgot the exact
figure) on everything else.
any other credit card that offers cashback?
thanks for sharing this

credit card is good in building credit history. :)
basta always pay in full.
ano ang significance ng credit history dito sa Pinas?
salamat!
Title: Re: Credit card application
Post by: mikkoy on Sep 28, 2011, 09:27 AM
any other credit card that offers cashback?
thanks for sharing this

Standard Chartered Platinum Visa Cash Rewards - 3% rebate for all Department Store and Restaurant purchases but the 3% rebate is limited up to P15,000 monthly purchase. Any amount more than P15,000 gets something like 0.5% I think.
Title: Re: Credit card application
Post by: ferrariEverest on Sep 29, 2011, 07:59 PM
maraming salamat Sir mikkoy.
any others? thanks!
Title: Re: Credit card application
Post by: freelancer_babe on Oct 02, 2011, 06:30 AM
ano ang significance ng credit history dito sa Pinas?

Banks do check the credit-worthiness of a person. They check against other banks before issuing any credit card or loan. May negative database silang ginagamit which is shared by those banks.

So if one had defaulted in paying credit cards, or had bounced a check, or taken out a loan, then these are recorded sa negative database. Thus it won't be that easy for that person applying for a new credit card, checking account or loan to apply for those accounts at another Philippine bank.

However, if one has built good record of credit history, then it would be easier for that person to apply for bigger value loans, such as an auto loan or a house. Malaking basis nila yan. It's also much more favorable sa applicant kung sa mismong bank rin where he/she had built the credit history sya mag apply, kasi kilala na sya.
Title: Re: Credit card application
Post by: ferrariEverest on Oct 03, 2011, 02:05 PM
Banks do check the credit-worthiness of a person. They check against other banks before issuing any credit card or loan. May negative database silang ginagamit which is shared by those banks...
i see. salamat.
so, yung database na yun, binebenta & pinapasa nila sa iba. sila pala yung tumatawag satin na nag-aalok ng credit card, insurance etc. :D
Title: Re: Credit card application
Post by: freelancer_babe on Oct 04, 2011, 07:01 AM
so, yung database na yun, binebenta & pinapasa nila sa iba. sila pala yung tumatawag satin na nag-aalok ng credit card, insurance etc. :D

I'd like to think na hindi. Actually before online databases were available, banks were doing credit investigations already. Mas napadali lang sa online database, which the information (I think) shared freely among banks and not sold.

I had this conversation with my dad who once worked sa loan section ng isang bank. They actually visit all the other banks to check the credit worthiness of a person before giving out any type of loan. Since wala pang online databases noon at typewriters lang sila, sila ang lumalabas to visit other banks, fill-out forms, etc. Dito nila nalalaman kung sino ang mga di pwedeng bigyan ng loan. So noon pa lang wala nang privacy actually kasi the other banks simply give out those information.

Yun lang ang nakakainis, since open ang information, other banks take advantage of that shared list and start calling people with have good credit history. Sana maiba na lang ang systema kasi inaabuso.

Anyway, building a good credit history could help you pa rin. Di lang naman sa credit cards yan gagamitin. You might the bank to borrow money for a house, a car, a business or some other personal loan. It's easier to get approved even at other banks pag napatunayang good client ka.
Title: Re: Credit card application
Post by: mxherr5 on Oct 04, 2011, 02:06 PM
Wow that's an eye opener.
I thought there's a bank secrecy law but I guess
its ok if they disclose it to fellow banks.
Title: Re: Credit card application
Post by: freelancer_babe on Oct 04, 2011, 05:03 PM
I thought there's a bank secrecy law but I guess
its ok if they disclose it to fellow banks.
There is indeed a bank secrecy law but it looks like it is only applied only to deposits, not to loans and lines of credit. So kung malaki ang deposit mo, the information is kept within the bank.

Law of secrecy of bank deposits from PDIC website: http://www.pdic.gov.ph/index.php?nid1=10&nid2=3

Yung mga loans at lines of credit ang nakashare na information between banks.
Title: Re: Credit card application
Post by: naomibatac on Jan 20, 2012, 08:34 PM
Your plan is a form of falsification, and you may be in trouble when caught. If you want to have a credit card with high credit limit, you can start with low credit limit first. You need to establish good credit report and after awhile you can request for a higher credit limit or avail of another credit card with a higher credit limit.