There are lots of steps involved in getting credit card for the first time. Getting your first credit card is not an easy task. Different types of credit cards are issued by banks and credit card companies. Many questions arise in mind if you are going to purchase your credit card. These guidelines will help you in getting your first credit card.
Choose the best credit card
You have look at various factors while buying your first credit card. Each credit cards its own benefits and drawbacks. See to the credit cards that offer minimal interest, highest reward points on purchases, no annual amount and bpi credit card promos.BDO credit card in Philippines provide most of the benefits to its customers.
Ask The Credit Card Issuer About The Monthly Installments And Promo Interest Rates
Credit card has promo rates with low interests that are offered for your credit card balance for a particular period of time. If your credit card is subjected to any promo interests, know how much you have to pay monthly and how many months you have to pay to settle the amount. There are no monthly effective interest rates in BDO credit card for purchases. The interest rate in BPI credit card is free for the present month. For any balances in the previous month, 3.09% is the effective interest rate per month.
Fees and charges
Many credit card companies charge fees for various things such as membership fee, annual fee, cash advance fee etc. The annual membership fees for BDO credit cards in P75 per month. The cash advance fee is 5% amount that is withdrawn. The late payment charge is 4.5% of the overdue amount. There is no membership fee for supplementary BDI credit cards whereas the fees differ for different principal cards. The late payment is 6% of the past due amount.
Credit card issuers and banks offer interest rates at different instants. Some offer interest rates at the purchase dates while others offer interests from the day of billing. When we pay our monthly bills without any delay, we can avoid paying any interest. The monthly interest rates in BDO credit card is 3% for the standard master card. Bank of the Philippine islands offer interest rates at 3.40% per month.
Every credit card has its own terms in paying the monthly bills. When do they do not pay the dues, they will be charged some penalty. In the Philippines, the people having credit card have to pay their dues monthly. They have to pay the minimum payment of 5% of the bills and settle it on the due date.
Modes of Application
There are so many ways to apply for the credit card. If you want to apply credit card for the first time, you can choose any of the ways. You can call the credit card issuers and apply for a card through phone calls. There is also a way of sending mails to the banks informing that you are in need of a new credit card. The easiest way to apply for the first credit card is through online.