helpful tips
Your card issuer’s method of computing the finance
charge makes a big difference in the finance charge
you’ll pay. Do understand them.
You can request for a waiver of annual fee. Your card
issuer may waive the annual fee if you maintain a good
credit record.
Consider maintaining only the right number of credit
cards. Multiple cards mean checking of multiple
statements and due dates and monitoring of multiple
credit limits. Maintaining multiple cards is also expensive
as annual fees can add up. Having more cards also serve
as temptation to more purchases, which could lead to
more debts you cannot pay, including finance charges
and fees.
You should pay your bills on or before the due date to
avoid late payment fee.
Keep your cards in a safe place after use, just like you
keep your cash.
Check card when returned by the cashier to ensure it is
yours and that it has not been tampered with in any way.
Check all details on the sales slip before signing/
confirming the transaction.
Don’t sign a blank charge slip.
Don’t let anyone swipe your card twice without giving you
a “transaction cancelled” receipt for the first swipe.
Don’t fax your credit card number/details. Your credit
card information can lie for hours for others to see at the
other end. Anyone passing by can record your number
and begin to use your card number fraudulently.
Don’t leave an expired card lying around. Cut the card
horizontally to ensure that the magnetic stripe at the back
is divided.
Pay attention to your account balance to avoid exceeding
your credit limit. Exceeding your credit limit may either
mean additional fees, or merchants declining your
transaction. But more importantly, this also negatively
affects your credit history.
Don’t use your credit card to withdraw cash from ATM
or for cash advance, as much as possible. This is an
expensive form of credit.
Don’t perform online transactions in public places as in
cybercafés.
Keep a list of your credit card numbers and the card
company’s hotline numbers in case of disputes, questions
or to report a lost or stolen card.
Developed by the Financial Literacy and Advocacy Division
Financial Consumer Protection Department
contact information
Financial Consumer Protection Department
Supervision and Examination Sector
Bangko Sentral ng Pilipinas
5th Floor Multi-storey Building
BSP Complex, A. Mabini St., Malate
1004 Manila
Telephone Numbers:
Trunk Line : (02) 708-7701 local no. 2584
Direct Line: (02) 708-7087
Email Address: consumeraffairs@bsp.gov.ph
Financial Education: Building Block for a Stronger Economy
 the right credit card for you types of cards from month to month, the monthly interest rate,
method of computing finance charge and base
Types of of interest computation must be considered.
Choosing the right credit card is an important decision. You Regular Premium Rebate
Credit Choose a card that offers lower interest charge.
can maximize the benefits of owning one with the right credit Cards Cards Cards
card. With a wide variety of cards available for you to choose Cards
If you plan to often use the credit card for cash
from, an understanding of credit card terms and options will
Best for First time credit Cardholders For individuals advances, choose a card that offers lower cash
help you choose the one that matches your needs. Making a
card owners who frequently who make advance fee as well as lower interest rates for cash
careful comparison can save you money on interest rates and
use the perks of majority advances. Some cards charge a higher interest rate
fees. Below are some guidelines to help you choose the right People who are
the card of their for cash advances than for purchases.
credit card. not interested
purchases on
in availing any People who Make sure to start wisely, shop around, and conduct a credit
credit
incentives or do not pay card research so you can review and compare the credit cards
types of cards perks outstanding People who available in the market. Compare the related fees/charges
balance in full pay off their and features and know your rights as a credit cardholder.
People who
Types of balances in full
Regular Premium Rebate pay off their
Credit each month Below is the link to the updated list of BSP-supervised credit
Cards Cards Cards balances in full
Cards each month card issuers.
w w w. b s p . g o v. p h / d o w n l o a d s / p r i m e r s / L i s t _ o f _ B S P -
Description Cards that offer Cards that offer Cards where Supervised_Credit_Card_Issuers
only the standard additional perks on card purchases
Other types of credit cards include the following:
features with no shopping, dining, will have Niche Cards - These are credit cards designed for a particular
added frills or leisure, and travel corresponding group or purpose (e.g. designed for women, designed for on-
incentives around the world rebates on
services or
line purchases).
Dual Currency Credit Card - These are credit cards
helpful tips
goods with tie- designed for those who use their cards abroad very frequently
up companies and have available US Dollars or earn in that currency. It allows Credit cards are not a form of supplemental income.
transactions in the Philippines to be billed in Philippine Pesos Credit cards extend credit/loans that must be paid.
Features Lower credit limit Higher credit limit Gives reward while transactions made abroad are billed in US Dollars.
points, Before using your card, read carefully the Terms
Higher monthy Lower monthly and Conditions, most especially the fine prints.
such as on In choosing a credit card, consider also card payment networks
interest rate interest rate Most cardholders encounter problems later on
airlines, (e.g. American Express, China Union Pay, Diners, Japan Credit
Lower or no automobile Bureau, MasterCard or Visa Card) as it determines acceptability because they do not read the conditions governing
Higher annual
annual fees companies, thereof in the merchants/establishments and provides its own their credit card.
fees
gas perks.
Added perks, corporations You can enjoy interest-free credit with your credit
like product To obtain the least expensive card and maximize the benefits card. No finance charge is imposed if you pay
warranties, Higher of a credit card, consider how you will use it. the Total Amount Due in full on or before the
travel insurance, monthly Payment Due Date for a particular billing cycle.
emergency interest rate
services Do you plan to pay your bill in full each month? You can make your big purchases at the start of
Higher your statement period to maximize your grace
Associated with If you do pay your bill in full each month, the annual
annual fees period.
prestige since fee and other fees will be the most important
issued only to consideration. Choose a card that has no annual You can enjoy the full benefit of the grace period
applicants with fee and offers a longer grace period. if you don’t have any unpaid balance from
higher income
previous months. It is just like using money FOR
and high credit If you plan to use the credit card to pay for the FREE for a given period.
card usage purchases over time, and carry over a balance