Credit cards can confuse people sometimes, so I choose to divide them among the PRIMARY, MID-RANGE, and ELITE tiers. That makes it easier for me to analyze my spending and my credit portfolio. These three classifications can be compared to Sociology's levels of social class.
Okay, so I classify credit cards into three specific tiers. Now, let's cover each of those, but please let me say that I have also written a conclusion at the end of this blog entry.
PRIMARY
These are your classic cards which feature little more than simply a payment tool. These would also contain your cards featuring merchant partners, but at the most basic level.
Perks and Benefits
There are two kinds of these cards. The first, which are more general in nature usually have a basic system for earning points which can be used to redeem rewards.
The second, which are aimed to benefit customers of specific merchants have discounts or rebates for transactions with the said specific merchants as well as promos.
Requirements
Most of the time, these cards will need you to have an annual income of at least PhP180000
Most of the time, these cards will need you to have an annual income of at least PhP180000
Examples
The RCBC Bankard Classic is available in Visa, JCB, or Mastercard. A good choice. RCBC Bankard offers a VERY FLEXIBLE POINTS SYSTEM where you choose how to be rewarded. On top of that, you can get this card regardless of your current employment situation through RCBC's secured card system. I have already reviewed this card here.
The BDO Classic Visa will give you the benefits of BDO's large network of merchant partners. From my PERSONAL EXPERIENCE, I can say that I have experienced the MOST DISCOUNTS, INSTALLMENT PAYMENTS, AND BUY NOW PAY LATER schemes with my BDO cards. This card will also give you reward points which can be used to redeem vouchers and other things.
The Citi Mercury Drug Visa will grant you a 10% rebate for transactions with Mercury Drug and partner hospitals. It's a very good choice if you are the kind of person who needs a regular intake of drugs, especially if you need that to stay alive.
The East West Classic Mastercard will benefit you with East West Bank's aggressive nature. The moment I received one of my Platinum cards which had a six digit credit limit, I called East West immediately. WITHIN THE SAME WEEK, my East West Classic Mastercard's credit line was INCREASED BY MORE THAN 200%. Of course, that is in addition to East West Bank's own system of points and rewards which is also very good.
The RCBC Bankard Classic is available in Visa, JCB, or Mastercard. A good choice. RCBC Bankard offers a VERY FLEXIBLE POINTS SYSTEM where you choose how to be rewarded. On top of that, you can get this card regardless of your current employment situation through RCBC's secured card system. I have already reviewed this card here.
The BDO Classic Visa will give you the benefits of BDO's large network of merchant partners. From my PERSONAL EXPERIENCE, I can say that I have experienced the MOST DISCOUNTS, INSTALLMENT PAYMENTS, AND BUY NOW PAY LATER schemes with my BDO cards. This card will also give you reward points which can be used to redeem vouchers and other things.
The East West Classic Mastercard will benefit you with East West Bank's aggressive nature. The moment I received one of my Platinum cards which had a six digit credit limit, I called East West immediately. WITHIN THE SAME WEEK, my East West Classic Mastercard's credit line was INCREASED BY MORE THAN 200%. Of course, that is in addition to East West Bank's own system of points and rewards which is also very good.MID-RANGE
These would be your gold credit cards as well as the higher merchant partner cards and your basic travel cards.
Perks and Benefits
Like the general primary credit cards, the general kind of mid-range credit cards will most of the time feature a points gathering system for rewards. Most of the time too, the fact that these are what are usually called gold cards will mean there will be better rewards and promos.
Also like the primary tier credit cards, some will feature benefits for transactions with specific merchants. These will be similar to those featured in the merchant specific primary tier cards but be more beneficial and higher in nature.
One more kind of card for this tier though, will be your travel cards which when used will gather points which can be converted to miles with specific partner airlines and travel companies. It is always best to be aware of your card's issuing bank's partners.
One more kind of card for this tier though, will be your travel cards which when used will gather points which can be converted to miles with specific partner airlines and travel companies. It is always best to be aware of your card's issuing bank's partners.
Requirements
These higher level cards will need you to have an annual income of PhP200000 to PhP480000
These higher level cards will need you to have an annual income of PhP200000 to PhP480000
Examples
The Citi Premier Miles Visa Signature is a personal favorite of mine. It gives you ONE AIR MILE FOR EACH PhP30 spent, which is a very good ratio. I have already reviewed this card here. This card will also grant you access to the VISA CONCIERGE SERVICE, which I reviewed here.
The Metrobank Robinsons Gold Mastercard will give you a 10% rebate during the "Payday Sales" at Robinsons Department Store.
The HSBC Gold Cashback Visa will give you 5% rebates for dining, 3% rebates for gas bought from Caltex stations, and 0.5% rebates for everything else. This is a good choice if you, like me love to eat! You are rewarded for eating!
The Citi Premier Miles Visa Signature is a personal favorite of mine. It gives you ONE AIR MILE FOR EACH PhP30 spent, which is a very good ratio. I have already reviewed this card here. This card will also grant you access to the VISA CONCIERGE SERVICE, which I reviewed here.
The Metrobank Robinsons Gold Mastercard will give you a 10% rebate during the "Payday Sales" at Robinsons Department Store.
The HSBC Gold Cashback Visa will give you 5% rebates for dining, 3% rebates for gas bought from Caltex stations, and 0.5% rebates for everything else. This is a good choice if you, like me love to eat! You are rewarded for eating!ELITE
These cards would be the most flexible, most rewarding, and most exclusive cards. These will be your Platinum and Black credit cards as well as the elite travel cards.
Perks and Benefits
Too many to mention! I can promise you, stating from my personal experience that you will be bombarded with sms after sms and email after email. You will end up having to consult your credit portfolio when planning trips to the mall to maximize all the benefits.
Too many to mention! I can promise you, stating from my personal experience that you will be bombarded with sms after sms and email after email. You will end up having to consult your credit portfolio when planning trips to the mall to maximize all the benefits.
Requirements
These products are so high up that you need to be earning an annual income of at least PhP1000000 to grab a hold of them. Some need more than double that, and the most exclusive are by invitation only.
Examples
The Metrobank Travel Platinum Visa is a travel card which will grant you lounge access in airports with membership to Priority Pass for free which gives you lounge access at member airports. It also gives you air miles at the cost of PhP17 per mile when spent overseas or PhP50 per mile for spending here in the country. In addition, you get access to Metrobank's concierge service as well as Visa's. It's also worth saying here that thanks to Metrobank, you can get up to 24 months payment terms in Rustan's Department Store! I did, here is the story.
The Citi Prestige Visa Infinite is Citi's highest, most elite, most exclusive, and most prestigious (obviously) card. This card has many perks including complimentary rounds of golf at any participating golf course in the world, Prestige level membership to Priority Pass (you can go to any airport lounge for an unlimited number of times), the fourth night for free at any participating hotel, and complimentary airport meet and greet services.
IS THERE A SPECIFIC CARD YOU AIM TO HAVE? DO YOU AIM TO GRAB THE ELITE LEVEL CARDS? WHY? DO YOU LIKE HAVING SEVERAL, OR FEWER? SHARE YOUR THOUGHTS WITH US IN THE COMMENTS!
These products are so high up that you need to be earning an annual income of at least PhP1000000 to grab a hold of them. Some need more than double that, and the most exclusive are by invitation only.
Examples
The Metrobank Travel Platinum Visa is a travel card which will grant you lounge access in airports with membership to Priority Pass for free which gives you lounge access at member airports. It also gives you air miles at the cost of PhP17 per mile when spent overseas or PhP50 per mile for spending here in the country. In addition, you get access to Metrobank's concierge service as well as Visa's. It's also worth saying here that thanks to Metrobank, you can get up to 24 months payment terms in Rustan's Department Store! I did, here is the story.
The Citi Prestige Visa Infinite is Citi's highest, most elite, most exclusive, and most prestigious (obviously) card. This card has many perks including complimentary rounds of golf at any participating golf course in the world, Prestige level membership to Priority Pass (you can go to any airport lounge for an unlimited number of times), the fourth night for free at any participating hotel, and complimentary airport meet and greet services.
Conclusion
So there are three levels. Know where you are. Be aware of your own abilities especially the financial ones. If you want to keep climbing up the tiers until you can have the highest, most exclusive, and most prestigious cards, the idea is to make the bank want you as a customer. Show them that you are happy to transact through them. Use your cards and they will want you.
If you want these cards, you can apply at one of these websites. I did, and they all work!
IS THERE A SPECIFIC CARD YOU AIM TO HAVE? DO YOU AIM TO GRAB THE ELITE LEVEL CARDS? WHY? DO YOU LIKE HAVING SEVERAL, OR FEWER? SHARE YOUR THOUGHTS WITH US IN THE COMMENTS!
Thank you for reading my blog. Feel free to comment and if you need to reach me personally, leave me a comment saying just that. I read all my comments.
*Most images here were just taken from the internet with the assumption that they are in the public domain. This blog was written with no intention of damaging anyone's public image, just sharing my opinion and experience.
Philippine Credit Cards
No comments:
Post a Comment