Philippines’ Top 5 Credit Card For Self-Employed Individuals
CREDIT CARD – Here are the five (5) best credit card options for self-employed in the Philippines.
Are you in search of the best credit cards for freelancers in the Philippines? If you’re a self-employed individual working from home, getting a credit card can be quite challenging, particularly if you lack the necessary financial documentation required for your application. In a previous article, we shared some facts you need to know before deciding to apply for a credit card.
In this article, we will discuss the process of applying for a credit card as a freelancer and also highlight the top credit cards for self-employed professionals in the Philippines.
5 Top Credit Cards for Self-Employed in the Philippines
1.RCBC Bankard InstaCard
Are you wondering which credit card is ideal for individuals with a low salary? RCBC Bankard InstaCard is an excellent choice, especially for beginners. It offers one of the lowest hold-out deposit requirements available, making it the fastest way to acquire your RCBC Bankard credit card.
Minimum deposit: ₱10,000
Annual fee: ₱1,500
2. Security Bank Fast Track Secured Credit Card
Another credit card option for freelancers is the Security Bank Fast Track credit card. It’s a 100% approved card with a holdout deposit, requiring you to maintain at least ₱15,000 in a Security Bank savings account while using the credit card.
To apply for a secured credit card, visit your preferred Security Bank branch with one primary valid ID or two secondary valid IDs and the deposit amount for the holdout.
Minimum deposit: ₱15,000
Annual fee: ₱2,000
3. Citi Simplicity+
If you’re seeking a credit card with no annual fee, consider the Citi Simplicity+ from Citibank. This credit card for self-employed professionals doesn’t impose an annual fee for life, allowing you to save more for important life events, such as a safety fund or travel fund.
Minimum monthly income requirement: ₱20,833
Minimum deposit: Not applicable (this is not a secured credit card)
Annual fee: None
4. AUB Secured Credit Card
Asia United Bank is a top choice for freelancers in the Philippines because it offers an AUB secured credit card when you open an account with them. The application process involves submitting a signed and notarized deed of assignment for your assigned deposit guarantee, along with a completed AUB Credit Card application form.
According to the bank, the processing time for your secured card is 7-10 banking days upon submission of the Deed of Assignment and the filled-out Credit Card application form.
Minimum deposit: ₱25,000 (for a credit limit of ₱20,000)
Annual fee: None
5. BPI Express Start
BPI also provides its secured card offer known as “Express Start.” The usual processing time for this card ranges from 2 to 4 weeks, from the application stage to card delivery. Keep in mind that there is a minimum holdout period of 1 year with BPI. If you close your secured credit card and release the holdout amount, a non-waivable fee of ₱1,500 applies.
Minimum deposit: ₱15,000 (for a minimum credit limit of ₱12,000)
