MONEY
Choosing the Right Credit Card

Wondering where to plunk the surplus cash? Be wise when you play with the greens.

DO you mange your finances responsibly? Are you great at paying back debt? Are you ready for hours of cashless spending? If your answered yes to all of these questions, then maybe you should consider getting a credit card. Which one, though? You spend hours and hours mulling over which car to buy. Since the UNO man only wants the best for himself, the same considerations should also be given into choosing a credit card. There are a lot of available choices, but like a tailored suit, only one will prove to be the perfect fit.

Credit Card what? Touch it. It won’t bite.
Small, made of plastic, usually colorful, comes in different designs, and makes the ladies happy. No we don’t mean the condoms rotting in your wallet. We’re talking about the almighty credit card. But how does it work, exactly? After an approved application, the cardholder is issued the card which he could then use to purchase almost anything nowadays. Then comes the signing of the receipt containing the amount to be paid. The transaction is completed, and the product is his. Sounds easy enough, right? Wrong. Using credit card is like borrowing money: you have to pay it back.

Do I Qualify For One?

Some credit card companies require an average monthly income of P10,000.00 to qualify for a credit card, although there are a few that allows as low as P5000.00. Alo9ng with a completed application form, you will also need to submit your proof of billing, proof of income (you can ask your employer to furnish you one), recent ID pictures, forms of Identification, and other documents required by the credit card supplier.

No Credit History? No prob.
Although not all banks have them, secured credit cards are perfect for students or first-time cardholders. Your first have to put an initial deposit that is equal to the credit limit that you want. SO this means that if you put in P50000.00 as deposit, you credit limit is also pegged at P50000.00. Cardholders who use this type are still required to post monthly payments but in the event that the owner neglects to do so, payment is deducted from the initial deposit. That being said, enjoy your piece of plastic, and “charge” responsibly!