Applying For Your First Credit Card – Things That Matter!

Credit cards are handy for paying bills, consolidating debts and getting products on the go. If you are applying for your first credit card ever, it is important to consider a few things. There are numerous banks, selling endless number of cards with different highlights and features, and choosing one can be quite tricky. In this post, let’s talk about four things that matter the most.


Not everyone is eligible to get a credit card. This largely depends on the country you live in. For example, if you are applying for credit card Philippines, you need to have a steady annual income of Php 180,000, besides being 21 years of age. Also, you must have a stable job or must be self-employed for at least 2 years. These requirements can vary, but essentially, most banks want to know the income, age and address of the applicant. You also need to furnish a few documents for proof.

Check your credit score

Loans and advances can impact your credit score, and in case there are any mistakes in the report, you might have a tough time getting a credit card. You can easily check your credit report every year. Again, take a moment to review the terms and conditions of the lender.

Understand your financial condition

Can you afford a credit card? Well, if you have too many existing loans and advances, taking a credit card will only add to your woes. However, the situation can be very different for everyone. Some users, who have a large number of smaller loans, often take credit cards to consolidate the debts. You can take a call after you have considered your long and short term financial calls.

Check the important things

Before you apply for a credit, you need to understand and calculate the fees, charges and applicable rates. Applicants mostly want to find the lowest interest rate, which is great, but you should also consider the annual fee that’s chargeable with most cards. If you have a BPI credit card in the Philippines, you must make a minimum payment of 5% of the monthly bill. The late payment fees with some cards can be very high, especially for those that have a low credit card.

There are many portals, where you will find details of different credit cards and banks and can compare them easily, based on the individual highlights and advantages.