Looking for your first credit card?
If you are reading this article, then you are probably shopping for a credit card that can best fit your needs and wants.
When choosing a credit card, you will surely encounter a handful of cards with various perks and benefits.
Of course, they are armed with enticing promos to get your sweet “Yes”. Yet, what you have to do is to step back and shop around before settling on the final choice.
Types of BOC Credit Cards
- Bank of Commerce MasterCard Classic is offered to Filipinos who usually spend on gas, groceries, and utilities. The cardholder must have an annual income of at least Php 120,000.
- Bank of Commerce MasterCard Gold is for Filipinos who have a greater purchasing power with a higher spending limit. This card has perks for individuals who spend more on dining, shopping, and traveling. The minimum annual income to have this card is Php 455,000.
- Bank of Commerce MasterCard Platinum is for the life’s luxuries. This card is best used for international purchases as it has the Dual Currency Billing. You can charge in US dollars instead of converting the amount in peso. Applicants for this card must be earning at least Php 1,200,000 a year.
Bank of Commerce Credit Card Requirements
The applicant for the BOC credit cards must be at least 21 to 65 years old. Supplementary cardholders should be not younger than 15 at the time of application.
You must be a Filipino resident. If you are a local resident foreigner, you will need to present legal documents to prove your identity, residence, and current job.
Bank of Commerce Credit Card Features
- Installment Plus lets the cardholders shop at partnering establishments and pay in installments with 0% interest charge. You can pay in 3 to 36 months depending on the charged amount or the establishment’s discretion.
- Installment Convert is a feature which converts expensive purchases into installments with low-interest rates. You can use this for tuition fees, plane tickets, and hospital bills.
- Rewards Plus lets you earn 1 Rewards Point for every Php 25 charged on the BOC credit card. You can use your points to claim rewards in BOC’s partnering establishments.
- Dual Currency Billing is a feature available only for Platinum cardholders. You can have a separate billing for local and international purchases. Local purchases are billed and paid in Philippine peso while international purchases are billed and paid in US dollars.
Bank of Commerce Credit Card Fees and Charges
Credit cards are always accompanied by fees and charges aside from promos and rewards.
- The Annual Membership Fee is paid every year whether you use the card actively or not. The annual fees are usually waived for the first year. MasterCard Classic Annual fee is Php 1,200 while the MasterCard Gold is Php 2,500.
- Monthly Interest Rate is charged if you fail to settle your monthly bill on time. The interest charge will be based on the average daily balance. This means that the interest will keep on growing based on your current bill and not on its principal balance.
MasterCard Classic and Gold have a monthly interest rate of 3.25% and the MasterCard Platinum has 2.95%.
- Minimum Amount Due is the smallest amount you have to pay so you will not be charged late payment fee. The minimum amount due is 5% of the credit card’s outstanding balance (including other fees and past due) or Php 500 whichever is higher.
Take note that even if you pay the minimum amount due, the remaining balance will still be charged with interest.
- Late Payment Fee is charged when you fail to pay even the Minimum Amount Due. BOC credit card late payment fee is 5% of the minimum amount due or Php 500 whichever amount is higher.
- Cash Advance Fee is charged when you withdraw cash in an ATM using your credit card. It’s like instant cash when your card is not applicable for a transaction. However, you need to remember that banks charged 5% of the amount withdrawn but not less than Php 300.
- Aside from the Cash Advance Fee, you will also be charged with a Cash Advance Interest rate of 3.25%. The interest will be computed from the day you withdraw the cash until the day you settled the cash advance amount.
BOC Credit Card Limitations to Take Note
- If you want an installment pre-termination, you will be charged with Installment Acceleration Fee of Php 1,000. You need to plan your installment terms well.
- BOC credit card no longer has the Travel Insurance Coverage unlike with some of the banks. This feature was discontinued on October 20, 2016.
- BOC only offers MasterCard. This means that if you prefer credit cards under the services of Visa, you need to consider other options.
Credit cards are tools to make purchasing more convenient, but with a handful of options currently offered in malls, it is best to consider if you really need one and if you can handle the financial responsibility it comes with.
In case that you need to make an immediate purchase, but you don’t have a credit card, then you can apply for an instant cash loan from Cash Mart – the best online lender in the Philippines.