Looking for your first credit card?
Most people believe that credit cards are keys to the gateway of debts. One reason that this happens is choosing the wrong credit card which you could not handle.
Banks offer credit cards which simply means you can get items through approved short-term loans. Credit cards do not let you get items for free. It is a loan you have to pay on its due date or else you’ll be charged with the outstanding interest rate.
When choosing a credit card, you need to take note of certain facts and limitations such as in the credit cards offered by China bank.
China Bank Credit Card Eligibility
You must be a Filipino citizen who is at least 21 years old. Having a bank account is not a specific requirement but it does have advantages. If you are a China Bank Depositor, you can apply for the credit card even if you are already 70 years old.
Of course, you will also need a regular job with Gross Annual income of at least Php 120,000.00 for China Bank Prime MasterCard, Php 500,000.00 for China Bank Platinum MasterCard and Php 1,000,000.00 for China Bank World MasterCard.
China Bank Credit Card Required Documents
If you think you have are eligible for the China Bank Credit Cards, you need to present the complete required documents to be approved quickly.
- At least one valid government issued ID. The ID must have your colored photo.
For Private and Government Employees must submit at least on of the following:
- Latest three months’ payslip
- Certificate of Employment
- Notice of Salary Increase
- Employment Contract
- Other Bank card (must be 12 months on books)
For Self-Employed or Self-employed Professional must submit all of these documents:
- Income Tax Return (BIR form 1701)
- Audited Financial Statement
- Business Registration (DTI or SEC)
China Bank Credit Card Rewards Program
- You can get one (1) Credit Card Point for every P200 spend in Supermarkets, Drugstore, and Gas Stations.
- Get one (1) Credit Card Point for every P25 spend on any other transactions
- Take note that the Foreign Currency transactions will be converted to the Philippine Peso equivalent before it gets computed to Credit Card Points earned
- All of the available Credit Card Points will be forfeited if you fail to pay on due date or delinquent for ninety (90) days
- Credit Card Points is only for one (1) year
- Points Redemption
|Required Points||Minimum Rewards Redemption|
|3,750||PHP 250 Cash Credit|
|10,000||500 SM Advantage Points|
|8,000||1,000 PAL Mabuhay Miles|
China Bank's Balance Transfer Program
Balance Transfer means that China Bank will pay off your outstanding credit balance in other banks. The minimum balance transfer amount is at least Php 3,000. It takes 25 days for the request to be approved. And any additional charges on your credit card debt during processing period of 25 days will still be charged on you.
Any amount approved in your Balance Transfer will not accumulate any reward points. Your application shall be processed and approved based on the available credit limit you have in your China Bank Credit Card.
If you fail to pay four consecutive minimum amount dues, the bank will take actions to collect your dues. In the case of pre-termination and you want to settle the amount ahead of the agreed date, China Bank shall charge a five percent (5%) handling fee. The approved applications can no longer be canceled.
China Bank's Merchant Installment Program
You must have a single-receipt transaction minimum purchase amount which will be based on the merchant. The installment terms can be from 3 to 24 months depending on the store where you are buying the item. Not all of the items in participating stores can be paid in installments.
The entire amount of the item will be deducted from your credit limit and pre-termination is disallowed
China Bank Credit Card Limitations:
Balance cannot be checked online. In cases of check payments, it will take three (3) banking days before the payment will be reflected.
Installment program minimum amount and term highly depends on the merchant and not on the bank. Ask the store clerk about this first.
Balance transfer processing takes 25 days. This is almost a month. If it is taking too long, you might consider looking for other options.
When choosing a credit card, it is indeed fun to check the promos, free stuff, and features. But it is also important to check out the terms and condition they have.
Not reading and understanding the fine prints will surely put you at risk into getting debts unknowingly.