Updated June 16, 2017
PSBank presents just one credit card. What does it have to offer?
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PSBank Credit Mastercard Features
- No annual fee
PSBank Credit Mastercard is one of the credit cards in the Philippines without any annual fee. This is a big savings compared to some credit cards with annual fees of P1,000 to P3,000 a year.
- Chip card technology
We are now turning into an era where strip credit cards are going obsolete. PSBank would like to keep up are the PSBank Credit Mastercard is now chipped. This way, you more protected from fraudulent activities, especially the cloning modus operandi.
Of course, even if the credit card is chipped, you also have to take personal security measure to prevent yourself from, becoming a victim of phishing, identity thief, and others.
- Balance Transfer
PSBank Credit Mastercard balance transfer has installment terms at 6, 9, 12, 18 and 24 months. Sounds good? The balance transfer is usually used to consolidate loans. If you are paying high-interest credit card debts, you can transfer it for a lower interest and spread the payment terms up to 24 months.
This may be a good offer but it is best to make sure that you can afford to pay on time to prevent penalties.
- Cash Rush (Cash Advance)– 3.96% monthly interest rate with cash advance fee of P500.
Cash Advance is a feature that lets you withdraw instant cash from the ATM using your credit card. Seems too good to be true, especially if you can withdraw up to your credit limit. Mind the interest rate and the cash advance fee.
Upon withdrawal of cash, you will be automatically charged with P500. Aside from this fee, you will also be charged with an interest rate on a monthly basis until you settled the full amount,
Simply think of the Cash Advance as an instant loan with high interest rate. The interest rate is not charged base on the amount of cash you were withdrawn. It is based on the current unsettled amount. If you don’t settle it ASAP, you are bound to be buried in debt.
- 0% Installment Program – Can be used to pay for big ticket items at 3, 6, 9, 12, 18 and 24 monthly installment terms.
This is another feature you have to use with caution. Planning to buy a new gadget? Or perhaps you want a new TV? It is more convenient to pay it in installments spread up to 24 months. It may be 0% interest, but it is not for free. The service has a fee, and late payments mean penalties.
If you want to settle the installment program earlier than agreed, you will be charged with 5% of the remaining principal balance.
- Paperless Statements (MSOA) through email
While this seems convenient, you might need a printed bill as a proof of billing. You will be charged with P100 for each printed billing.
- ‘M TXT facility – Access to available credit limit, statement balance and outstanding balance through text
When choosing a credit card, you don’t only check the interest rate. Remember that the interest rate will only be charged if you can’t settle your bill on time.
Rewards, rebates, and promos are tempting you to spend more than you should. Choose the credit card that lets you enjoy these while spending on the things you normally do.