How do you apply for a credit card? What are the benefits of having a credit card? Are you qualified to be a credit card holder?

Convenience is the best advantage of having a credit.  You can avail items or services now and pay for them later as long as you manage your credits correctly and responsibly by paying on time to avoid fines and interests.Having a credit card is safer than carrying huge amount of cash. It saves time instead of getting cash and falling in line at ATM machines so you could pay your shopping expenses, dining bills, online payments for travel, utilities and other bills.

Almost every banks and credit card companies have the same requirements when you apply for a credit card.

Basic credit card application requirements / Qualifications

1. Must be 21 to 70 years old if you want to be the PRINCIPAL cardholder
2. Must be at least 13 years old to be a SUPPLEMENTARY cardholder
3. Must be a Filipino Citizen or a foreigner who is a permanent resident in the Philippines for the last 2 years
4. Minimum Gross Fixed Income Requirement: P180,000 or P15,000/month
5. Must be a regular employee or self-employed with business operating for at least 2 years
6. Must have at least 1 landline phone or a postpaid mobile telephone
7. Residence or office address must be within any area where a BDO branch is located

Documents Required when you apply for a credit card

A. Proof of Identification for both Primary and Supplementary Applicants

Any of the following valid photo-bearing identification documents* (front and back):
For complete list of valid ID’s in the Philippines, see here.

1. Company ID, if company is SEC, IC or BSP supervised / registered
2. Passport
3. Driver’s license
4. SSS ID (photo-bearing plastic card type with scanned signature)
5. TIN Card (photo-bearing plastic card type)
6. PhilHealth Card
7. GSIS ID
8. PRC ID
9. Voter’s ID
10. All other IDs issued by the Philippine government and its instrumentalities
11. *Supplementary applicants who are studying may submit a valid school ID instead.

B. Proof of Income

For Employed Applicants

1. Photocopy of latest Income Tax Return (ITR) duly stamped as received by the Bureau of Internal Revenue (BIR), BIR Form 2316 signed by employer’s authorized representative (MANDATORY)

Plus any of the following:

• Latest full-month’s payslip/s
• Original Certificate of Employment indicating status, service tenure, and compensation breakdown

2. If with existing cards, copy of the 2 months Statement of Account of your credit card that is at least 1 year on books.

For Self-employed Applicants

1. Photocopy of latest Income Tax Return (ITR) duly stamped as received by the Bureau of Internal Revenue (BIR), Audited Financial Statements for at least 2 years (MANDATORY)
2. Photocopy of registration of Business Name (MANDATORY):

• Single Proprietorship: DTI Registration
• Partnership / Corporation: SEC Registration

3. Last 3 months’ bank statements (OPTIONAL)
4. If without existing credit cards, copy of latest Postpaid Mobile Telephone Statement of Account.

That’s it! To apply for credit card, just visit your preferred or nearest bank or credit card company and bring all the requirements. They will have your account under credit investigation and if you qualify, you can now enjoy the perks of having a credit card.

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