The wave of digitalization has revolutionized every aspect of life, including personal finance. With wide-ranging practical uses and impressionable rewards, credit cards have become an everyday staple, not just for employed adults but also for students. When chosen wisely, a student credit card can help build a credit history, offer money management skills, and provide financial support to cover educational expenses. This article will explore the top credit cards for students in the Philippines, helping them make an informed decision about this essential financial tool.
1. EastWest Bank Educare Student Credit Card
EastWest Bank’s Educare Student Credit Card is designed expressly for students. This is an interest-free card endowed with an annual fee waiver for the lifetime making it a cost-effective financial tool for students. Additionally, this credit card supports students’ financial needs by offering an impressive credit limit of up to Php 50,000.
While the card has fundamental features such as cash advance, credit life insurance, and card loss liability, the Bank goes ahead to ensure that students can use their credit card as an easy mode of paying tuition fees on an installment basis at a very low rate. The introduction of a card co-holder is also an excellent feature that provides students with an extra layer of security and accountability.
2. BDO Installment Card
BDO Unibank, known for its inclusive financial packages, has initiated BDO Installment Credit Card, a designed-to-fit product for students. It’s designed with a bearing towards financing big-ticket spends like tuition, gadgets, travel, and others moving flexibly on installment payments. Understanding the financial limitations of a student, this card offers one of the lowest minimum monthly incomes needed to be eligible.
The BDO Installment Card sets the bar higher with its promotional offers like the EasyPay Installment program with 0% interest for a specified tenure, a points rewards program, and an auto-charge facility for utility bills. The product shines bright with BDO’s built-in chip security technology, secure online shopping feature, and extensive acceptance at establishments worldwide.
3. PNB Essentials Mastercard
A compelling proposition for students in the Philippines is the PNB Essentials Mastercard, a general-purpose credit card with a host of features. It comes with a flexible payment option, a balance transfer feature, low-interest rates, and conversion of purchases into an installment plan.
PNB Essentials Mastercard provides attractive rewards with every spend on essentials. These reward points can be redeemed for air miles or exciting items from the reward catalog. Moreover, with a relatively low annual fee and the option to have supplementary cards, PNB Essentials Mastercard proves to be a handy tool for elegant money management for students.
4. RCBC myDream JCB Card
Steered toward college students and fresh graduates, the RCBC myDream JCB Card serves as an excellent first credit card. Known for its low-income requirement and low annual fee, this card is within reach for many young Filipinos.
The cardholders will enjoy a 0% installment plan at participating merchants, reward points for every spend, and dual currency billing for local and international transactions, making this card one of the most attractive ones for students who have dreams – locally and globally.
5. Metrobank M Free Mastercard
Metrobank M Free Mastercard is a credit card that is perfect for fiscally conscious students, notably due to its lifetime annual fee waiver. The card is adorned with benefits like a rewards plus program, installment plan, cash advance facility, and balance transfer facility.
Metrobank M Free Mastercard cares for its holders through free travel insurance, purchase protection insurance, and virtual card for secure online transactions. With a relatively low-income requirement, this card truly helps students in taking the leap toward financial independence.
6. AUB Platinum Mastercard
The AUB Platinum Mastercard comes with the unique proposition of personalizing credit card usage, perfect for students beginning their credit history. The students can decide on their due date, the frequency of payment, and the minimum amount due.
The card also provides attractive features like balance transfer, rewards programs, installment plans, and cash advance features. Along with the secure shopping facility, zero interest rate, and lifetime annual fee waiver, AUB Platinum Mastercard is a good option for students looking for a tailor-made financial solution.
7. Citi Simplicity+
Citi Simplicity+ is one of the most student-friendly credit cards in the market. The card offers 0% interest on balance transfer, attractive cash advance features, and easy pay lite after purchase service.
The impressive feature of Citi Simplicity+ is the promise of no annual fee for a lifetime, no late payment fee, and no over-limit fees. This card, with its exciting feature of “Simplicity+ Savings”, provides a 10% back-on-interest charge when a cardholder pays at least the Minimum amount due on or before the due date.
8. UnionBank Classic Visa
UnionBank Classic Visa card, with its lower income requirement, stands out as a credit card fit for students. Along with having no annual fee for the first year, it also offers an extended credit limit that can be shared with four loved ones through supplementary cards.
This card serves its customers with balance transfer services, installment plans, and cash advance features. It takes up a notch in its offering through the unique AutoCharge facility that takes care of periodic payments to enrolled merchants.
9. Security Bank Complete Cashback Credit Card
Security Bank laces the Complete Cashback Credit Card with an exciting cashback model that appeals to students. The cashback is awarded in categories like dining, groceries, fuel, utilities, and shopping.
This Security Bank creation is a delight with its balance transfer service, enhanced security from EMV chip card, 0% charge light installment plan, charge advance feature and a secure online shopping facility.
10. Maybank Standard Mastercard
The Maybank Standard Mastercard is designed to benefit its holders with a low-interest rate, 0% interest installment plan, and cash advance facility. It reduces the burden of paying utility bills with its auto-charge facility.
The tap-and-go contactless technology and Maybank’s Secure2u feature to ensure a secure and safe transaction, making it a desirable card for students.
Conclusion
In conclusion, while being a valuable ally in covering financial obligations, a student credit card is an excellent tool for students to learn money management, budgeting, and understanding the fine print of financial contracts. It allows for not just better financial control for the student but also helps in building a valuable credit history. The chosen credit card should match the individual needs of the student and should be chosen wisely, understanding the commitments and benefits it carries.