As an entrepreneur, you know that every purchase you make is an investment in your business. Whether you’re buying office supplies or investing in marketing, every peso counts. That’s why it’s important to choose a credit card that will give you the most rewards for your business spending. Here are the 8 best credit cards for entrepreneurs in the Philippines.
1. BDO Gold Cashback Credit Card
BDO Cashback Credit Card is one of the best cash-back gold credit cards in the Philippines. You are provided with up to 10% cash-back bonuses within the first 3 months of receiving your credit card. You can also earn 9% bonus cash-back on local purchases and 8% bonus cash-back on overseas purchases.
It offers 5% cash back on all online and international spending, 3% cash back on gas and dining, and 1% cash back on all other purchases and you can get up to PHP 2,500 cash back per year. BDO Gold Cashback also offers insurance on all retail purchases, which includes theft, loss or damage within 30 days from purchase, for up to PHP 50,000 per occurrence or a maximum of PHP 250,000 per year.
The insurance package also includes travel insurance in the event of delayed flights or missing luggage, including medical and legal cover. The annual membership fee is PHP 3,000 with free membership for the first year. To qualify for this card, you need to be at least 21 years old.
2. BPI Edge Mastercard
The BPI Edge Mastercard is another great option for entrepreneurs who need a credit card that offers rewards for everyday spending. With the BPI Edge Mastercard, you can one reward point for every PHP 50 spent at supermarkets, drugstores and convenience stores. These exclude online transactions. These points can then be redeemed for cash rebates, free flights and hotel stays, gift certificates and more.
With this card, you can also convert your straight purchases into instalments with very low add-on rates. You can also convert your credit limit to cash and pay it in 36 monthly instalments.
The annual membership fee is PHP 1,320 and is free for the first year of obtaining the card. An additional membership fee of PHP 660 is required for 2-6 supplementary cards. You receive free membership for the first supplementary card that you obtain. You need to be at least 21 years old to get an Edge Mastercard.
3. BPI Visa Signature Card
The BPI Visa Signature Card is another great choice for entrepreneurs who travel frequently. For every 20 PHP spent via any international online transactions you earn 2 BPI points. The credit card comes with perks such as international airport lounge access, travel insurance coverage, 24/7 worldwide concierge services and special deals at luxury hotels. You can also receive free travel insurance for up to PHP 20 MN.
You can get up to 3 years of free membership if you are a preferred client. The annual membership fee is PHP 5,500 and is free for the first year of obtaining the card. An additional membership fee of PHP 2,750 is required for 2-6 supplementary cards and you receive free membership for the first supplementary card you receive.
The age requirement for obtaining the Signature card is 21 years and over. Experience the best of what the world has to offer with the card that complements your Signature lifestyle.
4. Citi Cash Back Card
The Citi Cash Back Card is perfect for entrepreneurs who are looking for a cost-effective way to budget and receive cash-back rewards on purchases at the same time. The Citi Cash Back Card includes up to 6% cash-back rewards for all grocery store purchases. You can also receive up to 2% cash back whenever you need to pay Meralco bills. You receive 0.20% cash back for all other purchases.
It is estimated that you can earn as much as PHP 15,000 in savings. This credit card has no expiry date, so that reduces the hassle of renewals. To qualify for this credit card, you need to be over the age of 21 years and with a minimum annual income of PHP 180,000.
The card includes an annual membership fee of PHP 4,500 as well. The process is paperless and you can apply for this card online.
5. Citi Rewards Card
The Citi Rewards Card is another excellent option for entrepreneurs who want a credit card that provides valuable rewards for travelling and online shopping, including takeouts and food delivery.
With this credit card, you can earn 1 Citi ThankYou Point for every PHP 30 spent on local and overseas purchases. You can earn up to 5x reward points for online transactions as well. You can then redeem these points for online shopping, takeouts, free flights, hotel stays and other travel perks.
This card includes an annual membership fee of PHP 12,000 and you need to be 21 years or older to be eligible for this card. You need to have an annual income of PHP 180,000. For Citi Cash Back Card, it is not necessary to go to the bank and you can apply online.
6. HSBC Red Mastercard
HSBC Red Mastercard is a great choice for entrepreneurs who want to earn rewards while also enjoying 0% interest for up to 36 months on their credit card balance. This card offers 4x rewards points on all local and overseas online spending and online dining.
You can also receive gift vouchers for appliances from various brands. Other features include travel deals, you can receive fuel savings for up to 6% rebate on your first Caltex purchase and a 3% annual rebate.
The minimum age to use the supplementary card needs is 14 years old and older. You do not pay any annual fee within your first year of opening an account. The annual fee is PHP 2,500 for the primary card and PHP 1,250 for the supplementary card.
7. Security Bank World Mastercard
Security Bank World Mastercard is ideal for entrepreneurs who want to earn rewards while also obtaining medical and travel insurance coverage. This card offers 1 point per PHP 20 spent on all online and store purchases.
Other benefits include airport lounge access and 24/7 concierge services. The card offers travel medical insurance of up to USD 100,000 (which is just over PHP 5731,000), which includes coverage for COVID-19. You can also receive discounts from certain retail stores and restaurants.
You can get a maximum of 5 supplementary cards for your family to share the account and its benefits. Within the first year of opening an account, there is no annual fee. You need to be a Filipino citizen or resident, employed for at least 1 year or 3 years self-employed and be over the age of 21 to qualify for this account. Lastly, you need to earn a gross annual income of at least PHP 3,000,000 or have a Security Bank deposit account for at least 12 months, if you are self-employed.
8. UnionBank Miles+ Platinum Visa Card
UnionBank Miles+ Platinum Visa Card is a great choice for entrepreneurs who want to budget and earn miles while also getting travel insurance coverage. This card offers 1 mile for every PHP 25 spent on all purchases, and 1.5 miles per PHP 25 spent on travel bookings. You can also redeem your miles points as cashback or fee reductions on any other purchases.
Additional features include car and life insurance in the event of a death or disability of a family member. You can enjoy up to 53 days of 0% interest charges to your monthly repayments if you pay the full amount to your account before or on the deadline. You can also receive discounts on various retail stores and restaurants.
There’s an annual fee of PHP 3,000 for this card and you need to be at least 18 years old.
Credit Card Requirements for Expats
For any foreign resident in the Philippines, you have a valid passport, work or retirement visa and you need to submit an Alien Certificate of Registration along with any additional supporting documentation. You also need to provide proof of residence, 3 months’ worth of recent payslips, bank statements and utility bills.
Which of these credit cards should you choose?
If you are looking for good value for money on in-store shopping or a credit card with low-interest rates, then the BDO Gold Cashback Credit Card, the UnionBank Miles+ Platinum Card, the BPI Edge MasterCard or the HSBC Red MasterCard will be the best options for you. Alternatively, if you want a credit card that offers valuable rewards for your everyday spending, you travel frequently or spend a lot on dining, online shopping and entertainment, the Citi Cashback or Rewards cards will be the best options for you. However, eligibility for these cards is based on your annual earnings. If you have a family or have medical costs, the UnionBank Mile+ Platinum Card or the BDO Gold Cashback Credit Card will be the better choice for you.
Ultimately, the best credit card for your needs will depend on your spending habits and preferences. So be sure to consider all of your options carefully before making a decision. Good luck!
Disclaimer: The content in this article is for informational purposes only and should not be thought of as financial advice. Any additional information can be found on the banking websites indicated in the hyperlinks. Please speak to a qualified financial advisor before making any decisions related to your finances and credit cards. All references to exchange rates are accurate as of November 2022. Rates may vary depending according to the time and location of the information that was made available in this blog post.
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