Hello, mga hijo at hija! Naku, first time ko to try this blogging thing. I'm not a technie! Or is it techie? I'll ask my pamangkin. But I'm so excited to share with you what I learned about applying for a credit card. Ever since I got mine, it has become easier for me to shop for wine and cheese at S&R! Three-day sales at SM are now so much more fun. My rayuma cannot take much more of those lines at the ATMs. Basta trust me, credit card application is so much easier than you think. Let me show you how!
Think about your spending habits muna and the kind of things you buy every month
First, ask yourself: What sort of things do you spend on the most? Kasi for example, Credit Card A offers more rewards if you use it for shopping than Credit Card B, but they are the same for other features. Ganyan. Look for credit cards that can give you rewards points, discounts, rebates and other perks for the things you like to do. If you're like me, you probably like to hit the gym for Zumba classes, or buy baking ingredients at the grocery store. So I got a secured credit card that gives discounts for gym memberships and shopping rebates. O diba? Mga bata ngayon ang hilig sa travel, so maybe you'd like a credit card that partners with airlines to give you travel miles for every transaction. My pamangkin likes to go on long drives with his friends, so he got a credit card that gives him rewards points every time he buys gas from his favorite gas station. He is also single. *wink wink*
Learn how to compare using the free tools out there!
After your muni-muni session, I'm sure you now know what you want for your credit card. But you know, nakakaloka just how many different types of credit cards there are! There are free tools to help you compare like GoBear. Parang ganun sa Trip Advisor when you compare hotels, may full details at may reviews pa!
You can choose whether you want your card to reward you with cashback or air miles, then put how much you spend on shopping, groceries (naku ako I put the biggest amount here), entertainment, dining and other categories. Then click Go! It will show you the credit cards that would best match your lifestyle. Galing! *clap clap*
Make sure you're okay with the interest rates and annual fees that come with your chosen card.
At first I wanted a gold card, because I always go crazy buying home decor at SM. I like yung mga aromatherapy candles! And lots of feng shui figurines, alam mo na, for luck. So I wanted a card with a large credit limit. But I saw the interest rate, hay naku, I said di bale na lang! When you choose your preferred card, don't forget to check the interest rates and compare them against the annual fees. Some types of credit card have low interest rates but high annual fees, and some have medyo high interest rates but minimal annual fees. Find the right balance between the two, or decide which one you'd prefer to pay lower on.
Submit the complete application requirements.
Okay, so you've picked the perfect credit card for your lifestyle. Aba, good job! The next step is to collect all the necessary documents for your application. Every type of credit card has their own list of requirements, but most of them are usually the same: valid government-issued IDs, certificate of employment, ITR, pay slips. Make sure you have them all on hand before you go to the bank! Nakaka-wrinkles ang wasting time and stressing out over missing requirements. Also, check the annual income required, baka mamaya, nag-aambisyon ka mag-gold card but you're only pang-standard card.
It's always better to submit credit card applications in person.
Kids these days, puro online-online na lang! When it comes to applying for a credit card, submitting applications to the bank in person is better than sending them via email or up-loading or whatever it is you call that. Para if you have questions, you can ask the bank teller yourself. Malay mo, single pa s'ya. Diba? But seriously, those terms written in tiny letters can be super confusing, and malabo na rin mata ko. Before committing to the application, make sure you know what you're getting into! It's like ordering dessert, kung ayaw mo tumaba, know how many calories that slice of cheesecake has before you order.
Avoid following up on your application!
It will make you seem super desperatePramis. They'll think you really need the credit card because you are broke and cannot pay for your Zumba lessons and groceries! So they'll think twice about letting you borrow their money. During credit card processing, the bank will be checking your background, your credit history, etc. so it will surely take some time before they get back to you. Usually, they'll be upfront with you if your application has been approved or denied. So chills ka lang.
Okay, it's getting late na, writing this blog I have brunch pa with my kumares tomorrow. Next time, I'll talk about getting a personal loan for things like renovating your sala so you can watch your favorite telenovelas in style!