How Do You Get a Credit Card When You Are a Freelancer?

Getting a credit is usually the dilemma of freelancers in the Philippines. Credit card companies do not honor freelance jobs as stable source of income which is one if not the most important prerequisite when applying for a credit card. Banks will not give a damn whether you earn dollar rate. All that matters is that you must be employed by a legitimate employer from the Philippines.

I once had this problem. I don't know how to get a credit card. It's not because I wanted to splurge on online shopping but because I wanted to have a convenient means of booking flights, online subscriptions and things like that.

Upon looking for an answer, I saw that the major banks in the Philippines offer what they called secured credit cards. This are credit cards given to students, freelancers, basically those who cannot accomplish the document requirements such as Income Tax Return and Certificate of Employment. Yes, there's a way one can get a credit card without such requirements. But here's the catch: you need to deposit a certain amount. And here's more. You cannot withdraw the money during the duration that you're using the credit card. So you can only get it once you close your credit card account.

Here's the summary of what Philippine banks require in order for you to get a secured credit card:

Issuer Unionbank Metrobank BPI
Card Type Visa Classic Value Mastercard Any
Minimum Deposit P12,000 P15,000 P10,000
Credit Limit (% of deposit) 90% 90% 50-80%
Credit Limit (% of deposit) 90% 90% 50-80%

I was able to get Metrobank's secured credit card. As a matter of fact, as I see it, they really encourage this type of credit card application. It seems that the bank employees get a commission for every credit card approved using this type of application. According to the teller who processed my application, this is the fastest, sure-ball way of getting a credit card. He also told us that after a year or so of using this credit card (actually even 6 months), once our credit rating is already established, he can endorse us to the unsecured credit card or even the M Card which does not require annual fees. We'll see.

I haven't experienced the other. But I had an experience with HSBC. That time, I am still not aware of the secured credit cards. I asked a bank officer how to apply for a credit card. Since that time, I was a government employee, I am not eligible to apply (although this is quite unfair). She told me that I can get a credit card if I deposit a minimum of P100,000. They're going to give me a pre-approved credit card.

That's all for now. I'm gonna give everyone an update once I get an unsecured credit card. :)

15 comments:

  1. Hi Dianne,

    I exactly feel the same way. But that's really nice of you to give us some tips on how to get a "secured credit card" . Years ago, I've heard that when you deposit a large sum on your savings account, you have the option to get a credit card immediately. I did that, but unfortunately I missed out the part wherein you need to apply for this secured card. Initially I thought they'll just offer you a CC right away. lol. So, based from your explanation, if I deposit, say 20k , they'll give me 80% of that amount as my credit limit? And is this a sure thing? Or is there still a chance to get denied? I really wanted to get a CC asap. And no, not to plunge into an online shopping spree, but just for emergency purposes. :) And lastly, I wanna hear from you if ever you get the unsecured CC.

    Best Regards,
    Gerard

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  2. Hi Gerard! Thanks for dropping by. In my experience, I applied for Metrobank's secured credit card. According to the teller, it's the fastest way to get a credit card since you'll be approved right away. I think I got my card in a week's time, from what I can recall. I haven't applied for the unsecured one yet for personal reasons (to regulate my CC usage... really tempting when you have high CC limit).

    Being offered a credit card on the basis of having a huge amount of money in the bank is possible. But that is, when the bank officer endorses you.

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    1. Hi did you already get a regular CC after 6 months with Secured CC of Metrobank?

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  3. My mom worked for BDO for God-knows-how-long, but she never told me this. Haha maybe to keep me away from CC's. Anyway do you mind telling me how much did you deposit in Metrobank to get your credit card that fast? I really want to get one in a weeks time. And problem is I can't find any links on their site on how to apply for it. Did you do it online or over the counter?

    Thanks again!

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  4. ^Hi! I deposited 15,000 pesos over the counter. My credit limit is 90% of that amount.

    Thanks for dropping by!

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  5. Thanks for the info. I'll try that this week! Hope I get it in a week.

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  6. Hi, do secure credit card accounts have annual fees? I'll appreciate your response. Thanks!

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  7. Yes they do have. Thanks for dropping by!

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  8. Hey Dianne. What happened to your secured card? Did you get it converted to a regular card already? :) I'm torn between BPI and Metrobank..

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  9. Hello Dianne:) Does BDO have pre-approved CC also? How much money do I need to deposit?

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  10. Thanks for this I find it helpful since I also work as a freelancer. Now I have an idea on how to get a CC.

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  11. Thanks for this I find it helpful since I also work as a freelancer. Now I have an idea on how to get a CC.

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  12. Hi how long was the app process? I regret trying RCBC coz it's been two months now, Im receiving mastercard promos through text but the card is I think still with the lazy courier. When dis you apply and when did you get the card? Thank you!

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  13. Thanks for this helpful info the same here my purpose is to hen purchased items which i needed Im out of cash and its really credit cards are handy.

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  14. Getting a Credit card is hard nut to crack. You have to fulfill norms and conditions of the banks. I was just wondering then one of my friends told me about Bajaj Finserv Credit Card. Getting a credit card from this NBFC is easy is quick. She shared a video with me to understand how to apply for bajaj finserv credit card in a better way.

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