Want to know the best credit card for freelancers in the Philippines?
As a Filipino freelancer, I got my first credit card at my 5th year of working online at home. During that time, banks and government agencies weren’t familiar with the term “freelancer” yet, so it was hard for me to apply.
A few years later, I’m happy to say that it’s now easier to apply for a credit card even if you’re a freelancer.
In this article, we’ll show you the top freelancer-friendly credit cards and a few tips to help you get approved. Here’s a table of contents so you can skip to the section you want:
- Why You Should Get a Credit Card as a Freelancer
- Best Credit Card for Freelancers in the Philippines
- Which is the Best Credit Card for Freelancers?
Let’s get down to it.
Why You Should Get a Credit Card as a Freelancer
Having your own credit card on-hand is important because you need it for online transactions while you’re building your freelancing business.
For example, I used my credit card back then so I could verify my Paypal account and receive online payments from my clients.
You can also use your own credit card to set up:
- your business website
- your writing or graphic design portfolio
- needed software for your job
And of course, we don’t want to be burned out. So, you’re also free to use your credit card to pay for stress-relieving activities such as dining out and travelling with your loved ones.
Plus, since I’m a full-time traveler, it’s important for me to have a credit card for travel purchases too.
While you can also use a debit card for these activities, using your credit card is better because it can give you more leeway in managing your finances: installment programs for big-ticket items and cash reward features are just some of them.
Also, did you know that in visa applications, embassies also accept credit cards as proof of financial capacity? For example, when I got a multiple-entry tourist visa in Japan, I submitted my credit card statements as well.
Sadly, not all credit card issuers give cards to Filipino freelancers.
But here’s the good news — some banks do!
What type of credit cards can you apply for if you’re a freelancer? Keep reading to see how I applied for my own credit card successfully as a freelancer.
How I Got a Credit Card as a Filipino Freelancer
Banks in the Philippines can issue credit cards for freelancers who don’t have a “fixed” job, but here’s the catch: you need to get a special type of credit card known as a secured credit card.
What’s a secured credit card?
A secured credit card is a credit card you can apply for, as long as you also opened a savings, checking, or time deposit account with a bank and deposited a certain amount.
Since banks consider freelancers as “high-risk” due to the nature of the industry, they need to have a guarantee that you can pay your credit card dues.
That’s why the amount you deposit with your bank will be your collateral — you can’t withdraw it until you cancel your credit card and have fully settled your amount due.
Also, your credit card limit will be based on 80% of your deposit.
For example, you opened a savings bank account with ABC bank and deposited ₱10,000.
Your credit card limit will be ₱8,000.
This way, in case you can’t pay your credit card balance, the bank can just use your deposit with them to pay your dues. Because a secured credit card has a collateral, it has a 100% approval rate so great news for freelancers like us. 🙂
Best Credit Card for Freelancers in the Philippines
Right now, there are 5 banks in the Philippines that offer secured credit card for freelancers:
1. BPI Express Start
Available cards: All BPI credit cards
Annual fee: ₱1,320 to ₱5,500
Interest rate: 2%
Minimum deposit: ₱10,000 (ATM/Passbook savings account) / PHP 50,000 (time deposit)
Requirements:
- At least 18 years old
- Home landline number
- Completed Express Start application form
- Accomplished deed of assignment
2. Metrobank Save & Swipe
Available cards: All Metrobank credit cards
Annual fee: No annual fee for life (M Free Mastercard) / PHP 1,500 to PHP 6,000 (all other Metrobank credit cards)
Interest rate: 2%
Minimum deposit: ₱17,000
Requirements:
- Valid ID
- Completed application form
- Signed and notarized deed of assignment
3. Security Bank Fast Track Secured Credit Card
Available cards: Security Bank Mastercard credit cards only
Annual fee: ₱2,000 to ₱4,000
Interest rate: 2%
Minimum deposit: ₱15,000 for a savings account
Requirements:
- 21 to 65 years old
- Home landline number
- Completed application form
- Completed holdout agreement form
- Valid ID
4. RCBC Bankard InstaCard
Available cards: All RCBC credit cards
Annual fee: ₱60/month for regular credit cards
Interest rate: 2%
Minimum deposit: ₱10,000
Requirements:
- At least 21 years old
- Two valid IDs
- Completed InstaCard application form and savings account opening forms
- Accomplished deed of assignment
Personally, I don’t have an RCBC secured credit card, but I do own an RCBC credit card and I recommend it as one of the best credit cards for travel in the Philippines. Plus, the customer service from RCBC hotline is efficient and helpful every time I call them for a credit-card-related concern.
Pro-tip: I usually book my Japan hotels using RCBC credit cards, and the transaction is smooth every time. No hassle at all!
5. AUB Secured Credit Card
Available cards: All AUB credit cards
Annual fee: No annual fee for life
Interest rate: 2%
Minimum deposit: ₱25,000 for Easy Mastercard
Requirements:
- At least 21 years old
- Completed application form
- Signed and notarized deed of assignment
Which is the Best Credit Card for Freelancers?
This depends on what you’re looking for in a credit card.
If you want the best credit card for freelancers because of its low deposit, then go for BPI Express Start or RCBC Instacard. Both of these only need a minimum deposit of ₱10,000 to get started.
Usually, my friends opt to start with RCBC Instacard just because they find the customer service in branches a bit more accommodating.
On the other hand, if what’s important to you is the annual fee, then the best credit card for freelancers is AUB secured credit card because it has no annual fee for life.
Finally, if you’re looking for a credit card with fast processing, you may want to consider Security Bank Fast Track secured credit card because its processing time is only 3 banking days.
FAQs on the Best Credit Cards for Filipino Freelancers
How can a freelancer get credit card in the Philippines?
If you’re a Filipino freelancer, you can get a credit card when you apply for a secured credit card from reputable banks in the Philippines. We recommend BPI Express Start or RCBC Instacard if you want a secured credit card with low deposit.
Can you get a credit card as a freelancer?
Yes, you can get a credit card as a freelancer. The easiest way to get a credit card as a freelancer is to apply for a secured credit card. Or, if you trust someone who already has a credit card, you can also be their supplementary credit cardholder.
What is proof of income for freelancers in the Philippines?
As a freelancer in the Philippines, one proof of income you can provide is your official contract with your clients. You can also show bank statements from the bank account receiving your freelancing income.
In this post, you learned about the best credit card for freelancers in the Philippines. We hope this helped you decide on the credit card most suited to your Filipino freelancing needs.
Travelling soon but your credit card doesn’t have travel insurance? Here’s how I got travel insurance with GCash.
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Lianne
