Juander How – Page 37

A BPI credit card comes with many perks, like paying for hospital bills or college tuition at 24 monthly installments. This financial flexibility makes managing huge expenses easier on the budget. Cardholders also get treated with credit card promos from time to time (Free Jollibee meals and toys, anyone?). BPI's Real Thrills rewards program is but another reason people like to have a BPI card in their wallet. Excited to get your first BPI credit card but have no idea how to apply for one? A credit card application with BPI—or any bank for that matter—isn't just about filling out forms at the bank and waiting for your credit card to arrive. Different factors can get you approved or denied for a BPI credit card. Let this article be your guide. Related Article: How to Open a BPI Savings Account: An Ultimate Guide How To Apply for BPI Credit Card: A 7-Step Guide to Getting Approved. Here's a step-by-step guide to walk you through the process of BPI credit card application and help you raise your chances of getting approved. 1. Check your credit history. Terms like credit history and credit score may sound foreign to a common Pinoy, but they do matter. In fact, banks in the Philippines use them to decide whether to approve a credit card application or not. Your credit history shows how responsible you are with paying off your credit card bills, loans, and other financial obligations. If yours is good, the bank will likely approve you for a credit card. Every year, you can get a free copy of your credit report—which shows your credit history over time—from the Credit Information Corporation or one of its accredited credit bureaus. If you have no credit history, meaning you've never had a credit card or loan yet, apply for a secured BPI credit card. Always pay your bills in full and on time to build a good credit history. Once you've done so, you'll easily qualify for regular credit cards. 2. Know if you qualify for a BPI credit card. Like other credit card providers in the Philippines, BPI sets minimum requirements for those who want to apply for a credit card. It's actually easy to qualify for one. BPI credit card eligibility requirements. Age: 21 to 60 years old. Home or business address: Near a BPI or BPI Family Savings branch (within a 30-kilometer radius of the bank). Contact number: A home or office landline number. Minimum monthly income requirement. Depending on your preferred BPI card, BPI requires a minimum basic salary (excluding overtime pay, commissions, and other fees). Php 15,000 - BPI Amore Visa, BPI Blue Mastercard, BPI Edge Mastercard, BPI Skymiles Mastercard, Petron-BPI Mastercard Php 40,000 - BPI Gold Mastercard Php 80,000 - BPI Amore Visa Platinum, BPI SkyMiles Platinum Mastercard Php 30,000 - All BPI cards for overseas Filipino workers (OFWs) and self-employed professionals. 3. Pick the best BPI credit card for you. Your chosen BPI credit card can make or break your finances. Before you file your application, decide which card best fits your needs, budget, and lifestyle. Things to consider when choosing a BPI credit card. Your spending habits - Where will you frequently use the card for? Will you use it for shopping, travel, dining, or emergencies? Your desired credit card rewards - Frequent user points, discounts, shopping rebates, dining rebates, fuel rebates, or air miles? Which credit card reward appeals to you the most? Your monthly income - The right card for you also depends on how much you earn. For example, if your monthly salary is less than Php30,000, it's impractical to own a premium card like the Gold Mastercard and Visa Platinum. Credit card fees and charges - Can you afford the fees that come with owning a particular BPI credit card? BPI Credit Card Types. Here's an overview of the different types of BPI credit cards to choose from: BPI Amore Visa. Ideal for: Shopping and dining at Ayala Malls Annual fee: Php 2,050 Interest rate: 3.50% Pros: Earns up to Php15,000 rebates per year Cons: Earning rebates limited only to Ayala Mall merchants BPI Amore Visa Platinum. Ideal for: Shopping and dining at Ayala Malls Annual fee: Php 5,000 Interest rate: 3.50% Pros: Earns up to Php25,000 rebates per year Cons: High annual fee and income requirement Earning rebates limited only to Ayala Mall merchants BPI Blue Mastercard. Ideal for: Frequent overseas travelers Annual fee: Php 1,550 (free for the first year) Interest rate: 3.50% Pros: Earns 1 rewards point for every Php 35 spent Cons: None BPI eCredit. Ideal for: Online shopping and e-payments Annual fee: No annual fee for life Interest rate: 3.50% Pros: Secure online payments Free companion card to any BPI Mastercard Cons: For e-commerce use only BPI Edge Mastercard. Ideal for: Millennials who often shop, dine, and go to hip clubs and events Annual fee: Php 110/month (free for the first year) Interest rate: 3.50% Pros: Earns 1 rewards point for every Php 50 spent Monthly annual fee payment that's easy on the budget Cons: Doesn't earn rewards as quickly as other BPI cards BPI Family Credit Card. Ideal for: Managing household expenses Annual fee: Php 1,000 (free for the first year) Interest rate: 2% Pros: Low annual fee Lowest interest rate among credit cards in the Philippines Cons: Doesn't earn rewards BPI Gold Mastercard. Ideal for: Anyone who wants the benefits that come with a premium card Annual fee: Php 2,250 (free for the first year) Interest rate: 3.50% Pros: Earns 1 rewards point for every Php35 spent Travel benefits Cons: Higher-income requirement, annual fee, and interest rates than some premium cards from other banks BPI SkyMiles Mastercard. Ideal for: Frequent overseas travelers Annual fee: Php 2,250 (free for the first year) Interest rate: 3.50% Pros: Earns 1 air mile for every Php 45 spent Cons: Air miles applicable only to Delta Air Lines BPI SkyMiles Platinum Mastercard. Ideal for: Frequent overseas travelers Annual fee: Php 5,000 (free for the first year) Interest rate: 3.50% Pros: Earns 2 air miles for every Php 45 spent Exclusive travel perks Cons: High annual fee and income requirement Air miles applicable only to Delta Air Lines BPI Visa Signature Card. Ideal for: High-income earners who frequently travel Annual fee: Php 5,500 Interest rate: 3.50% Pros: Earns 1 rewards point for every Php 20 spent Exclusive travel perks Cons: Designed for affluent BPI customers only Petron-BPI Mastercard. Ideal for: Budget-conscious motorists Annual fee: Php 1,550 (free for the first year) Interest rate: 3.50% Pros: 3% fuel rebate at participating Petron stations Cons: Fuel rebates exclusive only to Petron customers 4. Prepare BPI credit card requirements. Once you're sure you have a good chance of approval and have chosen the perfect card, you can already gather the supporting documents required for a BPI credit card application. A. Duly accomplished application form. For a walk-in credit card application, you can accomplish the form at the BPI branch. If you'll apply for a BPI credit card online, simply fill out the online application form. When filling out an application form, be sure to provide complete and correct information. B. At least one valid ID. BPI requires at least one government-issued ID with photo and signature. Photocopy, scan or take a picture of the front and back of your ID card. Here are the accepted IDs at BPI: Passport (READ: How to Get Philippine Passport) SSS ID/UMID (READ: How to Get UMID Card) GSIS e-Card Voter’s ID Driver’s license (READ: How to Apply for a Driver’s License in the Philippines) Postal ID (READ: How to Get Postal ID) BIR/TIN ID (READ: How to Get TIN Card in the Philippines) PRC ID (READ: How to Register and Get Your PRC License ID Online) Company ID issued by any company registered with the Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission, or Insurance Commission) The acceptance of your ID is subject to the BPI branch's evaluation and approval. Have your backup IDs ready just in case. Here are the valid IDs that the BSP allows to use for financial transactions in the Philippines: OWWA ID OFW ID Seaman's Book Barangay Certification DSWD Certification Integrated Bar of the Philippines ID National Council on Disability Affairs-issued ID C. Proof of income. Photocopy, scan, or take a picture of each of these documents: For Employed. Any of the following: Certificate of Employment Latest two payslips Latest Income Tax Return (ITR) with BIR/Bank stamp For Self-employed. Latest audited financial statements (AFS) with BIR/bank stamp and latest ITR with BIR/Bank stamp For Overseas Filipino Workers (OFWs). Contract of employment (validated by the POEA) Latest two-month proof of remittance Overseas Employment Certificate (OEC) or POEA-validated OFW information sheet (for land-based workers and direct hires) Existing principal credit cardholders (with other banks for at least one year). No need to submit any proof of income, as long as any of these documents are provided to BPI: Photocopy of credit card Latest credit card billing statements D. Additional requirements. Depending on the credit card applicant, BPI may ask for more requirements such as the following: The representative will receive the card on the cardholder's behalf. For BPI Family Credit Card: BPI Family Card Delivery Authorization Form For all other BPI credit cards: BPI Card Delivery Authorization Form Foreign residents. Any of the following: Alien Certificate of Registration (ACR) Work permit Embassy accreditation papers Owners or managers of remittance centers, money changers, pawnshops, forex dealers, and other BPI-regulated entities. BSP-issued Certificate of Registration Insurance agents. Insurance Commission license Existing SkyMiles member. Any of the following: SkyMiles ID Document indicating the valid and registered name and number in the SkyMiles membership program 5. Submit your BPI credit card application. You may apply for a credit card at the nearest BPI branch where you'll fill out an application form and submit the requirements. Better yet, file your application online—it's more convenient that way. How to file a BPI credit card application online. Go to the BPI Cards website. Click the Credit Card button. Choose either the BPI Express Credit or BPI Family Credit Card button. If you clicked the BPI Express Credit button, tick the small box next to your BPI credit card of choice. Fill out the online application form. Double-check your answers. Read the Declaration at the bottom. Tick the small box underneath to agree to the terms and conditions. Click the Submit button. Wait for the confirmation page to appear. Submit the images of your documents via email to bpicardsales@bpi.com.ph. Alternatively, mail the photocopies to BPI (8F BPI Buendia Center, 1209, Sen. Gil Puyat Ave., Makati City). Tip: Make sure to submit your documents ASAP. If BPI fails to receive them within three banking days from the day you applied for a card, your application will be canceled. 6. Check your credit card application status. "How long does BPI approve and deliver a credit card?" you may ask. On average, BPI processes a credit card application within one to two weeks. In some cases, it takes longer than a month for BPI to come up with a decision. If you're approved for a BPI credit card, you'll receive a text message notifying that your card will be delivered in five banking days. Based on experiences from cardholders, actual BPI card delivery takes between one and two weeks. How to follow up on your BPI credit card application status. If two weeks had already passed and you still haven't got an update from BPI, it's time to follow up. Good thing, BPI offers two ways to check an application status: via its online banking and phone banking facilities. Phone banking: 1. Call the 24-hour customer service hotline: Metro Manila: (02) 89-100 Domestic toll-free: 1-800-188-89100 Mobile phone and international: (632) 89-100 2. Press 2 for Credit Cards. 3. Press 3 for Credit Card Application. 4. Press 1 to inquire about your application status. 5. Press 1 to enter your 10-digit application ID number. Or press 0 to talk to a customer service agent. Online banking: If you have a BPI Express Online account, you can check the status of your credit card application online. Log in to your BPI online banking account. Click Other Services > Application Status Inquiry > Credit Card. Enter your BPI credit card application date. Choose the applicable response from the drop-down list beside “Application Submitted to.” Input your contact number. Click "Submit." 7. Activate your BPI credit card. As with other credit cards, a BPI credit card must be activated first before you can start using it. If you're enrolled in BPI Express Online, log in to your account to check if your credit card details such as credit limit and customer numbers are included in your profile. If so, that means your BPI card is already pre-activated. Otherwise, you'll have to call the BPI phone banking hotline to request for activation. Here's how: 1. Call the 24-hour customer service hotline. Metro Manila: (02) 89-100 Domestic toll-free: 1-800-188-89100 Mobile phone and international: (632) 89-100 2. Press 2 for Credit Cards. 3. Press 2 for Credit Card Activation. 4. Wait for a phone banker to answer your call. Have your new credit card ready, as you'll be asked for the last eight digits of your card number and other details for activation. Tips & Warnings. a. Take the online BPI Cards Profiler test. Not sure about which BPI card is right for you? Try the BPI Cards Profiler, an online test that provides personalized recommendations based on your various preferences: Where you'll use the BPI card most often Credit card rewards Gross monthly income Whether or not you want to pay a premium for exclusive perks Your personality and lifestyle (thrifty, free-spirited, family-oriented, etc.) Whether or not you shop online You can retake the test multiple times until you find the perfect BPI credit card. b. Be available for a call from the bank. After you've filed your application, expect BPI to contact you for data verification. BPI may also contact your HR department to verify your employment details. If the bank can't contact you or the HR, your application might get declined. c. Sign at the back of your credit card immediately. The BSP advises new cardholders to sign at the back of their card as soon as they receive it for protection against credit card fraud. During transactions, cashiers verify if the signature on the card matches the customer's signature on the receipt and any ID provided. Also, payment networks like Mastercard and Visa require the cardholder's signature on the card (At the back of a credit card, it says "not valid unless signed"). Merchants won't accept your BPI credit card for payment without your signature on it. c. Never share your personal and credit card information. Beware of scammers who trick cardholders into giving away their confidential information such as birthdate, address, password, and credit card number. They hack into these details, allowing them to use someone's credit card account to perform unauthorized transactions. Never fall victim to credit card fraud. No matter how banks like BPI boost their security features, you're mainly responsible for keeping your account secure. Don't disclose YOUR sensitive personal information and credit card details. Even banks don't ask for their customers' online banking username and password, so be wary when someone does it. Related Article: How to Apply for BDO Credit Card: A 7-Step Guide to Getting Approved Frequently Asked Questions. 1. Which is better as a first credit card: BPI or BDO? 2. What is the best BPI credit card for first-time cardholders? 3. I’m an OFW. Can I apply for a BPI credit card? 4. I don’t have all the required income documents. Can I still apply for a BPI credit card? How? 5. Why do I keep getting rejected for a BPI credit card? 6. How much credit limit will I get? 7. How does BPI compute interest charges? 8. How do I check my BPI credit card bills and balance? 9. How do I pay for my BPI credit card bill? 10. Can I pay my bills using the BPI credit card? 11. Can I use my BPI credit card abroad?