In the Philippines, the PSBank Credit Mastercard offers a no-frills option with a focus on essential features and flexible payment options. Let’s explore its requirements, pros, cons, and who might benefit most from using it.
Most Updated Requirements to Apply as of 2024
- Age: 18 to 70 years old
- Income Requirement: Minimum annual income of ₱350,000 (₱250,000 for supplementary cards)
- Employment Status: Employed with at least six months of regular employment, self-employed with a business operating for at least one year, or a professional with a valid PRC ID.
- Document Requirements: Valid government-issued IDs, proof of income (payslips, income tax return, etc.), and contact information (mobile phone, landline, email address).
- Additional Requirement: Must be a principal cardholder with another bank for at least nine months with a credit limit of at least ₱25,000 (for primary card).
Visit actual website for more details PSBank
Pros of the PSBank Credit Mastercard
- No Annual Fee for Life: Unlike many other credit cards, the PSBank Credit Mastercard boasts a lifetime no-annual-fee benefit, making it a budget-friendly option.
- Flexible Payment Options: PSBank offers various payment options to manage your credit card usage effectively, including full payment, minimum payment, installment plans, cash advance (subject to fees), and balance transfers (potentially with promotional rates).
- Worldwide Acceptance: This Mastercard is accepted by millions of merchants worldwide, providing flexibility for online and international purchases.
- Potential for Supplementary Cards: You can apply for up to four supplementary cards and assign spending limits to each, extending the card’s benefits to family members.
Cons of the PSBank Credit Mastercard
- Potentially Lower Credit Limit: Compared to other cards, the PSBank Credit Mastercard might have a lower credit limit, which may not be ideal for high spenders.
- Limited Rewards Program: This card does not offer a traditional rewards program for points or cashback.
- Higher Interest Rates: Interest rates on credit card balances tend to be higher than other loan options.
Why Sign Up for the PSBank Credit Mastercard
This card is ideal for individuals who:
- Prioritize a no-annual-fee credit card with essential features.
- Value the flexibility of various payment options for managing their finances.
- Appreciate worldwide acceptance for online and international transactions.
- Want the option to add supplementary cards for family members (subject to approval).
However, the PSBank Credit Mastercard might not be the best fit for you if:
- You are a high spender and require a larger credit limit.
- You prioritize rewards programs and aim to earn points or cashback on purchases.
Additional Points to Consider
- Check the Latest Interest Rates: Review the interest rates for purchases, cash advances, and balance transfers on the PSBank website.
- Credit Limit Inquiry: Inquire about the typical credit limit range for the PSBank Credit Mastercard.
- Supplementary Card Fees: There might be additional fees associated with supplementary cards.
Disclaimer: The information provided in this article by TheInvestopedia.com is for informational purposes only and should not be considered financial advice.
