Balik-Bayan, But Make it Credit: Can You Get a Philippine Credit Card as a Former Filipino?

Uy, familiar ba ‘to? You’re back in the Philippines, the aroma of adobo is hitting just right, but your wallet is crying louder than a tindera haggling in Divisoria. Why? Those pesky foreign transaction fees! You’re practically donating to the bank every time you swipe your Canadian credit card.

Dito ka na nga nag-balikbayan box, pati ba naman sa bank fees, magpapadala ka pa rin?

I feel you, kababayan. Kaya naman, let’s tackle this credit card conundrum head-on, para next time you’re back in the motherland, you’re swiping with ease, just like you’re ordering another round of halo-halo.

Can Former Filipinos Get a Philippine Credit Card?

The short answer is: It depends. (Ano pa ba? Haha!)

It’s like trying to ask for extra rice sa karinderya. Sometimes they’re generous, sometimes… not so much.

Philippine banks are generally stricter than a tita at a family reunion when it comes to giving out credit cards. But don’t lose hope just yet! It’s not impossible, lalo na if you know the game.

What do Banks Look For When Approving Credit Card Applications?

Before we dive into the specifics for former Filipinos, let’s understand what makes banks tick (or click that “Approve” button). Here’s the tea:

• Creditworthiness: Banks assess your ability to pay back what you borrow. Think of it like your credit score – it’s like your financial report card. The higher, the better.
• Stable Income: Banks want assurance that you have a steady flow of cash to pay your bills. They want to see you’re not living on a prayer (and a few pesos).
• Valid Identification: You need to prove you’re, well, you.
• Minimum Age Requirement: Most banks require applicants to be at least 21 years old. You know, adulting and all.

So, How Can Former Filipinos Increase Their Chances of Getting Approved?

Here’s where it gets a little more specific for our balikbayans:

1. Maintain Strong Ties to the Philippines

Banks are more likely to approve your application if you have strong ties to the Philippines. This shows them you’re not just a fly-by-night applicant.

Think about it: Would you lend money to someone you barely know? Probably not.

Here’s how you can prove your commitment to the Philippines:

• Maintain a Philippine Address: Even if you’re not physically present in the country, having a valid Philippine address can work wonders. This could be your family home, a friend’s place, or even a rented mailbox.
• Keep Your Philippine Mobile Number: This shows consistency and makes it easier for banks to contact you. Plus, who wants to deal with international roaming charges?
• Hold a Philippine Bank Account: This is a big one. Having an active account with a Philippine bank, especially if you regularly deposit money, demonstrates financial stability and a connection to the country.

2. Provide Proof of Income (the “May Pera Ka Ba?” Factor)

Remember what we said about banks wanting assurance that you can pay them back? Here’s where you show them the money (figuratively, of course).

• Submit Your Foreign Income Tax Return: This shows the bank you’re a responsible taxpayer (even if you secretly try to minimize it every year).
• Provide Bank Statements (Foreign or Local): A glimpse into your financial history helps banks assess your spending habits and ability to handle credit.
• Secure an Employment Certificate from Your Employer Abroad: This reassures the bank that you have a stable source of income, even if it’s from another country.

3. Consider a Secured Credit Card

Think of a secured credit card as your gateway drug to a regular credit card (but without the negative consequences, promise!).

• How it Works: You deposit a certain amount, and that becomes your credit limit. It’s a great way to build or rebuild your credit history in the Philippines. Plus, it shows banks you’re serious about establishing a good credit standing.
• Look for Banks that Offer This: Not all banks offer this option, so it’s best to do your research or ask around.

4. Explore Co-Applicant or Guarantor Options

Having a trusted individual (with a good credit history, of course) vouch for you can increase your chances of getting approved.

• Who Can Be Your Co-Applicant/Guarantor? This could be a close relative (parents, siblings, spouse), a trusted friend, or even your former employer in the Philippines.
• Be Mindful: Remember, this also means they’re sharing responsibility for your credit card debt if you fail to pay. Choose wisely!

Additional Tips for a Smoother Application Process:

• Check if Your Bank in Canada Has a Philippine Counterpart: Some banks have partnerships or branches in other countries. This can sometimes make the application process easier due to existing relationships.
• Visit the Bank in Person When You’re in the Philippines: It might seem old school, but nothing beats face-to-face interaction. This allows you to build rapport with bank officers and clarify any questions or concerns.
• Be Patient and Persistent: Getting approved for a credit card, especially as a former Filipino, might take time and a little more effort. Don’t give up easily. Just like lining up for your favorite Filipino food, good things come to those who wait (and persevere!).

Remember, Every Bank Has Different Policies!

It’s important to contact different banks directly to inquire about their specific requirements and policies for former Filipino citizens.

Think of it like asking for discount sa palengke – you gotta try your luck with different vendors!

Having a Philippine Credit Card: Convenience Beyond Compare

Imagine this:

• No more scrambling for cash or worrying about exchanging rates. You can swipe your card for almost everything – from your Jollibee cravings to your pasalubong shopping.
• Enjoy perks and rewards: Many credit cards offer enticing benefits like travel miles, shopping discounts, and even free airport lounge access. Now, who doesn’t love a good deal?

So, there you have it! Getting a Philippine credit card as a former Filipino might seem challenging, but it’s definitely not impossible. With the right information, preparation, and a dash of that Filipino charm, you’ll be swiping your way through your next Philippine vacation in no time!

Mabuhay and good luck!