Bye Bye Blue, Hello Platinum? One Cheap Juan’s Dilemma

Okay, mga ‘tol, let’s talk credit cards.

Specifically, the BPI Platinum Credit Card. Dun dun dun.

Been rocking the BPI Blue Mastercard since forever. You know, the OG “forever free” card. Parang kasing loyal ko na sa kwek-kwek ‘to. Never really saw the need for anything more, kasi naman, free annual fee is life, diba?

Then BAM! BPI slides into my DMs (inbox, actually) with this tempting offer: Upgrade to Platinum, first year free!

Now, I’m usually immune to these marketing ploys. Like, I can resist a buy-one-take-one deal at the grocery (okay, slight exaggeration). But the Platinum card kept popping up like those Facebook ads for whitening soaps. You know the ones.

So, I did what any self-respecting Pinoy would do: nag-research ako. At saan pa ba? Sa internet, syempre! And more specifically, on Reddit Philippines, where else?

The BPI Platinum Credit Card: To Upgrade or Not To Upgrade?

First, the basics. The BPI Platinum Rewards Mastercard is a premium credit card. We’re talking more points, more perks, more… well, everything. It’s like the sosyal version of our beloved Blue card.

Sounds fancy, right? But then comes the catch: the annual fee.

It’s PHP 3,000.

Gulp.

That’s a lot of taho for someone like me who considers double the price of instant noodles a splurge.

The Bait: Platinum Rewards Card Perks

Okay, I’ll admit, the BPI Platinum Rewards Mastercard has its charms. Here’s what BPI wants to lure you in with:

• Free Annual Fee for the First Year: This one’s a no-brainer. It’s like getting a free taste of kare-kare before committing to the whole pot.
• More Rewards Points: We’re talking 1 point for every PHP 25 spent. That’s double the points of our trusty Blue card! Think of all the free stuff you can get! Okay, maybe not “free,” but you know what I mean.
• Travel Perks: This is where BPI tries to reel you in, mga bes. They dangle the promise of airport lounge access, travel insurance, and… wait for it…
• 0% Installment on Travel Tickets: This, my friends, is the holy grail. Imagine booking that Boracay trip and paying for it in easy, breezy installments. Pangarap!

The Reality Check: Is the BPI Platinum Card Worth It?

Here’s the thing about these “premium” credit cards: they’re designed to make you spend more. They lure you in with promises of points and perks, but are they really worth it? Let’s break it down, para sa ekonomiya!

The Good:

• More Rewards Points: Okay, I’ll give them this one. More points mean more chances of getting something “free.” (Just don’t tell my lola I’m using air quotes again.) You can redeem these points for a variety of things, like shopping vouchers, airline miles, or even cash rebates.
• Travel Perks: The airport lounge access is a nice touch, especially if you’re always stuck in NAIA Terminal 1. And hey, travel insurance is never a bad thing. You never know when you might need to make a claim after one too many shots of lambanog in Boracay.
• 0% Installment on Travel Tickets: I know, I know, this one’s tempting. But before you start packing your bags, let’s talk about the fine print.

The Not-So-Good:

• The Annual Fee: PHP 3,000 is a lot of money, guys. That’s like, a month’s worth of kwek-kwek! Sure, the first year is free, but what about next year? And the year after that? You’ll need to make sure you’re actually using the card enough to offset that annual fee.
• The Installment Process: So, about that 0% installment on travel tickets… it’s not as straightforward as it seems. You have to wait for the charge to appear on your statement, then go to a BPI branch (yes, a physical branch!), fill out some forms, and wait for them to approve your installment plan. It’s like trying to get a NBI clearance, only with more steps.
• The Temptation to Overspend: This is the real danger with rewards cards. It’s easy to get caught up in the excitement of earning points and forget that you’re actually spending real money. Before you know it, you’re drowning in debt, and those “free” rewards points suddenly seem like a very expensive mistake.

The Verdict: Should You Upgrade?

So, should you ditch your Blue card and join the Platinum club?

It depends.

• If you’re a frequent traveler who spends a lot on flights and hotels: The BPI Platinum Rewards Mastercard could be a good option for you. The rewards points and travel perks could save you a significant amount of money in the long run.
• If you’re a disciplined spender who pays their credit card balance in full each month: You could still benefit from the rewards points, but make sure you’re not tempted to overspend just to earn more points.
• If you’re on a tight budget or prefer to keep things simple: Stick with your Blue card. It’s free, it’s straightforward, and it does the job.

My Final Answer?

After much deliberation (and scrolling through countless Reddit threads), I’ve decided to stick with my trusty BPI Blue card.

For now.

Look, I’m all for treating myself, but PHP 3,000 for a credit card? I’d rather spend that money on actual experiences, like trying out that new samgyupsal place down the street or finally booking that trip to see the Chocolate Hills (using my Blue card, of course!).

Besides, I’m pretty sure I can find a hack for airport lounge access online. 😉

This is not financial advice. Please consult with a financial advisor to determine what’s best for you.