Are you looking for the best credit cards for freelancers in the Philippines?
If you’re a work-at-home professional like I am, getting a credit card if you’re self-employed can be challenging, especially if you don’t have the financial documents that are required for your credit card application.
In this post, we’ll talk about applying for a credit card as a freelancer, and also about the top credit cards for self-employed professionals in the Philippines.
3 Ways Freelancers Can Get Credit Cards in the Philippines
No proof of income? No problem!
Here are the best ways you can apply for and successfully get credit cards if you’re a Filipino freelancer:
1. Become a supplementary credit cardholder
As a freelancer, what is the easiest credit card to get right now?
Do you know someone you trust who are already credit cardholders? They can be a family member, a partner or a close friend — choose someone you can fully trust and who also trusts you.
If so, you can ask to be their supplementary cardholder. As a supplementary cardholder, you can get sure credit card approval without needing to submit any proof of income for your credit card application.
2. Get a secured credit card
Can you get a credit card with no source of income?
Yes, you can get a credit card with no source of income if you apply for a secured credit card. This next option to get credit cards for freelancers is about secured cards.
To get a secured card, you need to open a savings, checking, or time deposit account and deposit money — this will be your hold-out deposit.
Then, the bank will issue you a secured credit card. The credit limit of your card is 80% of your hold-out deposit, so if you deposited ₱15,000, you can get a credit limit of ₱12,000.
Note: You can’t withdraw your money until you cancel your card and have fully settled your credit card account balance, so this is a risk-free way for the bank to give you a credit card even without any proof of income.
In 6 months to a year, you can request the bank to convert your secured card into a regular card, as long as you pay your bill in full and on time and maintain a good credit score.
3. Register with the BIR
When I started as a freelancer back in 2012, I decided to register with BIR as a self-employed professional to make my profession official and legitimate.
Make sure you can get your own Certificate of Registration (COR) from BIR so that you can file your income tax return and file other required taxes with BIR.
If the business name is same as your legal name, you don’t need to register with DTI anymore.
These financial documents and freelancer registration documents can be a hassle to get, but they’re worth if in case you need them for credit card application or visa application (like Korea visa for Filipinos) when you travel in the future.
5 Top Credit Cards for Self-Employed in the Philippines
Here are the best credit cards for freelancers in the Philippines.
1. RCBC Bankard InstaCard
Which credit card is best for low salary?
Also a great credit card for beginners, RCBC Bankcard InstaCard is the fastest way to get your own RCBC Bankard credit card since it has one of the lowest hold-out deposit amounts out there.
Minimum deposit: ₱10,000
Annual fee: ₱1,500
2. Security Bank Fast Track Secured Credit Card
Another credit card for freelancers is Security Bank’s Fast Track credit card.
It is a 100% approved card with a holdout deposit so you need to keep at least ₱15,000 in a Security Bank savings account while you are using the credit card.
You can apply for a secured credit card by visiting your preferred Security Bank branch with 1 primary valid ID or 2 secondary valid IDs and the amount for the holdout deposit.
Minimum deposit: ₱15,000
Annual fee: ₱2,000
3. Citi Simplicity+
If you want a credit card with NO annual fee, Citi Simplicity+ from Citibank is what you’re looking for.
This credit card for self-employed professionals doesn’t charge you an annual fee for life, so you can save more money for important events in your life, like a safety fund or travel fund instead.
Minimum monthly income requirement: ₱20,833
Minimum deposit: Not Applicable (this is not a secured credit card)
Annual fee: None
4. AUB Secured Credit Card
Asia United Bank is one of the best banks for freelancers in the Philippines because it offers an AUB secured credit card when you open a bank account with them.
You just need to submit the following documentary requirements:
- A signed and notarized deed of assignment for your assigned deposit guarantee, and
- An accomplished AUB Credit Card application form
According to the bank, the processing time for your secured card is 7-10 banking days upon submission of the Deed of Assignment and filled out Credit Card application form.
Minimum deposit: ₱25,000 so you can get a credit limit of ₱20,000
Annual fee: None
5. BPI Express Start
BPI also has their own secured card offer. It’s called “Express Start”, and the usual processing time takes 2 weeks to 4 weeks from card application to card delivery.
Keep in mind that holdout period for BPI is at least 1 year, so if you closed your secured credit card and released your holdout amount, there’s a non-waivable fee of ₱1,500.
Minimum deposit: ₱15,000 for a minimum credit limit of ₱12,000