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ppts799
08-16-2004, 01:36
guys, may i ask your opinion on which credit card is best?

i finally want to get my own credit card but i hear pros and cons from the different cards. which would be advantageous when it comes to points, customer service, etc? let's also assume i will pay the full charge within a the month of purchase.

from what i've gathered from others citibank and bpi are strong in giving points.

thanks in advance. ^c single stacker? batangueno?

jasonub
08-16-2004, 01:42
citibank for me. great service and easy to contact via internet, and through phone and anywhere in the world:cool: well just singapore, hong kong and malaysia in my experience

batangueno
08-16-2004, 01:56
No comment, biased ako eh. ;f

ppts799
08-16-2004, 02:29
Originally posted by batangueno
No comment, biased ako eh. ;f
ok, ok, so besides HSBC ;e ;e ;e . . .

modesty aside, is citibank's point system unbeatable?

being biased is ok, my sis-in-law is VP in your bank (also ninang to my little angel).;w

JuDGe
08-16-2004, 02:36
In my case BPI Petron Mastercard.... May fuel rebates ka pa! ^c
Taas na gas ngayon 'noh! :(

At siyempre Standard Chartered Visa..... Di ba SingleStacker! ;f

Originally posted by ppts799
let's also assume i will pay the full charge within a the month of purchase.

Now that is a good practice.... then you may request them to waive their annual fee to you. Pag ayaw nila threaten to cancel your account with them. Most often than not they will waive your annual fee kasi good account ka sa kanila. Citibank astig ayaw magpa-waive, eh di good-bye! ;f

tigra
08-16-2004, 02:37
Sir ppts, try calling Equitable regarding their Equitable Visa Card.

Mine has separate credit limits for local purchases, deferred payment purchases and foreign purchases (US$). Its a Classic visa card so mura lang annual fees.

mc_oliver
08-16-2004, 02:44
If you're liquid now and have no trouble going the cash route, stay away from credit cards. ;)

Or go BPI, kasi dami palagi madness with zero interest.;f

Alchemy
08-16-2004, 03:34
Unfortunately credit cards are a necessity at times. Such being
able to rent a car. Or more importently, proven that you have credit. Having no credit dept. Is worse than having, or may I
say no credit rating at all.

If your credit standing is good....accept nothing under 9%, and pay it off monthly. They hate that because they get no interest if

your balance is payed w/in their time period.

Every day I get about 4 to 5 credit card apps. in the mail..read the
fine print.....good luck! Rick

mikol
08-16-2004, 04:02
Originally posted by batangueno
No comment, biased ako eh. ;f

ditto ;z

julianz
08-16-2004, 04:37
citybank ..no problem with international transactions except guns and gunstuff.

doctabako
08-16-2004, 04:42
My vote goes for Equitable Card(I have Amex and Mastercard Gold). Their service is great and they're accepted by almost all establishments.
In my experience Bankard is the worst(Are they still alive ;f). Diners Club has good service but very few establishments carry it.
I have no experience with Citibank and BPI but from the endorsements above they're probably quite good.:)

Alexii
08-16-2004, 05:56
I have both Citibank Shell card and BPI Express Credit. Both are very good. Citibank Shell also has fuel rebates and the BPI for those zero interest madness. But like what Mc_O said, if you're liquid, stay away from these. CASH is still king.;)

9MX
08-16-2004, 06:12
pio,

citibank/hsbc and standard chartered are ok

lcarreau
08-16-2004, 06:29
I like my Bank of America card. They will put your pictiure on the card if you like to avoid the hassle of showing ID and since I bank with them, I can pay with a balance transfer online.

-Lonnie

kristiansen
08-16-2004, 07:42
I have credit cards from citibank,std. chart.,bpi and bdo.bpi has a separate limit for your usual purchase and another for your installment purchase (for those madness sales),customer service is ok.citibank is very convenient,customer service is A1 but interest rate is very high.std. chart. is...,well, bdo card will get you the most points if you are a shoemart guy(muntik ko nang matype na sm hehe).but if you're liquid,get any of them esp. with no annual fees and hope you don't get bitten by the card madness!and everyone of them wish you don't pay on time!;f

Tejeron
08-16-2004, 08:11
Cash is king is true, mahirap na mabite ng credit card bugs. Grabe ang interest rates.

But, nowadays really requires one to have a card.

For example:

a. Last July when I applied for a Smart special promo, its easier to get approved if you have a card and would agree to autodebit the Smart monthly bills to it. Parang thats the way gonna happen to all telecom companies like Globe Smart Sun and even Destiny cables to name a few just bec of too many uncollectibles.

b. When you meet an accident on the road and was rush to the hospital, its convenient at times of need when you dont have cash with you. Hospitals easily would bill you by the 10k's. Bawal magkasakit. ;P

c. You can use it to buy at Amazon and other online stores

I like HSBC - nice point system, easy to call, easy to request to waive annual fees. Citibank - ayaw iwaive ang annual fee ko so i had it cancelled. :soap: Then apply again sa booth sa mga malls so meron nanaman. :) Standard Chartered - high credit limit, medyo mahirap magrequest to waive annual fee, kulitin mo lang, kung ayaw nung first operator tawag ka ulit bukas at iba ang sasagot then request ka ulit.

mikol
08-16-2004, 09:19
Originally posted by tigra
Sir ppts, try calling Equitable regarding their Equitable Visa Card.

Mine has separate credit limits for local purchases, deferred payment purchases and foreign purchases (US$). Its a Classic visa card so mura lang annual fees.

correct ka dyan sir tigra;f

We OFW's automatically have that visa card from Equitable. It serves as our OFW I.D. and at the same time our debt card.:cool: But still, HSBC is my no.1.

docT.
your right about Bankcard, and yes i think they are still alive;Q

tejeron,

yes your right. if you want to avail some special offers from our leading telecom service provider's you should have a couple of those plastic moneys;) and not only having a 20k credit limit dahil baka di mo makuha yung gusto mo na bagong modelo na cell dapat mas mataas pa credit limit mo;f

mikey177
08-16-2004, 17:27
Originally posted by Alexii
... But like what Mc_O said, if you're liquid, stay away from these. CASH is still king.;)

But without credit cards, how are we supposed to buy online all those must have books and accessories to support our passion for shooting? ;P

I have just one card, Citibank. I got it so I could buy my first gun on installment from PB Dionisio several years ago. The service is acceptable. They are a bit persistent when they have promos and such, with their client reps pestering you on the phone from time to time. I suppose you could do better with another card company, but I am pleased with their service as it is.

agentrod
08-16-2004, 21:43
If you really plan on paying (consistently) the full amount monthly I suggest go with Citibank, pero if you go installment ang taas ng interest rates nila.

If you choose the rewards system on Citibank, you're points can be used to payoff you're annual fee.

If you're a Shell loyalist, go with the Shell Citibank cards - meron fuel purchase rebates.

Meron din naman sila Citibank appliance fiesta at least once a year sa SM MEgamall (just concluded). Pero mas madalas nga yung BPI appliance madness sa Glorietta...

Hope this helps.

mc_oliver
08-16-2004, 22:17
Originally posted by mikey177
But without credit cards, how are we supposed to buy online all those must have books and accessories to support our passion for shooting? ;P
Aha! That's what your card-full but cash-less friends are for. ;);f

ppts799
08-17-2004, 20:04
thanks a bunch for all your replies and suggestions, guys!^c ^c ^c

antediluvianist
08-18-2004, 02:48
I counsel doctors on financial matters, and just to tell you that there are plenty of doctors - probably plenty of non-finance professionals in general - who a) maintain savings accounts (or their spouses do); and b) do not pay their credit card bills completely each month.

Not saying you do, guys, but just to point out that a savings account EARNS only about 2% - 4% PER YEAR depending on what bank it's in , even less than that after the 20% tax on interest earned; whereas for any unpaid credit card balance, you must pay about 3.25% per month, depending on the card - so if it's 3.25% per month, that's 3.25 X 12 months = you PAY about 39% PER YEAR, or actually somewhat more than that as it's compounded per month. So clearly you want to keep the minimum in your savings account (hey, inflation now - given the oil price increases - is pushing 6%; that's HIGHER than what you earn in a savings account so you are actually LOSING purchasing power on every peso in a savings account)- anyway, a savings account is for real emergencies and earns peanuts so keep just a minimum in such a thing. Keep 4 - 6 months of your household's monthly cash expenses in a certificate of deposit so that you earn better interest.

Remember this equation : the NOMINAL rate of Interest = the REAL rate + INFLATION.
Use AFTER -tax numbers. If you earn 4% nominally in a savings account, that's only 4% minus the 20% tax = 3.2% after tax.

So NOMINAL RATE = REAL RATE + INFLATION

after tax 3.2% = ? + 6%

Therefore the REAL (that is to say, the rate at which you are REALLY getting richer or poorer, after subtracting out the effect of inflation on your money's purchasing power) is only 3.2% - 6% = NEGATIVE 2.8%. So any money you keep in a 4% (before tax) savings account makes you POORER in real purchasing power at the rate of 2.8% per year. That's why I like revolvers (doesn't follow, just thought I'd throw that in.):)

9MX
08-18-2004, 06:12
ante,

except for the revolvers..its ^6

so what are we waiting for? let's spend our money before it totally loses purchasing power;z

mikey177
08-18-2004, 20:52
Yes, lets cut up all those good-for-nothing credit cards and invest our money in tangible assets like ammunition and handguns :)

Just kidding. That's why I only have one credit card, and I learned early on that it doesn't pay to buy things on installment with interest.

Still, you can't go wrong stocking up on ammunition ;)

pipit
08-19-2004, 19:36
credit cards are conveniences nowadays. but I would strongly suggest not to use the credit feature. make purchases and take advantage of the deferred payment only.

geminicricket
08-19-2004, 19:55
My advice on credit cards for the good handler of money is, get the best deal you can.

I use a card that gets me air miles.
Some use cards that get them car discounts.
Others use cards that get them refunds and rewards.

Some even use cards that give their affiliated organizations the benefit, like an NRA card or some such.

Either way, pay the balance each month. The interest charges in the small print won't amount to anything, and your good record will attract better offers.

revo
08-19-2004, 23:08
Originally posted by antediluvianist

Not saying you do, guys, but just to point out that a savings account EARNS only about 2% - 4% PER YEAR depending on what bank it's in , even less than that after the 20% tax on interest earned; whereas for any unpaid credit card balance, you must pay about 3.25% per month, depending on the card - so if it's 3.25% per month, that's 3.25 X 12 months = you PAY about 39% PER YEAR, or actually somewhat more than that as it's compounded per month.

antediluvianist, sir,

I live in the US so I have no idea about credit card practices in the Philippines.

Is it really true that credit card rates inj the Phils are quoted based on a monthly and not an annual rate ?

antediluvianist
08-20-2004, 01:41
Yes. Citibank is 3.25% per month.

Single Stacker
08-20-2004, 04:25
PPTS:

Anything except Standard Chartered (hehehehehe bias I just resigned from SCB)Seriously though, get one that is free. Meaning no joining fee or annual membership fee. Due to stiff competition card companies are giving away cards for free for the 1st year (no memebership fee) and will charge annual fee on the 2nd year onwards. But this can also be waived if you are persuasive enough.

If you need further help just call me on my cell and I will set you up with some friends still at SCB.

Regards to all.


Single Stacker

bass one
08-20-2004, 21:16
Inquire from DBS also.

riddler
08-20-2004, 22:26
I have to ask these,

- because of stiff competition, are there credit cards available that you can get for free?

- what if you have a huge sum of money that you wll deposit with them, do you still pay some sort of annual premium??

- are you charged a certain amount even if you do not carry a balance at the end of the billing cycle???


Thanks!

revo
08-21-2004, 23:09
Originally posted by antediluvianist
Yes. Citibank is 3.25% per month.

Omg

;P

The interest rates in the US run from 7.9% to 28.9%
PER YEAR.

People in the Phils should never use credit cards, then.

antediluvianist
08-22-2004, 00:32
Well, different countries have different interest rates. The level of domestic interest rates in any given country is a function of many factors - what's the inflation rate, how much is the government borrowing every year?, what are that government's monetary and fiscal policies, other factors. For many years, Japan had domestic interest rates of near zero.

For various reasons, interest rates in the Philippines are usually above those in the U.S. In the last years of the Marcos era, you could invest in a government Treasury bill (the famous "Jobo bills" named after then-Central Bbank governor Jobo Fernandez) and get 35% per annum interest (actually they went even higher). That's because at that time the Philippine (Marcos) government was trying to support the peso against the U.S. dollar, since the peso was sinking fast because everyone saw the mess that Mmarcos had made of the economy and also saw that the end of the Marcos era was coming - what with all the post-Aquino-assassination demonstrations and riots.) The idea was that people would hold on to their pesos and invest them in Jobo bills to get the high interest, instead of selling their pesos cheap to buy dollars because dollars were safer investments. ( Anyway, when the Marcos government was kicked out by "People-Power" in 1986, those high-interest T-bills stopped. Frankly, it was only the rich peoplewho benefitted from those high interest rates - ordinary people didn't have the savings to invest into those T-bills, and in fact sufferedh interest rates. Remember, when interest rates go up, the level of economic activity, and Gross Domestic Product, go down. Businesses close and people lose their jobs.)

Anyway, the Central Bank went bankrupt as a result of those Jobo bills. The present "Bangko Sentral ng Pilipinas" is NOT the old Central Bank with a Tagalog name - it is an entirely different entity. The old Central Bank went into receivership (bankruptcy.)

Ultimately, as long as a person does NOT use his/her credit card as a credit instrument, but just for convenience - in other words you pay the total amount on your statement of account by the due date, and no amount is financed by Citibank or Bank of Hong Kong Shanghai or whoever issues the credit card - then you DON't pay that 3.45% interest rate per month. That's why banks LOVE for you to NOT pay your balance entirely. They make so much money on credit cards . Even after decucting all the losses from fraud (stolen cards etc.), they still make plenty of profit from credit cards. That's why they send them to you through the mail even if you never asked for them, and there are these people at malls bugging you to become a member. Sorry , this is too long, will end here. (I'm a professor, can't avoid getting long-winded.)

ppts799
08-22-2004, 20:52
Originally posted by riddler
I have to ask these,

- because of stiff competition, are there credit cards available that you can get for free?

from what i've gathered through my inquiries, most, if not all banks give their cards for free on the first year. but how they handle the second year is where they differ a lot.

Alexii
08-22-2004, 21:12
Originally posted by ppts799
from what i've gathered through my inquiries, most, if not all banks give their cards for free on the first year. but how they handle the second year is where they differ a lot.

Usually, when you hint that you're no longer interested in keeping the card, that's when they offer to waive the annual fee charges. Did that four times already. I was ready though to give it up anyway.

lcarreau
08-22-2004, 21:17
Annual fee? Whats that? I have not paid squat for credit cards for a long time. I mean to say, I pay only the amount I charge to it.

-Lonnie

NRA_guy
08-22-2004, 21:42
Avoid Fleet.

I use the one from First National Bank of Omaha. They claim to help the NRA. Not sure if it's true. But it has the NRA logo on it. And that makes my gunophobic wife less eager to use it because she knows she's contributing to my favorite charity every time she charges on it.

NRA_guy

LexaDoig
08-22-2004, 21:43
Yeah I agree with pipit, I use my card only for zero interest deferred payment promos only, and for emergencies. At stores I usually pay cash since cash lane is usually faster than charge.

lcarreau
08-22-2004, 21:49
Originally posted by LexaDoig
Yeah I agree with pipit, I use my card only for zero interest deferred payment promos only, and for emergencies. At stores I usually pay cash since cash lane is usually faster than charge.

I dont completely agree with this approach. I think using credit cards all the time, but paying them off each month is better. Cash can get stolen. If your credit card gets stolen or used fraudulently, you are not liable. I prefer to uise the built in protections the credit card offers and then pay it online each month to avoid the possibility of mail theft. I know this has been beat to death in another thread, but that is my humble opinion.

-Lonnie

revo
08-22-2004, 22:07
Originally posted by lcarreau
Cash can get stolen. If your credit card gets stolen or used fraudulently, you are not liable. I prefer to uise the built in protections the credit card offers and then pay it online each month to avoid the possibility of mail theft. I know this has been beat to death in another thread, but that is my humble opinion.
-Lonnie

Yes, Lonnie, in the US your statement would be valid.

But remember these guys are in the Phils where the interest rates
are such that they would considered usurious in the US.

revo
san francisco, CA

mc_oliver
08-22-2004, 23:46
As has been stated above, between using your credit card or cash, the credit card is the clear winner. That is, if, and only if, you manage to pay your balance in full every billing period. Personally, it takes a great amount of discipline on my part to pay in full when the time comes, especially when I know I can get away with paying less. ;f Not discounting the fact that the credit card seems to call out to me everytime I want (and not necessarily need) to make a purchase. :)

9MX
08-23-2004, 05:46
Originally posted by lcarreau
Annual fee? Whats that? I have not paid squat for credit cards for a long time. I mean to say, I pay only the amount I charge to it.

-Lonnie


yup, thats a norm in the USA mainly due to competition I guess. here, it is only in recent years that other card companies showed up and so now we are able to bargain the waiving of our annual fees. though this is not advertised and one learns via word of mouth:cool:

bass one
08-23-2004, 07:12
The interest rates in the US run from 7.9% to 28.9% Singapore: 3.5 % per annum...;a

riddler
08-23-2004, 07:41
Originally posted by bass one
Singapore: 3.5 % per annum...;a

If one just pays the entire balance when the bill comes, it should not matter how high or low the interest rates are. ;f

9MX
08-23-2004, 18:52
Originally posted by bass one
Singapore: 3.5 % per annum...;a

wow!, however, they are ultra strict with guns;n

bass one
08-23-2004, 19:00
wow!, however, they are ultra strict with guns
________________________________________________________
yun nga lang ...^9 ^2 ;I:steamed:

v1ct0r
08-25-2004, 23:54
Sir yung Citibank 3.25%, eh yung BPI 2.9%? ;P
Ngayn ko lang nalaman mas mababa pala yung BPI? ;g

And is this true with BPI?

*******
Choose a credit card that computes interest charges on your outstanding balance only and not on new purchases.

Here's how you can save with BPI Express Credit Card's 2.9% interest rate computed only on the outstanding balance:

http://info.bpiexpressonline.com/bpiprod/prodserv.nsf/Credit+Cards/CreditCardBPIEXPRESSCREDITComputation?OpenDocument

*******