Want to know the best credit card for freelancers in the Philippines?

As a Filipino freelancer, I got my first credit card at my 5th year of working online at home. During that time, banks and government agencies weren’t familiar with the term “freelancer” yet, so it was hard for me.

A few years later, I’m happy to say that it’s now easier to apply for a credit card even if you’re a freelancer.

In this article, we’ll show you the top freelancer-friendly credit cards and a few tips to help you get approved. Here’s a table of contents so you can skip to the section you want:

Let’s get down to it.

Why You Should Get a Credit Card as a Freelancer

Having your own credit card on-hand is important because you need it for online transactions while you’re building your freelancing business.

best credit card for freelancers

For example, I used my credit card back then so I could verify my Paypal account and receive online payments from my clients.

You can also use your own credit card to set up:

  • your business website
  • your writing or graphic design portfolio
  • needed software for your job

And of course, we don’t want to be burned out. 🙂 So, you’re also free to use your credit card to pay for stress-relieving activities such as dining out and travelling with your loved ones.

While you can also use a debit card for these activities, using your credit card is better because it can give you more leeway in managing your finances: installment programs for big-ticket items and cash reward features are just some of them.

Sadly, not all credit card issuers give cards to Filipino freelancers.

But here’s the good news — some banks do!

What type of credit cards can you apply for if you’re a freelancer? Check them out below.

Best Credit Card for Freelancers in the Philippines

Banks in the Philippines can issue credit cards for freelancers who don’t have a “fixed” job, but here’s the catch: you need to get a special type of credit card known as a secured credit card.

What’s a secured credit card?

A secured credit card is a credit card you can apply for, as long as you also opened a savings, checking, or time deposit account with a bank and deposited a certain amount.

Since banks consider freelancers as “high-risk” due to the nature of the industry, they need to have a guarantee that you can pay your credit card dues.

That’s why the amount you deposit with your bank will be your collateral — you can’t withdraw it until you cancel your credit card and have fully settled your amount due.

best credit card for freelancers

Also, your credit card limit will be based on 80% of your deposit.

For example, you opened a savings bank account with ABC bank and deposited ₱10,000.

Your credit card limit will be ₱8,000.

This way, in case you can’t pay your credit card balance, the bank can just use your deposit with them to pay your dues.

Right now, there are 5 banks in the Philippines that offer secured credit card for freelancers:

1. BPI Express Start

Available cards: All BPI credit cards

Annual fee: ₱1,320 to ₱5,500

Interest rate: 2%

Minimum deposit: ₱10,000 (ATM/Passbook savings account) / PHP 50,000 (time deposit)

Requirements:

  • At least 18 years old
  • Home landline number
  • Completed Express Start application form
  • Accomplished deed of assignment

2. Metrobank Save & Swipe

best credit card for freelancers

Available cards: All Metrobank credit cards

Annual fee: No annual fee for life (M Free Mastercard) / PHP 1,500 to PHP 6,000 (all other Metrobank credit cards)

Interest rate: 2%

Minimum deposit: ₱17,000

Requirements:

  • Valid ID
  • Completed application form
  • Signed and notarized deed of assignment

3. Security Bank Fast Track Secured Credit Card

Available cards: Security Bank Mastercard credit cards only

Annual fee: ₱2,000 to ₱4,000

Interest rate: 2%

Minimum deposit: ₱15,000 for a savings account

Requirements:

  • 21 to 65 years old
  • Home landline number
  • Completed application form
  • Completed holdout agreement form
  • Valid ID

4. RCBC Bankard InstaCard

best credit card for freelancers

Available cards: All RCBC credit cards

Annual fee: ₱60/month for regular credit cards

Interest rate: 2%

Minimum deposit: ₱10,000

Requirements:

  • At least 21 years old
  • Two valid IDs
  • Completed InstaCard application form and savings account opening forms
  • Accomplished deed of assignment

5. AUB Secured Credit Card

Available cards: All AUB credit cards

Annual fee: No annual fee for life

Interest rate: 2%

Minimum deposit: ₱25,000 for Easy Mastercard

Requirements:

  • At least 21 years old
  • Completed application form
  • Signed and notarized deed of assignment

Which is the Best Credit Card for Freelancers?

This depends on what you’re looking for in a credit card.

If you want the best credit card for freelancers because of its low deposit, then go for BPI Express Start or RCBC Instacard. Both of these only need a minimum deposit of ₱10,000 to get started.

On the other hand, if what’s important to you is the annual fee, then the best credit card for freelancers is AUB secured credit card because it has no annual fee for life.

Finally, if you’re looking for a credit card with fast processing, you may want to consider Security Bank Fast Track secured credit card because its processing time is only 3 banking days.

In this post, you learned about the best credit card for freelancers in the Philippines.

If you’re also a newbie in credit, you may want to read this post on the best credit card for beginners and first-time applicants in the Philippines.

Interested in working online? Check out this next post on the best remote jobs you can do from anywhere.

1 thought on “5 Best Credit Card for Freelancers in the Philippines (2022)”

  1. Pingback: 6 SURPRISING Financial Benefits of Working From Home

Leave a Reply

Your email address will not be published.