My Credit Card Approved

[Terpe]

Actually it's not my own.
A family member agreed to make me a supplementary card holder.

Why do I want one ?
Well here in the Philippines interestingly there are benefits.
You can pay for many purchases with the card and avail of zero interest installment plans which vary from 3 months to 3 years.
Additionally there's often a good discount as well.

So much better than the regular upfront full cash amount with no discount and no zero interest installment plan.

Life is good

[stevewool]

Actually it's not my own.
A family member agreed to make me a supplementary card holder.

Why do I want one ?
Well here in the Philippines interestingly there are benefits.
You can pay for many purchases with the card and avail of zero interest installment plans which vary from 3 months to 3 years.
Additionally there's often a good discount as well.

So much better than the regular upfront full cash amount with no discount and no zero interest installment plan.

Life is good

Will your name be on the bill peter

[grahamw48]

Could you get a card of your own Peter, once you had full residency ? (I don't know what stage you're at with that).

[jonnijon]

I applied for a credit card, and was told that whatever your credit limit is, that amount is witheld in your current account. So that defeats the object of a credit card

[grahamw48]

Haha... whatever happened to good old-fashioned debt ?

[Terpe]

I applied for a credit card, and was told that whatever your credit limit is, that amount is witheld in your current account. So that defeats the object of a credit card

That's not the case for my 'sponsoring' family member who
is the principle card holder.

[Terpe]

Will your name be on the bill peter

No not on the bill.
On the card yes.

[Terpe]

Could you get a card of your own Peter, once you had full residency ? (I don't know what stage you're at with that).

It's quite tricky to get a credit card at my age and with no employment.
Many of the credit cards around have tough restrictions.

As has been mentioned, some issuers require opening of a current account with a specific amount just to cover the risk of credit card non-payment

Others have minimum monthly payments depending on your circumstances. At my age that worked out a minimum monthly payment of P10k
Still an option to consider depending on the small print.

[grahamw48]

Ah... thanks for that.

[Terpe]

Ah... thanks for that.

Most ex-pats don't really want or need a credit card.

But given a good opportunity they can be worthwhile and beneficial.Especially in my case as I need to completely redecorate and furnish a 3 storey house
The 0% interest installment plans are really good and very helpful as long as you keep a sensible budget.
As an example, the fridge we bought was a Samsung digital inverter, anti-bac, anti odour, twin cooling, humidity control. Came in at P24k after a 50% discount (only available with credit card payment) no deposit, first 3 months free, then 12 montly payments of P2k
Stick the full price in a savings account and earn around 2% per month interest.
Can't go wrong really.

[Terpe]

Could you get a card of your own Peter, once you had full residency ? (I don't know what stage you're at with that).

Graham, I have Permanent Residency status.
Really not difficult secure if you're married to a Filipino citizen and can be patient for 12 months under probation with BI
Just needs renewing every 5 years with a new photo and declaration you're still alive and married.

[grahamw48]

Thanks for the helpful info Peter.

I suppose I could apply for residency at some time in the future, but at present I'm inclined to cling on to my little OAP council bungalow here, as they are so difficult to come by.

My young bride (and baby boy) would of course also .. subject to visa, be permitted to live here with me, so another option to keep open.

That would certainly give the neighbours something to talk about.

This last couple of days my wife has got hold of a brand new little 2 bed balcony apartment in town for us, and is in the process of moving in to it, before my arrival. Only p5000 a month too.

[fred]

Peter. Please ask them about fraud protection..
They recently raised our credit limit once again so I asked about this...No automatic protection and any losses are our liability..They suggested we fill in a form and pay something like 300.00 Pesos a year to protect our credit against fraud on a stolen or lost card..Naturally we signed up.
Credit cards are a good idea for two reasons...0% interest in many shops and a safety net for medical expenses should the need arise.
Of course, it depends on discipline and respect for money but some people just should not own credit cards!!