Cashless payments have become increasingly common over the years, giving Filipinos plenty of options for settling both their online and offline transactions. Among the available cashless payment methods today, credit cards continue to be a popular pick for a variety of reasons. Credit cards boast global acceptance, offer financial flexibility in the form of installments and payment grace periods, and carry security features that reduce risks of unauthorized transactions, all of which can be enticing for frequent shoppers.
Another advantage of having a credit card is getting to enjoy the rewards and perks that come with it. Often, a great credit card promo or rewards program is what makes a particular card more attractive than others. For instance, the Landers Cashback Everywhere Credit Card by Maya provides users with up to 5% cashback at Landers, 2% on dining spends, and 1% on all other qualified transactions.* Cardholders can also enjoy a generous annual cashback cap of PHP 200,000, making this one of the most competitive cashback credit cards available in the Philippines today. Generous cashback rewards such as this help users cut back on costs while providing added value with each spend.
The popularity of credit cards, however, also means that there are now dozens of options to choose from out there, which can lead to decision paralysis. Whether you’re still looking for your first credit card or exploring your options to see which one to add to your current credit card lineup, here are some tips that can help narrow down your choices.
1. Analyze the Card’s Rewards Structure
Look for a card that offers rewards tailored to your spending patterns. For instance, if you’re a frequent traveler, then a credit card that lets you earn airline miles or provides free travel insurance might suit you best. Meanwhile, if you want to focus on getting more savings out of your daily expenses such as groceries and dining, then a card that can offer you cashback on both fronts, such as the Landers Cashback Everywhere Credit Card, may be the best option for you.
Remember that what others may consider a great deal may not be worth it for you, so make sure to evaluate your own financial priorities before you choose a credit card. This knowledge can then make it easier for you to determine if a particular card aligns with your goals or not.
2. Review Interest Rates and Fees
Different credit cards come with different rates and fees as well, so it’s best to find one that won’t put a strain on your finances. Credit cards with no annual fees are a great choice to lessen your financial obligations so you can focus only on paying your purchases.
Moreover, check the card’s interest rates and penalty fees for missed payments as well. Ideally, you’d want to pay your balance in full each month so it doesn’t incur any interest charges. However, during emergency cases when you might end up missing a payment, knowing that your card has a reasonable interest rate can give you assurance that you can still comfortably pay off the additional charges.
3. Prioritize Safety and Security Features
Credit card security is essential in today’s digital landscape, given how increasingly prevalent cyber threats and fraud have become. Hence, try to look for a credit card with robust security measures such as multi-factor authentication, one-time password (OTP) generation, real-time transaction alerts, and the ability to set spending limits for added peace of mind each time you use your card.
If you plan to use your credit card mainly for online transactions, then another must-have security feature are dynamic CVVs, which you can find on the Landers Cashback Everywhere Credit Card. Rather than using the permanent CVV at the back of your card, you can instead access a dynamic CVV on the Maya app and use that to authorize your online purchase. The dynamic CVV is only valid for 24 hours and a new number is generated every time the card details are accessed in the app, adding another layer of security to your online transactions.
4. Check for Additional Perks
Beyond allowing you to earn points for each purchase, some credit cards may also partner with stores or brands to provide you with additional perks that you won’t get with other cards. Don’t forget to consider this as well when evaluating the value you can get out of a credit card.
For example, the Landers Cashback Everywhere Credit Card also doubles as a Landers membership card. This enables you to enjoy exclusive perks such as premium grocery shopping options and big discounts when you shop at any Landers Superstore. If you’re looking to save more on your monthly grocery expenses, then this additional perk can give more value to your every credit card transaction.
5. Assess Customer Support and Digital Tools
Exceptional customer service and user-friendly tools can elevate your credit card experience as well. A credit card provider that offers 24/7 support can give you peace of mind knowing someone will be available to answer your concerns should you need to clarify something about your card’s terms or if you encounter errors when making a purchase. Reaching out to Maya’s support team is as easy as using the chat support feature on the Maya app.
In addition, the ability to monitor your credit card transactions and to take advantage of spending control limits that allow you toggle on and off particular transaction types can also be a plus when picking a credit card.
Choosing the right credit card in a sea of available options can be daunting at first, but knowing your spending patterns, rewards priorities, and financial goals can make the decision much easier for you. With the help of the tips discussed above, you can surely find a credit card deal that not only fits your current needs but also adapts as your financial priorities evolve.
*Transactions that don’t qualify include: cash in, cash advance, quasi cash purchases, casinos and gambling, fuel, supermarket, pharmaceuticals, utilities, telco, and government.
