No Annual Fee Credit Cards in the Philippines

One thing that most people fail to realize if they have credit cards is that it’s building their own financial reliability. When credit cards are the topic, people focus more on the fact that it’s debt—although it’s true, there are things that they don’t see in the face of credit cards.

In fact, there are a couple of things that people with credit cards can do. In addition to that, there are quite a few useful and efficient advantages to owning a credit card like an emergency type of line, exclusive rewards, you can purchase expensive things easily, and others that go along with it.

However, a ton of Filipinos prefer not to get credit cards because it will be tagged as “debt” and the fees with it. To give you a concrete figure, around 22 percent of Filipinos don’t own a credit card because they’re discouraged with the interest charges. Others, however, gets the hindrance from paying the annual fee.

What is an annual fee?

Coming from its term, a credit card annual fee is a convenience fee that institutions charge their clients. To put simply, it’s the specific amount clients pay because they use the financial institution’s (bank’s) credit card services.

Can you avoid annual fees?

Most usually, the credit cards that our banks offer would have the description of the fees that are involved. These would be the interest rate/s, the penalties, the rewards, and if there is an annual fee, the annual fee.