One of the milestones you may be looking forward to, especially as a young adult or first-time earner, is getting your first credit card. If used responsibly, your card can be a helpful means to spread out the cost of big-ticket purchases through its installment plans, and it can also make purchases more convenient for you since you won’t have to worry about always bringing cash wherever you are in the Philippines.
With a card like the Landers Cashback Everywhere Credit Card by Maya, you can even obtain superb rewards like a 5% cashback on purchases from Landers Superstore, 2% cashback on your bills at dining establishments, and 1% cashback on other qualified transactions. A card like this one should be your go-to when spending on groceries and other essentials.
But before you start filling out that credit card application Philippines form, it’s important for you to do your research and shop around first to see which credit card possesses the best qualities and features for your needs. That being said, to get the most out of your very first credit card, here are some features that should be included on it:
1) No Annual Fee
As the term suggests, an annual fee is a yearly payment you make for being able to use your credit card. Annual fees vary depending on the type of card you have. For instance, credit cards that offer more lucrative rewards and benefits often have a higher annual fee compared to a regular credit card. Even though it’s only a once-a-year payment, it’s still an additional cost that you’d have to make room for on top of your other expenses.
To worry less about a cost like this one, look for a credit card with a no annual fees for life (NAFFL) offer. Some credit card providers offer this right off the bat, while some may attach certain conditions that you need to fulfill first to get that NAFFL feature. An example condition would be having to spend a certain amount 60 days after activating your card.
2) A Generous Rewards Program
When it comes to credit cards, a top feature you should always look for is how extensive its rewards program is. Some cards will allow you to earn points through each purchase to eventually get rewards such as vouchers, while others can give you cashback for making purchases in particular spending categories such as dining or online shopping. There are also cards that let you convert your points to miles, which will allow you to enjoy free flights and other travel discounts.
Make sure you choose a card with a rewards program that’s relevant to your spending habits and lifestyle. For example, if you’re the type who likes to spend on bulk deals for imported goods, Maya’s Landers Cashback Everywhere Credit Card would be a great fit for you. It’s also a breeze to review the rewards you’ve earned with the card, as you don’t have to wait for your billing statement at the end of the month just to count how many rewards you have and use them as soon as you’re able.
3) Card Security Safeguards
Security is a common concern among applicants getting their first credit cards. After all, while it may be convenient to use your credit card for online purchases and the like, you may also be worried about falling victim to cyber criminals who could steal your information and use your card to make fraudulent transactions.
You’ll want a credit card that comes with security features that you can truly rely on. Some examples include the ability to issue one-time passwords (OTPs), to block the card immediately if you suspect that a fraudulent purchase was made, and to send SMS alerts that notify you if your card has been used in any type of transaction.
The Landers Cashback Everywhere Credit Card by Maya takes this a step further with a dynamic CVV that changes every 24 hours or whenever the opening screen is accessed again after being closed. It’s also easy to control your spending limits and review different types of transactions and, most importantly, block the card if it’s suspected of fraud.
4) Low Interest Rates
Some cards offer low or even zero interest rates within a specific period, allowing you to make big purchases without having to pay for them upfront. If you’re interested in using your credit card primarily for big purchases such as appliances, bulk items, or flights, then look for cards that have installment plans with low or zero interest.
Note that some credit cards offer this only for partner merchants, so check as well if the businesses you frequently purchase from are partnered with any credit card provider. These can be a big factor in your choice of card.
Do keep in mind that if you let your balance go unpaid for months, then you’d still be racking up those interest charges despite the low interest. Strive to stay on top of your credit card bills to ensure you won’t have to worry about paying more down the line.
5) No Difficulty Monitoring Transactions
A system for easily monitoring your transactions is another must-have feature for any credit card, as it allows you to review your transactions right away—either to better plan out your budget or simply to verify that no fraudulent purchases were made with your card.
While you’ll always receive a monthly statement with a detailed list of your expenses during that billing period, having the option to monitor your transactions in real time through an app or online portal makes this process all the more convenient. Moreover, should there really be any unauthorized transactions in your history, then you can quickly act and notify your credit card provider rather than having to wait for your next billing statement to come.
With so many options available, it may be easy to experience choice fatigue when choosing a first credit card. However, if you’re clear on what features and benefits you’ll want to get out of it, it will be easier to narrow down your choices and end up with a card that you’ll genuinely enjoy using.
