My quest for a Credit Card
I mentioned in my previous entries that I have lived overseas for some time which is why I didn't have a Philippine issued credit card. It wasn't really a big deal until I needed one to pay a local service company. So my quest began... In order to apply for a credit card, one has to prove financial capacity. Meaning a source of income LOCALLY - a licensed business or an employment. If you are an expat here, you have to have a working visa plus an employment certificate from the company. I would like to stress the word LOCAL meaning the business or office should be located and properly documented here in the Philippines. With these in mind, I know I am not qualified for the normal credit card. This is when I discovered the SECURED CREDIT CARD. What is a Secured Credit Card? This is a credit card with a collateral. Meaning you have to have a Time Deposit in the bank and then you'll be given around 80% credit limit. Example, with a P20,000 Time Deposit, you will get a cre