Cedit Cards

Perhaps you should pay it off every month, then the interest rate is meaningless.

Credit card in Phil's is just another path to your cash!

Credit cards are the most successful scam in history.
I have no clue why anyone would want one.

Fred wrote:

Credit cards are the most successful scam in history.
I have no clue why anyone would want one.

If you pay them off every month they cost nothing plus I get rewards up to 5% on certain purchases.  In the Philippines I only use them for transportation and lodging, pay cash for everything else.  When we bought a tv we got a 2% discount by paying cash instead of credit card.

I had one in times of old but it got to the stage the last one never got activated. It turned up in the post, ended up in a drawer, expired, and is still in the drawer - I probably should bin it.
The only advantage I can see to one is the payment insurance on flights booked with a card, but that's about it.
As for discounts, lots of places offer discounts if you use debit cards from whatever bank.
Paying the total every month, I use debit cards so I never have to bother.

yes, pay your card off every month before the 'payment due' date, and you will be okay. In the west, they charge(d) 18-21% interest, and for sure it's worse here where they establish their own greedy rates of usury (some charge Indians 40%/month per transaction). As for the banks here, they are all about the same, and require high degree of patience and cultural adjustment to keep it together with practices that even more glaringly than the west will steal wherever they can get it.

stillbiker wrote:

Good morning to ALL.
I need a NEW credit card. BPI is not RELIABLE!!!
I approached BDO after 2 months they offered me a VISA Gold with a monthly interest of 3.25 % that makes a yearly interest at 39 % .
IS THAT NOT USURY? IS IT LEGAL?
Best regards Rudy.

You will find that banks in the RP charge rates of 3.25% to 3.5% across the board. There are a few exceptions like AUB (Asia United Bank) with rates below 3%.

The key is to simply pay them off before the due date arrives, or pay cash for everything.

Your debit card is linked directly to your bank account and just one instance of card skimming or other fraudulent use could wipe out your bank account.  Most banks offer a loadable cash / debit card where you simply transfer funds to the card and establish a cash balance on the card without jeopardizing your primary account and no interest rate on an unpaid balance as with traditional credit cards. A safer interest free alternative to using credit cards or primary account debit cards.

Regards