Updated October 10, 2016:
The original post published in April 2009 contains info that is no longer true.
BDO, HSBC and other banks are no longer offering credit cards to OFWs.
If you really need to have a credit card, here are options:
— Apply for a BPI Family or BPI Express Start credit card.
This is a secured credit card. You’ll deposit at least 10,000 pesos, and this amount will be held by the bank as your collateral.
— Apply for an RCBC Bankard Instacard.
This is also a secured credit card. You’ll deposit at least 5,000 pesos, and this amount will be held by RCBC as your collateral. Some branches might require at least 10,000 pesos.
— If you need a credit card only for online payments.
like air fares, games, consumer goods, music, movies, memberships, other products, there are now a lot of debit cards, electronic cards or prepaid cards that you can use to pay online, like:
BDO Kabayan MasterCard debit card
Union Bank Eon Visa debit card
PSBank MasterCard debit card
EastWest Visa debit card
Smart Money MasterCard
Globe GCash
PayMaya Visa virtual card
PayMaya Visa debit card
Yazz Visa reloadable prepaid card
— Apply for a regular BPI Family or BPI credit card.
In the list of requirements, OFW was mentioned, so your application as an OFW might be considered. You should have a landline phone. Your home or business address must be within a 30-km radius of a BPI or BPI Family Bank branch or a BPI Business Center. You should be able to present a Contract of Employment.
Why Are Banks No Longer Offering Credit Cards to OFWs?
Some of the reasons are:
— Most OFWs do not have ITRs (Income Tax Returns), as they are exempted from paying income taxes. The BSP mandates banks to require ITRs from their clients for certain transactions and services such as credit.
— Many OFWs do not have stable jobs. Their employment is covered by contracts for an average of only 2 years.
— Many banks prefer certificates of income from local employers, as these certificates can be easily verified.
Post Below Was Published in April 2009.
HSBC and BDO are no longer offering credit cards to OFWs.
For OFWs looking for credit cards, I’ve found only two banks in the Philippines which are offering credit cards for OFWs — HSBC and BDO.
Based on our personal experience, BPI also offers credit cards to OFWs, but you wait for the bank to offer you one. BPI offers a credit card to an OFW who has maintained a BPI time deposit account for a couple of years. BPI also has investment accounts that offer a credit card account as incentive.
BDO
BDO issues secured credit cards for OFWs, meaning one must have a savings or checking account with BDO.
The required documents are:
- Valid IDs
- Employment contract or certificate of employment
- Remittance receipts for the last 6 months or payslips for the last 3 months
The other requirements are:
- Minimum monthly income of 10,000 pesos
- At least 21 years old, not older than 65
- Must have a BDO checking or savings account or time deposit of at least 15,000 pesos or equivalent amount in dollars
- Must have 2 years continuous job contract
- Beneficiary or card administrator must be residing or working within 30 kms of a BDO branch
- Must have a home landline phone
You can call the following numbers for further inquiries:
Call 631-8000
(within Metro Manila)
1-800-10-6318000
(Libreng Tawag Outside Metro Manila)
(IAC)+800+6318000
(Libreng Tawag Outside of the Philippines)
Email: callcenter@bdo.com.ph
HSBC
For OFWs, the requirements are:
- Employment contract or certificate of employment
- Working visa or work permit or OFW card or certificate issued by POEA
- Proof of home address, such as the latest billing statement under the name of the applicant, with the address of the applicant.
- A valid ID, such as passport, driver’s license, PRC ID or SSS photocard
- TIN number
- SSS or GSIS number
- Proof of Income
- could be latest ITR or
- employer’s certificate of compensation or
- payslips for the last 3 months
The other requirements are:
- At least 21 years old, not older than 65
- Philippine resident
- Have a residential landline phone
- Must be living or working in Metro Manila, Bacolod, Baguio City, Batangas, Bulacan, Butuan, Cabanatuan City, Cagayan de Oro, Calasiao Pangasinan, Cavite, Cebu, Cotabato, Dagupan City, Davao City, Digos Davao del Sur, Dipolog, Dumaguete City, General Santos, Kalibo, Iloilo, Laguna, Laoag City, Legaspi, Lucena City, Naga, Olongapo City, Ormoc City, Pampanga, Panabo & Tagum Davao del Norte, Puerto Princesa, Subic, Rizal, Roxas, Tacloban, Tagbilaran City, Tarlac City, Tuguegarao, Urdaneta Pangasinan, Zamboanga City.
- Have at least a gross annual income of 150,000 pesos for the classic cards and at least 480,000 pesos for the gold cards
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