Common Requirements: Credit Card, Loan, Savings Account

Looking for common requirements? Do you know the credit card loan savings account requirements? Are you planning to open a savings account in the Philippines? Planning to apply a credit card in BDO, EastWest Bank, Metrobank, BPI, Standard Chartered or any major bank in the Philippines? Do you want to apply a loan such as personal loan or business loan in banks or other private financial institutions? Here are the common lists (useful documents) of requirements to prepare.

Credit Card Tips: Before making a decision in applying a credit card, kindly check the interest rates, compare the best credit cards offered by different banks and also know the privileges, rewards and promos of each credit card offers

Savings Account Tips: Try to inquire in any banks, make sure the bank is accessible near in your area. It is open when you need the money most. Some banks are open during weekends (in the mall) such as BDO, also, try to compare the maintaining balance, the earn interest, charges and fees in each saving account offered by different banks.

Applying a Loan Tips: If this is your first time, make sure you know the risk in making a loan especially if you only use the borrowed money in your daily living such as food, bills and etc. It is great to use the loan as a business capital, that means, you are making the use of “leverage”, use other people’s money to make money.

Compare the interest rate in each loan, some banks and financial institutions are showing their monthly amortization table in their clients, some are not. Be careful to choose the loan that is offering a high interest. To be sure, not above 10% or 12% interest earned per year of the loan amount is something good. If the company is offering you a 3% per month, be careful. A 1-1.5% per month is ideal.

To save time and money. Do your own research and investigation which bank is offering a low interest rate for their credit cards and loans but has high interest rates and privileges for their savings account or other financial products. Before you go to the bank, make sure you bring the requirements. I just collect information and bring at least 2 or 3 of these requirements especially government ID.

Make sure your ID’s are clear, has photo, signature and number. Example PRC ID, with picture, signature, PRC ID number, expiration date.

Common Requirements: List of Banks in the Philippines

Here are the list of banks in the Philippines, choose one, better make your own research who is offering a great customer service if you want to apply a loan, a credit card or open your savings account.

• BDO – Banco de Oro Universal Bank
• Metropolitan Bank and Trust Company
• BPI – Bank of the Philippine Islands
• Land Bank of the Philippines
• Philippine National Bank
• Development Bank of the Philippines
• China Bank – China Banking Corporation
• Philippine Bank of Communications
• Philippine Veterans Bank
• Australia and New Zealand Banking Group
• RCBC – Rizal Commercial Banking Corporation
• UnionBank of the Philippines
• Security Bank Corporation
• Citibank, N.A.
• United Coconut Planters Bank
• Hongkong and Shanghai Banking Corporation
• East West Bank
• Philtrust Bank (Philippine Trust Company)
• Bank of Commerce
• Standard Chartered Bank
• Asia United Bank
• Deutsche Bank AG
• Maybank
• The Bank of Tokyo-Mitsubishi UFJ, Ltd.
• JPMorgan Chase
• ING Group
• Robinsons Bank Corporation
• BDO Private Bank, Inc.
• Mizuho Corporate Bank
• CTBC Bank
• Bank of America, N.A.
• Korea Exchange Bank
• Mega International Commercial Bank
• Bank of China
• Bangkok Bank
• Al-Amanah Islamic Investment Bank of the Philippines

Common Requirements in Applying a Loan or other Financial Institutions

Planning to make a salary loan, personal loan, business loan, car or home loans. Kindly prepare the following to get approved easily when applying a loan especially if you are a first time client.

• Proof of Income or Payslip
• Service Record if you are Government Employee
• Photocopy of Valid ID’s such as SSS or GSIS, PRC license, postal, passport, driver’s license etc.)
• Appointment (for government employees)
• Photocopy of valid IDs of co-maker
• Lot Title Certificate, Deed of Sale
• Statement of Bank Account
• Car registration, plates etc.

Common Requirements in Opening a Bank Account in the Philippines

Here are the list of common requirements if you want to open a bank account here in the Philippines. To save more time, bring these documents before you go to the bank and apply a savings account.

• Government ID’s such as Passport, postal ID, voter’s ID, PRC license, NBI Clearance, senior citizen card, police clearance, driver’s license, PhilHealth card, SSS or GSIS ID. Company ID is sometimes required especially if there is an arrangement between the bank and your employer.
• Kindly bring photos such as 2×2 pictures or 1×1 pictures, it depends on the bank.

Credit Card Common Requirements in the Philippines

If you are planning to have a credit card, kindly prepare the following common requirements in applying a credit card as per Bangko Sentral ng Pilipinas Circular BSP 608
1. Photocopy of the following valid IDs

• Passport
• PhilHealth Card
• Driver’s License
• Senior Citizen’s Card
• Police Clearance
• NBI Clearance
• Postal ID
• Voter’s ID
• Company IDs
• Professional Regulations Commission (PRC) ID
• Social Security System (SSS) Card
• Government Service and Insurance System (GSIS)
• All other valid IDs issued by the Philippine government and
•  its instrumentalities.

For foreigners, submit your visa or Alien Certificate of 
Registration (ACR) and Immigrants Certificate of Residence 
(ICR) registered with or supervised or regulated by the BSP, SEC
or IC.

2. Proof of Income 

• For those employed, a copy of the latest Income Tax Return (ITR) duly stamped as received by the BIR or its authorized agent bank (BSP Circular No. 472 as amended) and/or the employee’s copy of BIR Form 2316 duly signed by the employer and details of other credit card(s) with at least one (1) year principal card membership, or
• Certificate of Employment (COE) or latest payslip (one Month)
• For self-employed, copy of latest audited financial statement with bank or BIR stamp (as required by BSP), copy of SEC or DTI business registration, and
•  Details of other credit card(s)

If you’re an investor, you’re looking on what the asset is going to do. If you’re a speculator, you’re commonly focusing on what the price of the object is going to do, and that’s not our game. – Warren Buffett  at 1997 Berkshire Hathaway Annual Meeting