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Adulting 101: How to Apply for Your First Credit Card

Should you get one?
by Arianne Merez
A day ago
Photo/s: Shutterstock

For Gen Zs who have started working, getting a credit card is among the adulting goals. It's a must for everything from hailing a car to ordering food to scoring that piso fare plane ticket.

No more piggybacking on your parents' plastic means financial independence and responsibility.

If you're looking to get your first credit card, we got you covered with this guide:

1. Know the requirements and if you're qualified.

Information on credit card requirements and applications is freely available online. Just check the website of the bank where you wish to apply.

Like any other application, banks have a set of minimum qualifications to check if you are eligible to own one and if you can pay the credit card bill.

Usually, banks require credit card applicants to be of legal age, to have a valid taxpayer identification number, and a gross annual income of at least P120,000 for beginners.

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For those who have been working for quite some time, banks usually have pre-approved credit cards which you only need to accept and activate.

2. Check the credit card--responsibilities and perks.

It's important to know all of the important information about a credit card since owning and using one entails responsibilities and perks too.

Important factors that one should consider are the interest charges, annual fees (if any), rewards program, penalty fees, and eligibility requirements.

For starters, it's best to own a credit card that one can afford to pay.

3. Prepare the required documents and apply for the credit card.

Once you're aware of the requirements and have checked your eligibility to own a credit card, prepare the needed documents for the application.

Credit card applications are fairly easy to do since most of the transactions are done online.

To apply for a credit card online, go to the website of the issuing bank and use their credit card application facility. Fill up the form, attach the needed documents, and submit your application.

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4. Approved or declined. What's next?

The bank will then notify you on whether your application was approved or declined.

If your credit card application gets approved, remember to pay your dues in full and on time to avoid interest charges and penalty fees. But if your application gets declined, you can work on improving your credit score or creditworthiness first and then reapply for a credit card after a few months.

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