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Credit Card Basics

One of the most rewarding benefits of having a credit card is by taking money back to your wallet through cashback. Believe it or not, if you use it well, it works like a discount or rewards card.

Cashback is part of a bank’s credit card rewards offering to its customers that enable them to get back a percentage from the amount they spent using the card. To make the most out of it, you have to know how it works in the first place before applying for a card.

To begin with, it's good to know that not all banks give cashback for everything you spend. Some banks only offer cashback for the basic needs or what we call spending categories at GoBear. These include dining, fuel, groceries, shopping, travel, utilities (or your water and meralco bills) and other general expenses.


GoBear helps you get the most cashback rewards

As a tip, list down what spending categories appeal to you. Do you often use your credit card on paying for your utilities or buying plane tickets for your trips abroad? If so, find a credit card which offers cashback on these categories. Now, once you have a list of those cards, check what percentage of cashback these cards offer on the mentioned spending categories.

For example, credit card A and credit card B offers cashback on the same category—say, groceries. But credit card will give you a higher cashback at 5 percent for using your card in buying groceries, while the other card only gives 3 percent. Which will you pick?

GoBear reviews 5 highest cashback rewarding credit cards

Now you know there are several types of credit cards. Go beyond the name of the bank. Instead, look into the features by going beyond what the bank's website offers because they may post all the promos to entice you, but some of those are one-time promos only and the fees may not be stated clearly. A good tip is to check credit card reviews, whether it be at GoBear or in public forums.

Before you ask, "how to get a credit card?" revise your strategy to "how to get a credit card to reward me with the best cashback based on what I spend on the most?"

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Security Bank Complete Cashback

The Complete Cashback credit card from Security Bank lives up to its name by offering a comprehensive cashback rewards to clients. It also allows you to earn the highest cashback reward capped at ₱9,000 annually. More than that, you can earn points without minimum purchase requirements. The card provides cashback for the following: shopping (1%), dining (2%), utilities (3%), fuel (4%), and groceries (5%). You can also enjoy a higher credit limit of 50 percent for cash advance and a rate of 3.33 percent for balance transfer monthly.

With Security Bank’s Complete Cashback, you can also enjoy promotional discounts from establishments like Fairmont Makati, Microtel by Wyndham, gourdo’s, Watch Republic, or get a free Kentucky Platter from Burgoo. No cashback is available other than the categories provided.


EastWest Everyday Titanium

The Everyday Titanium credit card from EastWest bank allows a total of ₱6,000 cashback every year. What’s best about this credit card is that you automatically get a cash rebate credited to your account once you accumulate a total of ₱200. Rebates are capped at ₱1,000 monthly. Rebates are varied from 0.5 percent, three percent, and five percent.

Rebates apply to groceries and fuel purchases. Spending below ₱5,000 is given a rebate of 0.5 percent. Essential spends worth ₱5,000 but below ₱10,000 is given a rebate of three percent. A higher rebate of five percent is given for non-essential spends, but purchases should be worth above or at least ₱10,000. The Everyday Titanium credit card also has a higher cash advance limit at 70 percent and a balance transfer rate of 1.37 percent.


Citibank Cash Back Visa

The Cash Back Visa from Citibank is somewhat similar to EastWest’s Everyday Titanium card as both offer rebates to clients. The Cash Back Visa provides rebates at rates of 0.2 percent and six percent for groceries as well as 0.2 percent and two percent for utilities. Spends below ₱10,000 are given the lower rebate rate while spends worth at least ₱10,000 are given higher rebates. Non-Meralco and non-supermarket spends are also given rebates as long as the expenditures are worth ₱10,000 at least.

The Cash Visa has a 30 percent credit limit on cash advance similar to Cebu Pacific Classic card and the Unionbank Platinum MasterCard. Balance transfer rates go at 1.67 percent monthly.


UnionBank Platinum MasterCard

Just like the Everyday Titanium card, UnionBank’s Platinum MasterCard offers a maximum of ₱4,500 cashback rewards. What’s different with this card is that it has no minimum spend requirement. All local spending are given a 1.5 percent cashback so you can enjoy the credit card cash back rewards for shopping, dining, or paying for fuel and utilities as long as you use the card in the Philippines.

A unique feature of the Plantinum MasterCard from Unionbank is that it provides airport lounge access. Similar to most credit cards featured on this post, the Platinum MasterCard has a 30 percent credit limit on cash advance and a rate of 1.78 percent on monthly balance transfer.


BPI Ayala Malls Amore

The Ayala Malls Amore credit card from BPI provides cashback whenever you purchases from BPI affiliated stores of Ayala Malls. Compared to other credit cards, the Ayala Malls Amore card provides ₱4,200 worth of cashback and is capped at ₱15,000 per year. Since it’s a credit card for Ayala Malls, cashback rewards are only offered to affiliated Ayala Mall merchants of BPI. The Ayala Malls Amore card offers cashback for shopping (1% to 3%), groceries (1%), dining (4%), and utilities (1%).

Aside from these rewards, you also get the benefit of a cash advance of up to 30 percent of the credit limit and a balance transfer of 1.42 percent per month. These rewards also apply to the BPI Ayala Malls Amore Platinum credit card.

Make sure to get the right credit card for you for maximum cashback. Compare credit cards using GoBear Philippines to easily check the details of cashback offers of different credit card companies in the country.

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