A lot of Filipinos choose to have a cash back credit card that offers tangible and uncomplicated benefits. As a credit cardholder, wouldn’t you like to receive cash back every month from all your credit card spending, too?
But not all cash back credit cards work the same way. Most of them have a minimum spend requirement. Others have a specific spending category, like shopping, dining, or utilities, before transactions can be eligible for cash back.
A few others offer cash back on all types of spending, including overseas purchases, without any minimum spend and cash back limit.
In the Philippines, there are a lot of options for cashback credit cards. However, only a few offer unlimited cash back.
Most have a maximum cash back of 12,000 PHP per year. But you’ll be glad to know that the American Express Cash Back Credit Card and the UnionBank Platinum Mastercard don’t have cash back limits. Read on to find out more.
American Express Cash Back Credit Card
With the American Express Cash Back credit card, all your local transactions are eligible for 1% cash back, and you earn 2% cash back for all your spending abroad.
As part of the Cash Back Welcome Offer Program, you also get a 5% cash back within the first 3 months of card issuance.
Under this welcome offer, receive 4% cash back on your local purchases and 3% cash back for international purchases.
However, there’s a cash back maximum of 2,500 PHP. When you reach this amount, you will continue to earn regular cash back.
Here’s the card at a glance:
| Principal annual membership fee | 3,000 PHP |
| Supplementary annual membership fee | 1,500 PHP |
| Finance charge | 3.50% |
| Monthly income requirement | 35,000 PHP |
Other features of this card include 24/7 customer service here in the Philippines and any part of the world, as well as exclusive dining, shopping, travel, and entertainment offers via the American Express Selects.
If you’re a foodie, you can enjoy a 20% discount on your food purchases at participating restaurants or receive a complimentary appetizer or bottle of wine through American Express Invites.
You can also travel with ease and protection with American Express 24/7 Global Assist.
UnionBank Platinum Mastercard
With the UnionBank Platinum Mastercard, you earn 1.5% cash back on all your purchases regardless of spending category.
If you use your card a lot to buy groceries, shop, pay for airline tickets or hotel accommodations, or reward yourself with dinners at restaurants, you can earn cash back for all these transactions.
This card is also accepted in over 30 million locations in the world.
There’s no monthly rebate cap, so you can earn as much cash back as you want with your spending.
And because the cash back that you earn does not expire, you can use them whenever you want.
Here’s the UnionBank Platinum card at a glance:
| Principal annual membership fee | 3,000 PHP |
| Supplementary annual membership fee | 1,500 PHP |
| Finance charge | 3.5% |
| Monthly income requirement | 50,000 PHP |
Other features of this card include a discount and rewards program, Credit Life Insurance, installment program, auto-insurance installment plan, and longer credit terms, just to name a few.
Conclusion:
These two credit cards may not be recommended for fresh graduates who are just newly employed because of the high income requirement and annual fees.
But they are definitely worth considering if you meet the income requirement and want a card that gives you cash back for all your spending.
Earning cash back with these cards is also straightforward. You don’t need to remember all those spending categories or schedule a specific purchase just to get cash back. You can spend anywhere, anytime, and get cash back. Period.
Filipinos put a premium on cash back credit cards because they offer a way to earn even a little bit of your money back as rewards for all your spending.
However, don’t be tempted to get these credit cards just because of the high cash back rate. Spend smartly, and choose a card that’s right for your spending habits and money goals.