Planning to apply for a new credit card? Not satisfied with your existing credit card? Whether you’re a first-time cardholder or would like to switch, you need to compare credit cards first before signing up.
Moneysmart folks keep an eagle eye on credit cards with the lowest interest rates and fees. With that said, here’s a roundup of rewards credit cards, cashback credit cards, or air miles credit cards with the lowest interest rates.
| Credit Card | Monthly Interest Rate | Minimum Monthly Income |
| Eastwest Priority Visa Infinite | 1.99% | N/A |
| PNB-PAL Mabuhay Miles World Mastercard | 2.70% | P480,000 |
| Eastwest Bank Platinum Mastercard | 2.75% | P1,200,000 |
| Bank of Commerce Platinum Mastercard | 2.95% | P1,200,000 |
| BPI Family Credit Card | 3.00% | P180,000 |
| Maybank Platinum Visa or Mastercard | 3.00% | P600,000 |
Eastwest Priority Lane Visa
Eastwest Priority Lane Visa gives frequent travelers access to exclusive membership privileges.
The card has the lowest monthly interest rate at 1.99%, and a free-for-life waived annual fee for principal and supplementary cardholders.
However, this card is geared towards high rollers. To be eligible for this card, you need to have combined savings and investments worth P2.5 million pesos at Eastwest. For high-income earners, this won’t be a problem.
Eastwest Priority Lane Visa unlocks travel and lifestyle privileges such as access to 1,300 VIP airport lounges worldwide and complimentary passes to Skyview Lounge at NAIA 3 every year.
Aside from that, it gives you a low foreign currency conversion fee of only 1.7% whenever you shop, dine, or travel.
Other fees to consider:
- Cash advance — 3% of the total amount or P600 whichever is higher.
- Late payment — 8% of the minimum amount due
- Over credit limit — P500
If you want to explore other Eastwest credit cards, you can also read:
PNB-PAL Mabuhay Miles World Mastercard
PNB-PAL Mabuhay Miles World Mastercard is an air miles credit card that offers one of the lowest monthly interest rates at 2.70% and a waived annual fee for life.
New cardholders are entitled to receive 2,000 air miles points as a welcome gift. After that, for every P33 you spend on groceries, you earn 1 Mabuhay Mile.
For your future travels, you can have access to priority check-ins at the PAL Business Class counter at NAIA terminals 1,2, and 3.
For overseas trips, you can also call World Assist for all your dining, entertainment, and travel reservations, as well as your emergency medical or travel concerns.
With all these perks, your minimum annual income should be P480,000 to be eligible for this credit card.
You also get up to P10 million travel insurance and P250,000 worth of purchase protection insurance which are offered for free.
Other fees to consider:
- Cash advance — 5% for PHP with a transaction fee of P100; 2% for USD with a $3 USD transaction fee.
- Late payment — 7% for PHP; 5% for USD of the unsettled minimum amount due
Eastwest Platinum Mastercard
For your luxury shopping, dining, and travel, Eastwest Platinum Mastercard is your ultimate companion wherever you go. It has a monthly interest rate of 2.75% and waived annual fee for life for principal and supplementary cardholders.
However, despite the low monthly finance charge, the minimum annual income requirement is P1,200,000. This rewards card earns you 1 point for every P40 you spend.
It also offers a Platinum virtual credit card with a different card number to secure online purchases, data, and credit limit.
If you’re a frequent traveler, you will find this card useful because it offers free comprehensive travel accidents and inconvenience insurance of up to P20 million if you use your card for purchasing airline tickets.
Other fees to consider:
- Cash advance — 3% of the total amount or P600 whichever is higher.
- Late payment — 8% of the minimum amount due.
- Over credit limit — P500
If you want to explore other air miles cards, read our reviews:
- The 7 Best Air Miles Credit Cards in the Philippines (2019)
- The Best Travel Credit Cards of 2019 and the 3 Types of Filipino Travelers Who Will Benefit From Them
Bank of Commerce Platinum Mastercard
Bank Commerce Platinum Mastercard offers 2.95% monthly interest rate and a waived annual fee for life. On top of that, it supports dual-currency billing for your overseas purchases.
Although these perks are enticing, your annual income should be P1,200,000. Moreover, as this is a rewards card, you earn 1 reward point for every P25.
If you use the card at selected dining and shopping establishments, you can earn 5x rewards points. For your future travels, you may save those accumulated points to redeem GetGo points.
The Platinum Mastercard is for luxury shoppers and travelers who are always overseas. If you’re one of them, you’re entitled to receive up to 2 million pesos worth of travel insurance and medical expense and inconvenience benefits if you use the card for booking airfare tickets.
Other fees to consider:
- Cash advance — 5% of the total amount or P300 whichever is higher
- Late payment — P700 or the unpaid minimum amount due in PHP, whichever is lower; $12 or the minimum amount due in dollar transactions, whichever is lower
- Gaming transaction service fee — 3% of the total gaming amount for online casinos and betting
To know more about other Bank of Commerce credit cards, you can read:
BPI Family Credit Card
For first-time credit cardholders, BPI Family Savings Credit Card gives you a low annual fee and monthly finance charge.
It’s an entry-level credit card, ideal for low-income earners as the minimum annual income requirement is P180,000. Your membership fee is waived for the first year. For the succeeding year, you pay P1,350 as a principal cardholder.
The first-degree supplementary cardholder’s fee is waived for life. On top of that, the monthly interest rate is 3.00%. In case you have overseas transactions, its forex conversion rate is 1.85%.
You can use this card in more than 34 million Mastercard-affiliated merchants and establishments worldwide. If you’re strapped for cash, there’s the cash advance feature where you can borrow up to 30% of your credit limit.
Other fees to consider:
- Annual fee — P1,350
- Cash advance — 3% of the total amount or P500 whichever is higher
- Late payment — P850 or equal to the unpaid minimum amount due, whichever is lower
- Gaming transaction service fee — 3% of the total gaming amount for online casinos and betting
Maybank Platinum Visa or Mastercard
Last but not the least, Maybank Platinum Visa or Mastercard is an air mile credit card with a 3.00% monthly interest rate and a waived annual fee for your first year.
On top of this, you earn 1% cashback from your overseas transactions.
This card is ideal for frequent travelers and shoppers abroad. It offers great discounts and privileges, even access to 100 golf clubs in 23 countries.
And for every P25 you spend, you earn 1 treat point that you can redeem as cash credit or miles. However, you can get this card if you have a minimum annual income of P600,000.
Lastly, it offers a low service fee on foreign currency transactions at 1.75%. It’s higher than Eastwest Priority Lane Visa, but it might be useful in case you need to buy goods abroad.
Other fees to consider:
- Annual fee — P3,000
- Cash advance — 3% of the total amount or P500 whichever is higher
- Late payment — P700 or unpaid minimum amount due, whichever is higher
- Gaming transaction service fee — 3% of the total gaming amount for online casinos and betting
- Overlimit fee — P500
If you want to know other Maybank credit cards, read this review:
Final Thoughts
Credit cards with low-interest rates offer a ton of benefits and privileges. As per this roundup, most are air miles credit cards that require high annual incomes. But the PNB Mabuhay Miles, the Maybank Platinum Visa/Mastercard, and the BPI Family Credit Card have low annual income requirements.
While air miles aren’t that relevant these days due to the pandemic, you can still earn points when you shop or dine.
All in all, the lowest interest rate is from Eastwest Priority Lane Visa. However, you’d have to be an existing depositor or account holder to be eligible for one.
For low-income earners and first-time cardholders, the BPI Family Credit Card is a great option to start building a good credit standing. The annual fee is only P1,350, but it charges P850 for late payments, which is the highest among the cards in this list.
Ready to apply for these credit cards? Which one do you think will help you become better at being moneysmart?