Note from the blog’s owner: Since I’m using both credit cards, I am allowing a guest post from www.businesscreditcards.com to be featured here in my blog. If you are planning to apply for a credit card account and would like to check which company is better, you may read first Eliza’s review about HSBC and Metrobank credit cards. – Empress Of Drac
Photo Credit: 401(K) 2012
Choosing the right credit card can be a bit tedious. Credit cards nowadays have so many features that vary from bank to bank, from provider to provider. Interest rates, rewards, special offers, and spending limits are just a few of the factors that a consumer should consider when they start searching for the perfect credit card that fits their financial needs. There’s a lot a stake with a credit card: choosing the right one can have a huge impact on your savings and spending habits.
I’d like to discuss credit cards available from two banks in particular, HSBC and Metrobank, each of which have tempting features for every type of customer. Let’s take a look at what each bank has to offer.
What you get from a credit card from HSBC?
HSBC is a bank operating on a worldwide scale. As such, it has a lot to offer for potential credit card owners. As part of a special introduction deal, people who sign up for a credit card through HSBC will enjoy a 3 month period without any interest incurred on purchases. After the initial 3 months have passed, cardholders will be responsible for a 17.9% APR variable on the subsequent balances from their purchases. There’s no annual fee for having a credit card with HSBC, so that’s good news.
HSBC offers a number of incentives that will appeal to the web-savvy consumer. A person with an HSBC credit card can view their balance and payment history online, making managing finances online easy and safe. Cardholders can even transfer balances between accounts with HSBC for nearly two years if they need to move money around. The bank also offers special holiday deals for its cardholders, including discounts at select stores and with certain online services, and even more discounts when you travel internationally.
What you get from a credit card from Metrobank?
Metrobank also has enticing features for their credit cards. Unlike the HSBC credit cards, Metrobank offers a variety of credit cards that suit specific lifestyles and financial habits. I’m going to examine the Metrobank Classic/Gold cards, as they appear to be among the more popular cards the bank offers to its customers.
The Metrobank Classic/Gold cards require an annual fee (Php1, 400 for Classic, Php2, 500 for Gold), but that fee is waived for the first year. Metrobank charges a monthly finance fee of 3.5% of the balance on the cards, and the cards require a minimum gross annual income which changes depending on whether you get the Classic or Gold model. Cardholders can view their payment history and pay balances through Metrobank mobile apps and online banking services.
The upside to the Metrobank Classic/Gold cards is that both operate with a built-in rewards system. Specifically, cardholders get one point for every Php20 spent, and they can use those points on anything from travel to dining out. Cardholders can spend their Metrobank card points to get cheaper flights, hotel prices, and meals at any number of destinations. It’s definitely a great card for traveling consumers!
Which is better?
It’s hard to say which card is better, as both have their own pros and cons. HSBC credit cards don’t have an annual fee and their interest’s rates are fairly low, but it doesn’t seem like they have a well-established rewards system. Metrobank cards have higher fees and tighter restrictions, but they have a great rewards system, particularly for people who want to travel and spend their money on luxury items.
Which card looks more enticing to you?