More and more, banks and their subsidiary or affiliate credit card providers are embracing emerging technology and integrating digital features and services into credit cards. Get to know the digital features of credit cards in the Philippines so that you can make use of them and make your credit card experience more seamless.
Digital banking
Considering how much time people spend online, banks have digitized their services and most banks will have online banking portals. These digital banking services can be accessed either through websites or mobile apps.
Online banking allows you to do basic transactions at anytime and any place. Transfering funds, checking your current balance and making payments no longer require you to physically be at the bank.
Online application
Getting a credit card in the first place can be done with just a click of a button. There are banks in the Philippines that allow you to apply for your credit card online. If you pass the requirements to apply for the credit card of your choice, all you need to do is scan the necessary documents and fill in an online application form. Once you submit it, you can monitor your credit card application online as well.
Real-time tracking
One of the digital features of credit cards in the Philippines is being able to check your transaction history and how your credit card statement for the month online. Access this feature through your bank’s online banking portal and monitor how much you’ve been spending. You can even spot anomalies or unauthorized purchases, in which case, you can contact your bank immediately to prevent fraud or errors before they get any worse instead of waiting for your monthly billing statement to come.
Being able to manage your finances well prevents you from racking up a big debt, so making use of this credit card digital feature can help you plot out your purchases.
Consolidated bills payment
With the digital features of credit cards in the Philippines, you can avoid long lines when paying bills. Some banks offer automatic and recurring payments through your credit card so that your bills will automatically be charged to your credit card every month. Rather than queue at banks or payment centers, you can just pay for them when your credit card’s monthly billing statement arrives.
You can even set up your auto-pay to include multiple bills–electricity, internet, phone, etc.–so that everything is charged to your card in one go, rather than having to pay for each bill one by one.
Online shopping
E-commerce is on the rise with both retailers and consumers migrating to websites and apps to buy and sell products. As a quick and paperless payment method, credit cards are a convenient and fast mode of payment online. In fact, some credit card benefits in the Philippines include rebates, discounts and freebies exclusively for online purchases.
Keep in mind that credit card fraud in the Philippines has evolved to take advantage of the internet, so be wary of emails and websites that ask for personal information. Legitimate bank representatives would not ask for such information due to the possibility of fraud. Watch out for websites that do not have an SSL Certificate as well as this could mean that your information is not being securely transmitted to the proper entity.
2-Factor Authentication (2FA)
If you are worried about entering sensitive data online, credit cards can come with security-buffing features such as OTPs and 2FA. Most websites require just one-factor authentication, namely, a username and password, but this might not be completely secure. Hackers might be able to guess your password or scrape your password through malware, data breaches or keystroke logging. To be sure, create strong, alpha-numeric character passwords.
Also known as two-step verification, 2FA forces intruders to pass two different kinds of authentication before being able to login or complete transactions.One of the most common forms of 2FA are one-time passwords (OTP). Online portals using OTP generate unique codes that can only be used for one login and will no longer be valid after set amount of time. Most of the time, OTPs are sent through text messages and sometimes email, so it would require not one but two personal devices to login.
Most banks protect your credit card transactions by sending you OTPs to confirm transactions. The digital features of credit cards in the Philippines don’t just make it more convenient to do credit card transactions, but also safer.
Availing of credit card rewards
For most credit card holders, paying via credit card earns points that can be exchanged for cash or reward. Majority of banks post the list of what rewards can be bought with accumulated points and allow you to exchange your points on their website. You can even directly download some rewards like eGift cards directly online and onto your phone.
The digital features of credit cards in the Philippines enhance the convenience, speed and security of your credit card transactions. Make the most of these features to fully enjoy a seamless experience when using your credit cards.