What is an online payment card or international payment card?
In these days, shopping or buying online is the most choices of all Filipinos. There are many online stores where everyone can get their items on hand without going to a store. Special in the Philippines where the local people say that it is more fun in the Philippines, also it is more traffic in the Philippines. It is truly fun if you spend almost a day for going to another place to buy an item. So, what is the solution for this happening in the Philippines? Shopping online is an answer. But, how do we pay if we buy things online? There is a cash on delivery option, but sometime, it is required you pay before the item being deliver. For this moment, we need to know what are the popular type of payment cards in the Philippines
How many popular online payment cards in the Philippines?
At this time, there are 4 types of online payment card are most using by Filipinos.
3.Amex (Amreican Express)
4.JCB (Japan credit Bureau)
Some people would have confuse about the Visa Card because it’s name. The Visa Card, it’s name is likely a visa that you are required by the government if you stay in a country as a foreigner. It is not the same with the visa on your passport, it is about money that you could bring to abroad and use it there.
The cards release by a bank or a digital financial company under control of the card’s company or organization. Why do I say that the card’s company? Yes, because banks in the Philippines only operate the cards for only use in the Philippines. These cards are accepted for local payments, withdraw money from ATM or some machines. The international payment cards, you can use the card at any brand, ATM, or machine worldwide.
What is the difference during Debit Card, Credit Card and Prepaid Card?
You can see on each international payment card, there is one among 3 specific types printed including the card’s operator. It is either Debit or Credit/Prepaid card. So, what is/are the differences?
There are few but I can say that there is only one different thing. The name is definite how you use or control the money.
What is Debit card and it’s benefits?
It is the popular type of payment cards in the Philippines. The Debit cards connect to your bank account and you can use it as your own money. When you use this card, the money are taken from your bank account. You can use to pay until your bank account is run out of money.
This card is easy to open at any bank. You can go to a bank and ask them to open for your own one connecting to your bank account. The card uses your money to pay, you can also use it to withdraw your money in the local banks, there is no fee or just a little money. Be careful when you use it at any ATM machine outside the Philippines, the fee can cost up to 5 or 10 percents or even higher based on your total withdrawing amount. When you do an payment online, there is a fee but not too much compare to when you withdraw your money abroad.
What is the Credit card in the Philippines?
It is not danger when you lose this kind of card but is is risk if you use this card to pay without your attention. Why? Because you are using the bank’s money. Using this card most likely you are loan the bank’s money. It is more safe in case of losing the card because the bank are taking on eyes where is the money going because of their money.
Opening this kind of card are possible at any bank in the Philippines but not that easy. It is not only the application form, they require you more things to ensure that you are able to return back their money. The disadvantage of this card is that you have to pay for the interest day-by-day or some differences base on the bank’s policies. The solid thing is that when you do not return the borrowing money on time, the interest will cost. It is a bad thing if you are in this case since there is no reason for you to explain.
Is it good to use a Prepaid card in the Philippines?
Before that, you should know how prepaid card is. I’m sure that you are using a sim card to make calls and texts everyday. Is it the same as a Prepaid sim card? Yes, it is the same. The card and the sim card are used your own money under your controlling.
In the Philippines, Prepaid card is a new thing, it is going popular but not well-known. You load the money before you can use the card. You can also load the money to the card one again or many as you want. This card is not for a long time using compare to a Debit or Credit card because of the card’s expiration date. Yes, it is a perfect thing as a gift that you can give it to someone.
The popular payment cards in the Philippines, virtual card and physical card
The physical card is popular type of payment cards in the Philippines, the card that you can put into your wallet. You can use it for withdraw cash at ATM machines, POS payment at shopping malls, online payments and many more. Getting the card requires you to complete some form before you can get it but not right away. You have to wait for few days or even more than a week for the cash being deliver or you have to go again to the bank or store to get it.
The virtual card is designed for different purposes. It more used by a digital financial company that you can get it online. It is a software system and you have to download and register an account for using the card right away. How to get virtual online payment cards in the Philippines? The card is prefer to go for online payment and not too much cards can withdraw the cash. On more thing is the virtual card is surely use your own money like a Debit or Prepaid card.
After reading this post you are well understanding about most popular type of payment cards in the Philippines. Thank you for your reading and have a good moment with your online shopping.