A cash card is an electronic payment card that stores cash for payments. There are several types of cash cards: debit cards, prepaid cards, gift cards, and payroll cards. Debit cards are linked to a bank account, while prepaid cards are not. Unlike credit cards, prepaid cards allow you to control your finances. You can use it without overspending or incurring debt, as you’re limited by the amount that’s loaded on the card.
Maya is a prepaid online payment app that enables the financially under-served to pay and shop online without a credit card. It is the first of its kind in the Philippines. To avail, download the free app, load it up, and you’re all set. It is downloadable on both Android and iOS smartphones. Although it is a Smart affiliated service, any mobile number can register.
Check out their list of cash in partners here. I prefer using online bank transfers.
The app generates a virtual Visa Card that you can use to shop online. Aside from shopping, you can buy prepaid loads and data packages for Smart, Sun, and TnT at discounted prices, and from Globe too. It has a pay bills feature with a comprehensive list of billers.
You can also get the physical Maya card. You can use it for purchases at any store here or abroad that accepts Visa. Buy the card here. The cards cost 200 PHP. Spare yourself the trouble of waiting for the delivery and just purchase it outright at these outlets:
- SM Store Business Services
- Robinsons Department Store Business Centers
- LCC Supermarkets
- Gaisano Capital Business Centers
- Family Mart branches
It is an EMV (Europay, MasterCard and Visa) based chip and is more secure than the traditional magnetic stripe version.
There are two types of accounts, the default and upgraded. The default account is limited, you can’t send money to other Maya users. Plus, it has a load-up, spending, and maximum balance limit of only 50,000 PHP per month.
Upgraded accounts have a higher monthly max limit of 100,000 PHP. You can send money up to 15 times a day and withdraw through any BancNet ATM using the physical card for a fee of 15 PHP.
With Maya, there’s no need for a bank account. You can use it to verify your PayPal or Skrill account. In case you forgot your password or got locked out, you may reset it here. Learn more about Maya here.
Maya now has a savings bank account feature. Their Personal Goals earn 6% annual interest for a maximum of 6 months. Download the app and use my invite code WY6Q0KG7O6QR.
If eligible, you can take out a loan via Maya Credit, with minimal or no requirements. I tried applying and my max loan amount is 9,000 PHP. They charge a one-time service of 5%, and monthly interest rate of 5.99%. In case of late payment, there’s a grace period of 15 days and a daily penalty charge of 0.17% of the unpaid principal or balance there after.
There’s also Globe’s GCash, which has its own physical Mastercard prepaid card and an AMEX virtual card. It has more features, like a bank savings account and an investment option. To buy the card, get more information here. You can also get it from MiniStop, Lawson, All Day, Robinsons Business Centers, and selected 7-Eleven branches for just 150 pesos.
GCash also allows almost instant PayPal withdrawal! And offer loan via GLoan. My application provides me a max amount of 20,000 PHP. The service fee is 3%, and monthly interest rate of 3.09%. There’s a late payment fee of 1% of your loan amount for each unpaid installment, plus 0.15% of your total outstanding principal balance that will be charged daily until you pay off your dues. They have given me the highest credit amount of 20,000 PHP payable in 12 months. GCredit which they also offer in collaboration with CIMB, charges a 5% interest every 30 days. They provided me an 5,000 starting credit limit.
ShopeePay is Shopee’s own wallet, they have free cash-in, that is they refund any transfer fee incurred. Their SLoan offered me max of 10,000 PHP. They charge a one-time admin fee of 1%. The monthly interest rate is from 4.95%. Penalty is 5%.
Wise is a cheaper alternative to PayPal, and the exchange rate is real-time. It also supports fund transfers to e-wallets like Maya and GCash.
Pag-IBIG’s Loyalty Card Plus is connected to an AUB bank account. It has no initial deposit, no maintained balance, and no monthly fees. You can use it as a debit card and withdraw money from ATMs. It can receive your Multi-Purpose Loan(MPL) proceeds and MP2 Savings dividends. When shopping, use it and earn rewards and discounts from hundreds of partner merchants. Hello Pag-IBIG is an app that’s connected to the AUB account. It has a Pera Padala feature where you can send cash to LBC Express, M Lhuillier, and Palawan Express. Fees are fixed no matter the amount and are way lower than the standard fees.
If interested in getting a credit card, AUB offers secured credit cards. To avail, open a savings account and accomplish the Deed of Assignment which will serve as the guarantee. The card’s credit limit is 80% of your deposit. For the AUB Easy, the minimum required deposit is 25,000 PHP and for Classic it is 50,000 PHP.
It has flexible payment terms, in fact, you’re the one who’s going to set how many times you want to pay in a month and how much!
The annual membership fee is waived for life. And dig this, no interest on new purchases made after the statement cut-off. Just keep in mind to pay on time. It is also loaded with perks. You can check them here. My favorites? The rewards, earn 1 point for every 20 PHP spent. The free flights & service class upgrades on Philippine Airlines, thru Mabuhay Miles. And the complimentary airport lounge.
Take note, if you decide to cancel the credit card, the deposit will only be released after 60 days.
Of the same mold is Security Bank’s Next Mastercard, with up to $200 USD purchase protection coverage when you shop online.
These banks require a secured deposit account to avail of the credit card, Atome mobile app offer theirs without it. Download the app and apply, if successful, the physical card will be delivered to your address. Aside from the card they also provide the Cash loan. They gave me a credit limit of 20,000 PHP with monthly interest of 5.50% and 3 or 6 month terms. The service fee is 300 PHP, I didn’t avail yet.
Zed Card is set for launching but there’s no specific date yet. There’s no interest as long as the minimum due amount is paid on time. No foreign transaction fees and get the best currency exchange rate. No annual fees. Get a fair credit limit based on current and future earnings.
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