Best Cashback Credit Cards In The Philippines

There is no greater joy than a refund money from your expenses. That's why we have selected the top cashback credit cards this 2020 to let you earn a percentage of the money you spend. Look at these cards to see what's fit for you.

HSBC Gold Visa Cash Back Credit Card

HSBC Gold Visa Cash Back Credit Card

  • FREE Annual Fee for Life Promo
  • 5% Cashback on dining transactions
  • Interest Rate (monthly)3.50%
  • Annual Fee0 PHP
Apply Now
EastWest EveryDay Titanium Mastercard

EastWest EveryDay Titanium Mastercard

  • Get 5% rebate on your gas, drugstore & supermarket purchases
  • Cash advance up to 70% of your credit limit
  • Interest Rate (monthly)3.50%
  • Annual Fee2,800 PHP
Apply now
EastWest Platinum Mastercard

EastWest Platinum Mastercard

  • FREE Virtual Card
  • FREE Lifetime Membership
  • Interest Rate (monthly)2.75%
  • Annual Fee0 PHP
Apply now

What is a Cashback credit card and how does it work?

A cashback credit card is a type of credit card that lets you earn cash rebates on purchases spent. There are several banks in the Philippines that offer cashback credit cards and we will discuss them further below. For now, it’s important that you realize that each bank has different terms and conditions and varies on rebates and redeeming process.

How to redeem cashbacks?

The process of redeeming cashback is pretty straightforward. You may receive them either direct deposit or through check. You also have the option to apply the cashback as a statement credit. These methods all depend on the issuing bank.

What are some of the popular cashback rewards cards available in the Philippines?

First, remember that there are are two types of a cashback credit card, which is variable and fixed rate.

A variable cashback offers tiered rewards, and this depends on certain categories. You get higher rebates for the category you often spend. For example, some cards offer a higher cashback for fuel purchases, while another might offer a higher cashback for dining purchases.

With a fixed rate cashback card, you earn a fixed rebate percentage on all purchases. This one is much simpler and straight forward then a variable rate cashback.

Before deciding which cashback credit card is right for you, make sure to check out what type of rate they offer. If, for example, you spend a lot on fuel purchases than a variable rate card that provides big rebates on fuel might be best for you. On the other hand, if your spending is pretty even across the board, a fixed rate card should work well for you.

Pros and Cons of Cashback credit cards

Pros

  • You get to earn rebates while spending on purchases
  • You'll get a higher credit score which makes it easier for you to get approved when applying for other financial products in the future, be it for another type of credit card or a loan.

Cons

  • Higher interest rates
  • These cards typically have annual fees
  • Some banks provide a cap of how much cashback you can earn. And some terms can be very complex