Some people may say that housewives do not need credit card; after all, they’re just staying at home and tending the needs of the family. However, there may be unforeseen circumstances that will arise where housewives may need to bring out a plastic and swipe. Since there are many concerns regarding housewives and credit cards, the question now lingers: can housewives apply for their own credit card? How can we make sure that they will have the instance purchasing convenience they will need if the need arises?
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The sad truth: they can’t
Unfortunately, strict bank requirements prevent housewives from getting their own credit cards. While housewives may need credit cards on certain occasions–especially in times of emergency or when in a pinch–they cannot get approved for credit cards even if they used to have a spotless history in the past. Unless you already have a credit card before you become a housewife, there is no way you can actually get a credit card as a housewife.
When you apply for a credit card, banking personnel will have to make sure that you meet the criteria for all credit card applicants. Among the most common criteria that should be met by the applicants are the following:
- Must be a Filipino citizen or a local resident foreigner
- Must be at least 21 years old but not exceeding 65 years old
- Must meet the annual gross income depending on the card desired
- Must have a residence landline or a postpaid mobile phone and business landline
- Must have the following documents:
- Valid ID with picture
- Copy of Certificate of Compensation Payment or Tax Withheld (BIR Form 2316)
- Other supporting documents as requested by the bank
While housewives can meet almost all the requirements, what will sink down their application is the income and employment requirements, which has the biggest gravity on all the requirements. Without regular source of income, there is only one destination for their application form: to the shredder.
Why is it important for credit card applicants to have a regular source of income, and why is this a big deal to credit card issuers. Since all charges billed to your credit are debt, banks have to make sure that you have the capacity to pay your credit card bills. Although there are many ways housewives can earn money on the side, having a regular income protected by a contract is the only guarantee that you can pay them whenever you swipe your card.
The solution: supplementary cards
Fortunately, there is still a way housewives can have the power and convenience of a credit card without applying for their own: supplementary cards. This type of credit card is an additional credit card you can get on top the principal cardholder’s existing credit card. When the principal cardholder asks for a supplementary card, he can give it to any member of the family, and that includes housewives.
(Check out: Thinking Of Getting Supplementary Cards for Your Family? Ask Yourself These Four Reflective Questions First!)
Like the credit card owned by the principal cardholder, supplementary cards also offer the same powers of the regular credit card: instant purchase, cash advance, accumulation of points, and other perks. Furthermore, another advantage of supplementary cards is that the principal cardholder can set the maximum credit limit of the additional card, which is helpful when the family is trying to control the budget.
Fortunately, supplementary cards exist to empower the housewives with the same convenience offered by credit cards. However, even with supplementary cards, people need to still be wise in using them, or the whole family will be dragged to a downward spiral of debt.