Last updated: January 2024
Most people are bothered by the annual fees from credit cards, regardless of the convenience that it offers. It’s true that most credit cards offer highly expensive annual fees, and nobody ever wants to pay that, right?
Fortunately, there are banks that offer free annual fees - for life! We have looked at the best credit cards in the Philippines with no annual fees for people who don’t like the hassle of paying the dreaded annual fee.
It is indeed very convenient to have a credit card along with you, especially if you’re cashless. Having a credit card without an annual fee can give you more savings and it can also make you more financially independent. Take a look at these amazing credit cards that you can apply for.
What is an Annual Fee in a Credit Card?
Annual fee in a credit card is a fee that a cardholder pays for the features and services that the card offers. It is true that having a credit card gives a lot of convenience to the cardholder, and we also get a lot of rewards and discounts when using a card.
But it will also be great to have a credit card that offers free annual fees, just like the cards that we have listed below. Always read the terms and conditions of the card that you are applying for, because sometimes the free annual fee is only offered for a limited time.
Top Credit Cards Without Annual Fees
BPI eCredit Card
If you truly love shopping in Lazada and Shopee, the BPI eCredit Card is for you! This credit card is ideal for online shoppers who wanted to have a separate card for their online shopping purchases.
This card offers no annual fee for life for principal and supplementary cardholders. But you have to take note that this card is only a virtual card, so you won’t be getting any physical card delivered to your doorstep.
Key Features:
- Gives 1 reward point for every PHP 35 spent online
- Purchases from partner stores can be converted into 0% installment plans
- Cardholders are assigned with a lower credit limit and a different card number
Fees and charges:
- Minimum monthly requirement: Php 15,000
- interest rate: 2%
- Finance charge: 2%
- Cash advance fee: PHP 500 or 3% of the cash advance amount, whichever is higher
- Late payment fee: PHP 500 or 6% of the past due amount, whichever is higher
EastWest Platinum Mastercard
Executive and businessmen would love the VIP treatment that you can get from the EastWest Platinum Mastercard. Aside from the free annual fee-for-life feature, you can have access to over 950 VIP airport lounges across the globe.
In addition to that, you are entitled to 24/7 worldwide concierge services and lighter payment terms all year-round. This MasterCard also comes with a free EastWest Platinum Virtual Card that you can use for your online shopping.
Key Features:
- Earn 1 reward point for every PHP 45 spent
- Offers access to over 950 VIP airport lounges
- Comes with free travel insurance for up to PHP20 million
- 24/7 worldwide concierge services
Fees and Charges:
- Required Monthly Income: Php 150,000
- Interest rate: 2%
- Cash advance fee: PHP 200 per transaction
- Foreign currency transaction fee: 1.70%
- Late payment fee: 8% of the minimum amount due
Learn more: Best Cash Back Credit Cards Philippines
Metrobank M Free Mastercard
Bills would probably be a part of our lives forever and if you love using your credit card to pay the bills, you should get the Metrobank M Free Mastercard. This card is ideal for financially savvy millennials who are just starting out to be independent.
This card offers you a very low monthly income requirement of only Php 15,000 so young professionals won’t have a hard time getting accepted for this card. This card has a unique Bills2Pay feature that allows you to enroll all your bills on just one platform.
The card will automatically pay your bills online, so you don’t need to worry about skipping a month, or paying late. You will be notified once your bill has been paid through text. What a convenient way to pay the bills indeed!
Key Features:
- With an embedded EMV-chip for protection against fraud
- Free discounts, gifts, and great deals from partner establishments
- Offers 0% installment from wide-range establishments including hospitals and tuition fees
Fees and Charges:
- Minimum Monthly Income Requirement: Php 15,000
- Interest rate: 2%
- Cash advance fee: PHP 200 per transaction
- Late payment fee: PHP 850 or unpaid minimum amount due, whichever is lower
PSBank Credit Mastercard
If you’re just starting out with your career and you want to have a credit card to help you with cashless transactions, the PSBank Credit Mastercard is here for you. It only requires you to have at least Pho 15,000 of monthly income and the best part is that you don’t have to worry about paying for annual fees.
Supplementary cardholders are also eligible for the free annual fee for life feature, making this card one of the best choices for first-timers. You can now manage all your bills and expenses in just one card while enjoying endless other features like installment programs, exclusive perks, and privileges!
Key Features:
- With chip card technology for fraud protection
- Cash Rush cash advance feature
- Offers secure online shopping protection
- With 0% installment program
Fees and Charges:
- Minimum monthly income requirement: Php 15,000
- Interest rate: 2%
- Late payment fee: PHP 700 or 7.5% of the minimum amount due, whichever is higher
- Cash advance fee: PHP 500 or 3% of cash advance amount, whichever is higher, plus PHP 500 for over-the-counter transactions
- Foreign currency transaction fee: 2.50%
Citi Simplicity+ Card
Flexible payments await you once you apply and get approved on the Citi Simplicity+ Card. Yes, this card has no annual fee and another best thing about it is that it doesn’t have an over limit and late fees too!
It really does live up to its name - simplicity. There are no complicated arrangements and fees. You get to have 10% of the interest back once you pay the minimum due on or before your due date.
Key Features:
- No annual fee perpetually for principal and supplementary card
- No late fees
- No over limit fees
- 50% discount on partner restaurants
- 50% discount on resorts and hotels
Fees and charges:
- Minimum monthly income requirement: PHP 15,000 if you have another credit card, PHP 20,833 if none
- Interest rate: 2%
- Cash advance fee: PHP 200 or 2.04% of cash advance amount, whichever is higher
- Card replacement fee: PHP 400
PNB – The Travel Club Platinum Mastercard
Making memories are truly one of the best things in life - especially if you’re frequently traveling! If you’re one of those people who hop on the plane every now and then, you should have the PNB – The Travel Club Platinum Mastercard in every destination that you go to.
Aside from the free annual fee for life, you are also given up to Php 3 Million of insurance coverage, making you feel safe in every bucket list that you check off. You would also love that the insurance covers other travel-related concerns such as delayed or canceled flights and even lost luggage.
Key Features:
- Get 1 reward point for every PHP 40 spent
- 20% discount on your birth month on regular-priced The Travel Club (TTC) brands
- 5% discount on all TTC branches
- Waived repair fee even after warranty period
- With PHP 3 Million travel insurance
- With purchase protection feature
- With dual currency billing
- Rewards can be converted to Philippine Airlines Mabuhay Miles
Fees and charges:
- Minimum monthly income requirement: PHP 10,000
- Interest rate: 2%
- Late payment fee: PHP 300 or USD 10
- Cash advance fee: 5% of cash advance amount
- Foreign currency transaction fee: 2.50%
Bank of Commerce Platinum Mastercard
The Bank of Commerce Platinum Mastercard is just like the EastWest Platinum Mastercard. It offers you a free annual fee forever feature, but it requires you to have a very high monthly income of PHP 100,000.
Even if it has a very high-income requirement, this card offers you with reward wherein you can get 1 reward for a very low spend of Php 25.00. Plus, you can get 5x of rewards at selected shopping and dining partners!
Key Features:
- No annual fee perpetually for principal and supplementary card holders
- 1 reward point for every PHP 25
- Up to PHP 2 Million travel insurance coverage
- Offers dual currency feature
Fees and charges:
- Minimum monthly income requirement: PHP 100,000
- Interest rate: 2%
- Late payment fee: PHP 700 (Peso billing) or USD 12 (Dollar billing) or the unpaid minimum amount due, whichever is lower
- Cash advance fee: PHP 200 per transaction (Peso billing) or USD 4 per transaction (Dollar billing) plus prevailing finance charge
- Foreign currency transaction fee: 2.50%
Which is the Best Credit Card with No Annual Fee?
Do some credit cards have no annual fee?
Yes, many credit cards have no annual fee in the Philippines. Some even offer no fee for life!
An annual fee is a fee charged by some credit card companies for the use of their credit card. The fee is usually charged once a year, and can range from a few dollars to several hundred dollars, depending on the credit card.
However, many credit card companies offer credit cards with no annual fee. So these credit cards can be a good option for people who want to avoid paying an annual fee or who don't use their credit card frequently enough to justify the cost of an annual fee.
Credit cards with no annual fee may still come with other fees, such as late payment fees or balance transfer fees. It's important to read the terms and conditions of any credit card before applying to understand the fees and other costs associated with the card.
Overall, credit cards with no annual fee can be a good option for people looking to save money on credit card fees. It's important to compare different credit card options and choose a card that meets your individual needs and preferences.
Is having no annual fee good?
As a fellow consumer, having no annual credit card fee can be really good for our finances. Every year, credit card issuers charge an annual fee for the privilege of using their card. This fee can range from as little as ₱1,000 to as high as ₱5,000 or more, depending on the card and the issuer.
If you have several credit cards, these fees can be quite significant and can add up to an amount that you don't even realize until it's time to pay. By choosing a credit card with no annual fee, you can save hundreds of dollars each year and use that money for other important expenses.
Overall, no annual credit card fee is definitely a great thing to have.
Credit Card with No Annual Fee Philippines
Even if these cards above offer you with a free annual fee for life, you always have to make sure that you will be financially independent and responsible. Also, check which card will fit your lifestyle, and always consider what transactions are you usually paying for to get the most out of your credit card.
Read More:
Best Credit Card for First-Timers Philippines
