MANILA, Philippines - In the Philippines, credit cards are becoming easier to have, but is that really a good thing? Easy credit card means easy money and it sure means easy debt. Ask yourself, you really need a credit card? Yes? You sure?
If the purpose of you wanting to have a credit card is to buy things online (because your ATM is not an alternative) or to go shopping in the mall without having to touch cash (because you believe it's so dirty) then proceed reading. I'll try to convince you that there is a better alternative. And oh. The title sure tells it to you already.
Let me introduce: PSBank Debit MasterCard
What do I know about debit cards, you say? Well, I actually work as a phone banker of a large debit card provider in the US. I know how exactly how debit cards work and the internal process everything goes through. Do I sound legit now?
What is a debit card?
Debit card is money card that works exactly like a credit card but it debits the money off the card that you reloaded on it. So basically, it will only work if there is enough balance. Unlike a credit card which is preloaded with your credit limit (which you can request to be adjusted,) a debit card doesn't have funds on it, unless you load it with money.
What are the benefits?
First of all, it prevents you from spending more than what you have. Credit cards makes us spend and spend and spend even if we know we can't afford it anymore or it's beyond what we can really pay for. With a debit card, you know how much exactly you can afford. And ultimately, it saves you from debt.
What is a PSBank Debit MasterCard?
It is a debit card from PSBank (Philippine Savings Bank) with MasterCard as the POS (point of sale) processor. (You don't say!)
How do I get one?
It's very easy to have one! And the best thing about it is that it's free. Other bank's debit or prepaid cards charge you PHP500 for every two years, while the other will charge you PHP350 every year. But with PSBank's, it's only PHP 150 for every card replacement. And when do you need a replacement? On it's expiration date which is actually 3 years from the date you got your card. Awesome right? And the best thing ever? There is no charge on the first time you are getting one!
Before you go to the bank, make sure you have the following ready:
A. Completely filled-out Bank forms (PSBank will give these to you.)
B. Documents you need to provide.
C. For applicants who are minors (7-17 years old)
All you have to do is to go to the nearest PSBank (yeah, try the farthest!)
Go to new accounts. And tell the account specialist that you want their debit card!
How long does it take before you get the card?
30 months.
Just kidding.
It's only 30 minutes. That quick!
What are the fees?
This is actually stolen from PSBank's website (May 2013.) This may change without prior notice so you better check with them before you apply! (link far below)
Where can I use it?
This is actually the best part of it. Of course you get a card to purchase, don't you? It's actually usable almost everywhere! Online and offline!
Here are the online merchants I've tried using it with so far:
And here's an offline merchant I've tried using it with so far:
You sure do! You needed to pre-enroll first! Then voila!
You can see the last transactions (name of merchant not listed for I don't know why,) the balance and the account info.
Here's a screenshot of MY online account.
How do I rate this product?
It's not perfect of course! But so far it's so good. I believe it's the best debit card in the Philippines.
From 1 to 10, 10 the highest. I'd say 8.5! :)
And that's it!
Hopefully, I convinced you to get one! For questions, ask me or go to the bank.
This is not a paid advertisement. But I'd be glad if they would pay me! :D
Reference: http://www.psbank.com.ph/psbank-debit-mastercard.aspx
Call Me Jed™ (cc) 2013. This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Philippines License.
If the purpose of you wanting to have a credit card is to buy things online (because your ATM is not an alternative) or to go shopping in the mall without having to touch cash (because you believe it's so dirty) then proceed reading. I'll try to convince you that there is a better alternative. And oh. The title sure tells it to you already.
Let me introduce: PSBank Debit MasterCard
 |
| My own debit card! |
What do I know about debit cards, you say? Well, I actually work as a phone banker of a large debit card provider in the US. I know how exactly how debit cards work and the internal process everything goes through. Do I sound legit now?
What is a debit card?
Debit card is money card that works exactly like a credit card but it debits the money off the card that you reloaded on it. So basically, it will only work if there is enough balance. Unlike a credit card which is preloaded with your credit limit (which you can request to be adjusted,) a debit card doesn't have funds on it, unless you load it with money.
What are the benefits?
First of all, it prevents you from spending more than what you have. Credit cards makes us spend and spend and spend even if we know we can't afford it anymore or it's beyond what we can really pay for. With a debit card, you know how much exactly you can afford. And ultimately, it saves you from debt.
What is a PSBank Debit MasterCard?
It is a debit card from PSBank (Philippine Savings Bank) with MasterCard as the POS (point of sale) processor. (You don't say!)
How do I get one?
It's very easy to have one! And the best thing about it is that it's free. Other bank's debit or prepaid cards charge you PHP500 for every two years, while the other will charge you PHP350 every year. But with PSBank's, it's only PHP 150 for every card replacement. And when do you need a replacement? On it's expiration date which is actually 3 years from the date you got your card. Awesome right? And the best thing ever? There is no charge on the first time you are getting one!
Before you go to the bank, make sure you have the following ready:
A. Completely filled-out Bank forms (PSBank will give these to you.)
- Application and Agreement for Deposit Accounts (AADA)
- Customer Information and Specimen Signature Cards
- Signed Terms & Conditions for PSBank Debit MasterCard
- PSBank Online Enrollment Form
- Inter-Bank Fund Transfer Form
B. Documents you need to provide.
- At least one (1) primary ID or two (2) valid secondary IDs with photo and signature
C. For applicants who are minors (7-17 years old)
- Quit Claim/Waiver signed by the parent or guardian
- Valid IDs of the legal guardian and the minor (passport/school ID)
All you have to do is to go to the nearest PSBank (yeah, try the farthest!)
Go to new accounts. And tell the account specialist that you want their debit card!
How long does it take before you get the card?
30 months.
Just kidding.
It's only 30 minutes. That quick!
What are the fees?
This is actually stolen from PSBank's website (May 2013.) This may change without prior notice so you better check with them before you apply! (link far below)
Application
|
FREE
| ||
Initial Amount Required
|
Depends on the type of linked deposit account
| ||
Annual Fee
|
FREE
| ||
Renewal Fee (upon expiration)
|
PhP150.00
| ||
Dormancy Fee
|
Subject to dormancy fee applicable to the linked account
| ||
PSBank ATM Cash Withdrawal/ Balance Inquiry
|
FREE
| ||
Metrobank ATM
|
| ||
Other Local Banks' ATM
|
| ||
MasterCard ATM (overseas)
|
| ||
MasterCard ATM Declined Transactions
For reasons such as insufficient funds and/or exceeds the daily transaction frequency (overseas) |
USD$1.50 per transaction
| ||
Card Replacement Fee for Lost/Stolen/ Demagnetized Card (local)
|
PhP150.00
| ||
Card Delivery (local)
|
Not Available
| ||
PSBank PIN Replacement via ATM
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FREE
| ||
Charge Back Processing Fee
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FREE
| ||
Request for Cash Balance and Transaction History
|
| ||
Inter-Bank Fund Transfer (if source account)
|
PhP25.00
| ||
OTC Withdrawal (Branch of account and Inter-Branch)
|
|
Note: All aforesaid fee waivers will take effect immediately and may be canceled or modified anytime at the Bank’s sole discretion without any prior notice.
The Bank owns the right to modify the aforesaid fee charges at anytime without any prior notice.
This is actually the best part of it. Of course you get a card to purchase, don't you? It's actually usable almost everywhere! Online and offline!
Here are the online merchants I've tried using it with so far:
- GoDaddy.com (not an adult site ok? It's a domain site! This is where I purchased some of the domains I have.)
- Google Market (this is where you download paid apps for your Android phone!)
- Amazon.com (to buy lotsa stuff.)
- Google Blogger (this very site: www.callmejed.com, was purchased using this card.)
And here's an offline merchant I've tried using it with so far:
- Mercury Drug store ( I bought biscuits worth PHP49.00!)
ATM's I've tried withdrawing funds to and the amount:
- PSBank ATM: PHP100 (and it did go through)
- Metrobank ATM: PHP100 (with additional fee)
So far, this cannot be used for PayPal yet! But I am sure they are doing their best to have this set up with them.
Other features?
According to PSBank: (May 2013)
- Use your PSBank Debit MasterCard to shop and dine* in more than 30.2 million MasterCard-affiliated merchants nationwide.
* You may do point-of-sale (POS) and online transactions with a daily combined purchase limit of PhP50,000 daily. The limit applies to individual and joint accounts and can be increased or decreased depending on your spending capacity. Adjustment on the limit can be requested in any PSBank branch or by calling the Customer Service hotline. If you have a joint account, each of you cards will have a purchase limit of PhP50,000.
- Withdraw cash from any PSBank, BancNet, MegaLink or ExpressNet ATM in the country or from over 1.2 million MasterCard/Maestro/Cirrus ATMs overseas.
- Your PSBank Debit MasterCard has no deposit fee and deposit limit. It’s an interest bearing account and ensured by the Philippine Deposit Insurance Corporation (PDIC) up to PhP500,000.00.
- View your account statement for the last five (5) transactions.
- Get your available account balance
- Pay your bills.
- Transfer funds between accounts (PSBank or other BancNet member banks, subject to enrollment).
- Change PIN.
How do I load and how much will it cost?
Go to BDO or BPI, maybe? D-uh! Of course you go to PSBank! It's only PHP10 to load the card! :) If you have an existing PSBank savings or checking account then you can do bank to card transfers for free!
Can I access the account online?
You sure do! You needed to pre-enroll first! Then voila!
You can see the last transactions (name of merchant not listed for I don't know why,) the balance and the account info.
Here's a screenshot of MY online account.
 |
| Wee! I have 24 pesos! |
How do I rate this product?
It's not perfect of course! But so far it's so good. I believe it's the best debit card in the Philippines.
From 1 to 10, 10 the highest. I'd say 8.5! :)
And that's it!
Hopefully, I convinced you to get one! For questions, ask me or go to the bank.
This is not a paid advertisement. But I'd be glad if they would pay me! :D
Reference: http://www.psbank.com.ph/psbank-debit-mastercard.aspx
Call Me Jed™ (cc) 2013. This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Philippines License.