A lot of millennials today want everything to be fast and efficient. There’s no time to waste. Whether it’s buying a cute dress, or ordering their favorite pizza. Everything should be delivered and paid in an instant.
Credit cards might be able to offer you this need. A lot of merchants today are already accepting credit cards in the Philippines. All you have to do is swipe your card or enter your card number online and, voila! There’s no need to bring out your cash or deposit money to the bank.
However, if you are a young millennial who just graduated from college, you might find it hard to secure one. Most banks in the Philippines are still very strict with their requirements.
A lot of them would require you to have a stable job, not to mention the amount of paperwork that they would want you to complete. The whole process can be tedious for someone who just got a job and has no credit history yet.
How To Get Credit Card Substitutes?
So is there hope for young millennials?
The answer is a big YES! Fortunately, there are various credit card substitutes that you can easily get today. These products will allow you to shop cashless without going through a lengthy process of proving that you are creditworthy.
Recently, the two biggest telecommunication firms in the Philippines made great efforts to promote each of their e-wallets. Unlike before, these two platforms now have actual cards that you can use anywhere.
They offer the benefits of having a credit card or an ATM card but with extra features. You can access your account using the platform’s smartphone App. These options are perfect for millennials who are always on-the-go.
GCASH
Globe telecom did their best to give the convenience that millennials and freelancers need today. They partnered with foreign companies like Paypal and American Express so that users will enjoy more benefits using their Gcash App and Card.
Today, you will be able to shop, book movie tickets, pay your bills, and even use your e-wallet to pay for your flights. This platform really went all out for its users.
Features:
oBuy phone credits
oUse it to shop online or offline using the QR code or the Mastercard feature.
oPay utility bills, credit card bills, and government bills.
oSend money to your loved ones.
oTransfer Paypal money.
oWithdraw your money through any BancNet or Mastercard ATM
oBook your movie tickets in advance using the Gcash App.
oEMV Mastercard
oGcredit
How To Get A Gcash Account
oDownload the Gcash App through the Google Play Store or the Apple App Store.
oRegister using your real personal details. Make sure that there are no errors or spelling mistakes.
oYou will be asked to use a 4-digit Pin number to secure your account.
oThe registration is absolutely free. Just wait for Gcash’s confirmation text.
oYou can go to any Globe store to get a Gcash Mastercard so that you can use it as a credit card when you’re shopping.
Loading Your Account
In order to use your Gcash account and enjoy the perks of this e-wallet, you have to deposit cash. Compared with traditional savings or debit cards, it’s a lot easier to put money in your Gcash account. Here are some of the ways that you can use to fund your account:
o7-eleven stores
oPawnshops ( Cebuana Lhuillier, Tambunting, Villarica)
oDepartment Stores (SM, Robinsons, Puregold)
oGlobe Store
oECPay
oDigipay
oBayad Center
oOnline Banking (BPI, RCBC, UNIONBANK, Mastercard/Visa Debit cards)
oAUB, Maybank, Metrobank, PBCOM, PSBank
oMoneyGram
oWestern Union
oPaypal
Paymaya
Just like Gcash, Paymaya offers an actual Mastercard for its users. This product is under Smart Communications, Inc., and offers a virtual card and an actual card. It’s also great for those who want to shop without any hassle.
Smart partnered with various merchants around the country so that Paymaya users can maximize the use of this platform. Here are the things that you’ll get if you get a Paymaya account.
Features
oOnline shopping using your virtual Visa card or Mastercard.
oBook flights
oBuy your movie tickets and skip the long lines.
oPay your bills
oUse the card or the QR feature to pay for shopping at selected malls or any merchant that accepts Paymaya transactions.
oPaymaya for Businesses.
oSend and receive money
o Buy load
How To Get A PayMaya Account
oDownload the Paymaya App through the App Store or Play Store.
oWait for the verification code sent via SMS.
oYou can connect your card using the app as well.
oThrough the app users will be able to designate a 6-digit pin for the card and use it to withdraw money.
PayMaya’s Loading Partners
Paymaya also has an extensive list of partners that you can go to when you want to reload or put money in your account. Here are some of them.
o7-Eleven
oBayad Center
oCircle K
oECPay
oeTap
oExpressPay
oGaisano Capital
oGlobal Access
oiBayad
oPalawan Pawnshop
oPay&Go
oPosible.Net
oRD Pawnshop
oRobinsons Department Store
oShopwise
oSmart Communications Inc.
oSmart Money
oSmart Padala
oThe SM Store
oTouchPay
oWellcome
Comparison Of Gcash And PayMaya
When you compare these two platforms side by side, you won’t notice a lot of differences. They are both very easy to use, have a smartphone that you can access anytime, they both have a Mastercard that works like an ATM and a credit card at the same time.
However, you will notice their differences once you really use them yourself. Gcash might have a slight advantage than PayMaya because it has a Gcredit feature which allows users to shop or pay bills even if they don’t have a balance in their accounts.
It’s like having an invisible credit card at the palm of your hands. You can simply scan the QR code of the merchant and then pay for the amount later. Users can have a credit limit of up to 30,000 pesos and a monthly interest rate of 5%.
The Bottom Line
Overall, Gcash and PayMaya are both amazing credit card substitutes for those who are still struggling to get their credit card applications approved. Moreover, millennials who prefer hassle-free transactions but are still not ready for the responsibility of having a credit card will enjoy these two platforms.
Since they have very similar features, choosing which one to use can depend on which company you’re more comfortable with, as well as the accessibility of their merchant partners in your area.
Do you have suggestions for credit card substitutes? Share them in the comments section below!