In recent years, the financial landscape in the Philippines has experienced a significant transformation. Digital banks have emerged as key players in the industry, redefining the traditional banking experience and providing innovative solutions tailored to meet the needs of the modern consumer. Among the various financial products and services they offer, credit cards have gained immense popularity. Cards issued by digital banks often enhance one’s financial flexibility and provide more value to cardholders compared to credit cards offered by traditional financial institutions. They’ve also become a practical choice for those looking for convenience and better control over their finances.
While getting a credit card with a digital bank adds to your list of financial responsibilities, it can be very beneficial for your financial journey. This article explores the compelling reasons why applying for one can elevate your banking experience.
Hassle-Free Application Process
One of the standout features of applying for a credit card with a digital bank is the hassle-free application process. Unlike traditional banks, which often require lengthy paperwork and in-person visits, digital banks streamline the entire experience through user-friendly online platforms. Prospective cardholders can complete their applications from the comfort of their homes, eliminating the need to take time off work or navigate through crowded branches. What’s more, most digital banks provide a straightforward online form that can be filled out in minutes, often with minimal documentation required.
When applying for the Landers Cashback Everywhere Credit Card, for instance, you can complete the online credit card application straight on the Maya app. All you need is to be an existing Landers member and have an upgraded Maya account. Once you’ve met these requirements, simply login to your Maya account, tap Cards on the app’s homepage, click on the Apply Now button for Landers Cashback Everywhere Credit Card, and provide the following information:
The entire application will take less than five minutes, making it accessible for everyone, including first-time applicants.
Quicker Approvals
Another significant advantage of choosing a credit card from a digital bank is the speed of approval. Traditional banks often have cumbersome processes that can delay the issuance of a credit card for days or even weeks. In contrast, digital banks leverage technology and data analytics to expedite their approval procedures. Many utilize algorithms that assess an applicant's creditworthiness almost instantly.
Rewards That Fit Your Spending Habits
Digital banks offer attractive credit card rewards that meet the diverse spending habits of modern consumers. This way, cardholders can maximize the benefits offered by their credit cards, making spending more rewarding with every use. The Landers Cashback Everywhere Credit Card, for instance, makes it easier for cardholders to earn cashback points. It offers up to 5% cashback at Landers, 2% cashback on all dining spends, and 1% cashback on all other qualified transactions.* This card has a generous annual cap of PHP 200,000, which is more than what other credit cards today offer. Each point earned is equal to PHP 1, and when cardholders reach the 500 points milestone, they receive PHP 500 off vouchers, which they can use at any Landers Superstore nationwide. This makes the Landers Cashback Everywhere Credit Card the perfect everyday credit card for Landers Superstore members.
More Competitive Fees and Interest Rates
Compared to traditional banks, digital banks typically have more competitive interest rates. Since they don’t maintain physical branches, digital banks can operate with lower overhead costs. This enables them to pass on their savings to their customers in the form of lower fees and interest rates. When you’re using a credit card issued by a digital bank responsibly, you can enjoy more affordable financing options, allowing you to manage your credit more effectively and save money over time.
Robust Security Measures
With fraud and data breaches becoming a major concern in online banking, security is a top priority for digital banks. They leverage robust security measures, like two-factor authentication (2FA), to protect their customers’ financial and personal information from these cyber threats. Many digital banks also enable users to block compromised credit cards instantly through their mobile apps. In the event your Landers Cashback Everywhere Credit Card gets lost or stolen, you can block your card immediately and order a replacement on the Maya app by following these steps:
Log in to Maya and go to Cards
Your lost credit card will be canceled and any future transactions using it will be automatically declined. Take note that card replacement fees apply.