Credit cards have been a part of the Philippine personal finance landscape for more than four decades. However, the past few years have seen credit cards get adopted at unprecedented rates. Where Filipinos once viewed them with skepticism, most now recognize that their convenience, rewards, and unique opportunities give them immense value, often making them a wiser choice than just cash alone in some situations.
Part of the reason for this increase in adoption is that credit cards and financial technology, in general, have both evolved immensely through the years. Today, novel credit cards, like the Landers Cashback Everywhere Credit Card by Maya, offer the kind of rewards that would be unthinkable for credit cards of previous eras and even for many contemporary credit cards. The security features, user accessibility, and card application process of newer cards also far out does those from years past.
Let’s examine just how much things have changed in the past several years:
1. Manual Application vs. Online Application
Not too long ago, applying for a credit card involved visiting a bank or card provider branch, filling out a mountain of paper forms, and waiting in long queues to submit the necessary documents. In most cases, applicants had to bring physical copies of income statements, government IDs, and other paperwork, usually in triplicate. These manual processes were time-consuming and often required multiple visits to the bank since it was all too easy to miss one or two requirements out of the many often required. Even worse, approvals took days or even weeks in many instances.
Today, you can do a credit card online application for modern cards like the Landers Cashback Everywhere Credit Card online without leaving your home. If you’re already a Landers member, all you have to do is fill out a digital application and wait for approval. Looking at things from a broader perspective, the availability of online applications makes credit cards more accessible to a broader range of people, including busy professionals.
2. Strict Eligibility Criteria vs. Flexible Options for Various Incomes
Speaking of customer base, in the early days, credit cards were typically reserved for high-income individuals, since the older manual processes meant that card issuers faced risks like the inability to properly assess customers’ credit history, the greater possibility of fraud, and higher chance that bad debtors might default on their payments. Credit cards were, therefore, often limited to an exclusive group of people and businesses.
Now, cards like the Landers Cashback Everywhere Credit Card cater to wider, financially capable demographics, particularly the Philippines’ fast-rising middle class. The Landers Cashback Everywhere Credit Card is a particularly compelling example, as it offers rewards and cashback for everyday spending, something that solidly appeals to value-focused Filipinos. Whether you’re a young professional, a frequent shopper at Landers, or an experienced credit cardholder, the card offers something for all types of Landers members.
3. Minimal Perks vs. High-Value Cashback Rewards
Early credit cards offered little in terms of extra benefits. For most users, the basic functionality of credit was the main draw. Any reward programs were limited or non-existent, since running these often presented a serious burden to card issuers and partners because of the manual processes needed to verify purchases and identities.
In today’s digital age, financial tech leaders like Maya can offer stunning high-value cards like the Landers Cashback Everywhere Credit Card, thanks to clever automated functionalities and modern cloud-based processes. This credit card, for instance, offers up to 5% cashback at Landers, 2% on dining experiences, and 1% on other qualified spends,* redefining what it means to have a high-value credit card. Indeed, the cashback rewards on this Maya credit card can even accelerate your wealth-building journey, all while giving you a taste of the good life.
4. Limited Credit Monitoring vs. Real-Time Transparency
In the early days, applicants had very little visibility into their credit standing. Unless you were part of a financial elite, you would often be limited in your understanding of your own creditworthiness or the reasons your application would be accepted or rejected.
We now live in a much more information-rich environment, where applicants have access to more transparent financial information and insights into their own credit scores. Today, credit card issuers like Maya even offer personal finance management tools to help cardholders track spending behavior as well as tips on how to improve credit health. Whether you’re applying for a card or simply want to do better with the ones you already have, the credit card information landscape is definitely more accommodating to today’s consumers.
Give Your Financial Journey an Update with Maya’s Landers Cashback Everywhere Card
These differences highlight just how much the credit card application process has evolved in the Philippines. The Landers Cashback Everywhere Credit Card is a prime example of how much credit cards have transformed since the early days, not just in offering more consumer-friendly rewards but also in accessibility. Today’s credit card application processes are significantly easier than they used to be, and can even be done from the comforts of one’s home. If you don’t have the Maya’s Landers Cashback Everywhere Credit Card yet, apply online for a smarter, faster, and more rewarding experience than ever before.
*Transactions that don’t qualify include: cash in, cash advance, quasi cash purchases, casinos and gambling, fuel, supermarket, pharmaceuticals, utilities, telco, and government.
