I’m not a fan of credit cards. In my 35 years of existence on this planet, I only had one credit card in my possession. Never renewed it again. By the way Citibank, you still owe me a few pesos since I overpaid.
I first heard of BPI’s My e-Prepaid MasterCard on twitter. Last week, I received an email from BPI with a link to the card application page. Of course I had to check the card fees first. The Php500 processing fee is not that heavy-on-the-pocket since the card is valid for 2 years. Unionbank’s EON Visa Debit Card charges an annual fee of Php 350.
Unlike a credit card where you will be billed for your purchases after a certain period, you will need to load your My ePrepaid MasterCard with funds first before you can use it to pay for purchases. A debit card is linked to your savings account, every time you pay using your debit card, your savings account balance will automatically be deducted with the amount of your purchase. Since prepaid cards are not linked to your savings account, your purchases won’t affect your savings.
In case you’re wondering why I’m comparing it to Unionbank’s EON card, it’s because you can verify your Paypal account using a My ePrepaid card. Paypal questions, please read on below.
- Can I use My ePrepaid in PayPal? Yes. You can link your My ePrepaid Card to your PayPal.
- Can I withdraw my funds from PayPal transferring funds to my card? No. You can only use your My ePrepaid Card to fund your PayPal account for purchases, but not to withdraw PayPal funds.
- How do I link my card to my PayPal account? When linking your My ePrepaid MasterCard to PayPal, please make sure your card has at least Php 150 load. PayPal charges $1 to link your card to your PayPal account, and Php 100 when you confirm your card. After successfully confirming your card, PayPal will return the Php 100 to your PayPal account in the form of PayPal credits.
I applied for a card because it can be used to purchase airline tickets from PAL. Although the card has a maximum allowable amount of P10,000 load, it’s already good with 1 or 2 local airline ticket purchases.
Click on the link to find out how to get one for yourself: BPI Prepaid Cards Application Page
11 comments:
Hmmm. it looks like banks are becoming more and more creative with their products. this merits more research for me. perhaps will visit BPI this weekend for more info.
This is a great product from BPI. Most people are doing transactions online so having a card dedicated for it is useful.
Wow that is great that it is a great alternative for eon cards;) kasi walang UB here in bukidnon
This looks good. But I still prefer the credit card. Works best for me and my budgeting skills hehe
wow! This looks like an alternative to EON!
Intresting, because there are more BPI compare to UB.
I have always been partial to BPI. I see it as a bank with integrity.
I hope that Philippine Banks continue to improve and provide better service.
Wow great to know about the e-prepaid. I have the BPI e-credit and I think e-prepaid is good to consider to deposit Paypal fund.
this looks interesting + will also come in handy whenever you do those online shopping! + if functions much like our EON card for paypal then I am all for it! :)
well then Unionbank's EON card is still the best option for us online earners :)
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