Comprehensive Overview of the China Bank Prime Mastercard

1. Card Name and Issuer

China Bank Prime Mastercard is issued by China Banking Corporation, a reputable financial institution in the Philippines known for offering a wide range of banking products and services.

2. Card Type

The China Bank Prime Mastercard is categorized as a premium credit card, catering primarily to individuals who seek rewards on their expenditures and value added benefits.

3. Annual Fee

This card does have an annual fee, which is currently set at PHP 1,200. However, for cardholders who meet certain spending thresholds, the annual fee may be waived in subsequent years.

4. Rewards Program

The rewards structure of the China Bank Prime Mastercard is appealing, offering cashback on purchases. Cardholders can earn up to 5% cashback in select categories and 1% on all other purchases. Rewards can be redeemed as cashback directly applied to the cardholder’s account, providing flexibility and immediate benefits.

5. Sign-Up Bonus

Upon approval, new cardholders can benefit from a generous sign-up bonus if they spend PHP 15,000 within the first three months. This bonus can significantly enhance the rewards accrued during the initial months of usage.

6. APR (Annual Percentage Rate)

The China Bank Prime Mastercard features a competitive regular APR of 3.5% per month (42% per annum). Additionally, introductory offers such as a temporary 0% APR on purchases for the first 6 months may be available, making this card an attractive option for new users looking to manage their finances wisely.

7. Foreign Transaction Fees

This card is also designed for travelers, as it does not charge foreign transaction fees, allowing users to make purchases abroad without incurring additional costs.

8. Balance Transfer Options

One of the attractive features is the balance transfer options. The card offers a 0% introductory APR for balance transfers within the first 12 months, making it easier for users to consolidate their debts without immediate interest charges.

9. Additional Fees

Important fees associated with the China Bank Prime Mastercard include a late payment fee of PHP 1,000 and a cash advance fee of 5% (minimum PHP 300). It’s crucial for cardholders to be aware of these to avoid unexpected charges.

10. Card Benefits and Perks

Beyond earning rewards, the card offers several benefits and perks:
– Comprehensive travel insurance to cover unexpected incidents while traveling
– Access to exclusive airport lounges
– Global concierge services to assist with reservations and recommendations.

11. Customer Protections and Insurance

With a commitment to customer security, the China Bank Prime Mastercard includes robust protections such as zero liability for fraudulent transactions, purchase protection to cover any theft or damage to newly purchased items, and rental car insurance for additional peace of mind during travels.

12. Eligibility and Credit Score Requirements

Prospective applicants should ideally have a credit score in the good to excellent range (700 or higher) for approval. Additionally, applicants must meet income requirements set by the issuer, ensuring responsible usage of credit.

13. Introductory Offers

Apart from the 0% APR for balance transfers mentioned earlier, the card also provides introductory offers on purchases to incentivize new users. This includes a promotional 0% interest period that contributes to cost savings.

14. Special Features or Unique Selling Points

The China Bank Prime Mastercard distinguishes itself with special features like the Cashback Multiplier Program, where cardholders can earn extra cashback for dining and online shopping. Moreover, its premium design offers an enticing aesthetic appeal for those who value appearance.

15. How to Apply

Applying for the China Bank Prime Mastercard is straightforward. Interested individuals can “>Apply Here or for expert financial insights, check out UpCube.net.