When I quit my regular job last 2007, I started to be a freelance worker. With my eagerness to work at home online, I became an independent contractor. Without a regular job I also avoided the use of credit cards. A few years ago, I realized the advantage of using credit card especially now that I am a mom.
The main advantage of using credit cards is that it can be use as financial aid in emergency cases. I remember a friend who is very thankful for having a credit card that she use when her dad was brought to the hospital. They have no money on hand but with the use of credit card, they were able to buy the medicine right away.
The basic document requirement for the credit card application here in the Philippines is the Income Tax Return (ITR) BIR Form 1701 or 1702 with BIR or Bank Stamp for regular employees. If you are a freelancer and self-employed, it is hard to apply without this documents. The easiest way to get approved for the credit card application if you are a freelancer is by opening a passbook bank account. In Unionbank they call it secured credit card in which they will require you to deposit a certain amount that will be used as secured amount in your secured credit card. The credit limit available on your credit is approximately 80% of your secured deposit. In BPI, they call it hold account in your passbook deposit. You can apply a credit card in BPI by opening a passbook bank account and it is up to you to choose for the hold account in your passbook. Same with Unionbank, the credit limit available will be approximately 80% from your hold account in passbook. For example, your hold account in passbook in PhP20,000 then PhP16,000 will be your available credit limit.
Normally it would take two to three weeks for the approval and delivery of your credit card application. Usually, the first year annual fee is free.