Cebu Pacific has been on a roll, launching a number of credit and debit cards in partnership with Union Bank for their rewards program GetGo. Now, they are launching a pre-paid Visa card that earns GetGo points and can store multiple currencies for foreign travel as well as a virtual card for online shopping! Find out, if the prepaid Visa card is worth getting!
Cebu Pacific Airlines has been aggressively adding partners and ways to earn points in their rewards program GetGo. I compared the available credit cards to earn GetGo points and now, Union Bank and Cebu Pacific are adding the GetGo Peso+ Prepaid Visa Card.
A prepaid card is not a credit card, so you don’t need to have “good credit” to get it and it’s not a bank account, but it works a little like either. You can load a prepaid card with money at a retailer or bank and then use the card to pay anywhere a Visa debit or credit card is accepted. and withdraw cash from any ATM with the Visa sign. You can only spend as much money as you have loaded on it, making it safe and easy to control your spending, without risk of running up debt or having to pay interest.
You can also transfer money between cards for a fee of PHP20 – this can be interesting for families or for Filipinos working abroad, making it easy to transfer money to family back home.
You can transfer your Pesos into 9 different currencies on the card, think of it like different slots in your wallet. The transfer is made at an exchange rate set by Union Bank – I was not able to compare those rates, so it’s unclear how high the foreign exchange fee is.
The GetGo Visa is the first pre-paid card that earns points or miles: For every PHP88 you earn 1 GetGo point – that’s a reward rate of 0.3% on your purchase, not much but better than nothing. Your points are automatically transferred to your GetGo account, so there is no minimum and no need to call the bank to convert points, like with many other cards in the Philippines. You also get a 10% discount when redeeming points for flights! If you already have a GetGo account, you receive a second account number with the Peso+ card and have to link the accounts online.
These benefits come at a cost: There is a fee of PHP150 to get the card – that’s not too bad, it’s the same fee you’d pay for a GetGo membership card. There are also fees to withdraw cash (Domestic P20, International P200) and inactivity after 6 months (P200/month). Reloads fees vary and are set by the retail partners.
There is also a “virtual card” for purchases online. You’ll have an account just like with the Peso+ card, but can only use it for online purchases, not at ATMs or merchants. You can apply for either or both.
Bottomline: The GetGo Peso+ Visa Prepaid card is an interesting addition. You earn points on a prepaid card, but the various fees can quickly eat up the benefits of the GetGo points you earn. Similar to other prepaid cars, I’d consider this card for anybody who can’t qualify for a credit card. I personally use a prepaid card in addition to my credit cards to manage risk – even if the card is stolen or hacked, I will only loose the money I loaded onto the card, making it useful abroad or for online purchases.
You can find all the details and apply for the card here and receive your physical card from a partner!
I plan to apply for this card and will update with a full review later!