Metrobank Cashback Visa Review: Should You Get This?

So… You’re currently shopping for a new credit card, and you just happen to stumble upon Metrobank’s Cashback Visa. You go through the web and try to find reliable feedback about it. Reddit, Facebook, and other social media… nothing.

Can’t seem to find the right set of info to make that decision. Well, now that you’re here, that won’t be a problem anymore.

In here, we’ll provide you with everything there is to know about Metrobank’s Cashback Visa, and what the overall consensus of using this card is.

Metrobank Cashback Visa Overview

Before anything else, let’s cover what Metrobank’s Cashback Visa is in an overview.

The Metrobank Cashback Visa is a credit card designed to offer significant savings through cashback on essential purchases. This card is tailored for individuals who spend regularly on everyday necessities, providing them with a practical way to earn rebates and reduce their overall expenses.

With its attractive cashback rates and additional features, the Metrobank Cashback Visa stands out as a valuable financial tool for savvy consumers.

How It Works

This card works on a straightforward rebate system designed to help you save on everyday purchases. Here’s the scoop: every time you use the card, you earn cash rebates that you can later redeem as savings.

It’s simple—just spend, earn rebates, and save.

Earning Cash Rebates

If you’re looking to maximize rebates, this card offers a high 5% rebate on certain essentials.

Spend on groceries, telecom bills (like mobile, cable, or streaming), and school or bookstore items, and you’ll get that 5% back.

But there’s a small requirement: to qualify for this top rate, you need to spend at least PHP 12,000 on other non-qualifying items during the same billing cycle.

Don’t meet the threshold? You’ll still earn a 0.2% rebate on those key categories. All other purchases earn a steady 0.2% rebate, making sure every swipe counts toward savings.

Redeeming Cash Rebates

Rebates you earn are credited to your account in the following billing statement, calculated per transaction and rounded to the nearest peso.

Once you’ve accumulated at least PHP 1,000 in rebates, you can redeem it through the Metrobank Customer Service Hotline, where it’ll go right back to your card balance.

Note that redemptions are final once processed and can’t be reversed. There’s also a rebate cap: the maximum you can earn each billing cycle is PHP 1,000, which can add up to a lot of savings over the year.

Eligibility Criteria and Application

The card is available for applicants between 18 and 70 years old with a minimum annual income of PHP 180,000. You should also have at least 6 months’ experience as a regular employee. Additionally, applicants need a credit history as a principal cardholder with another bank for at least 9 months and a credit limit of PHP 25,000 or more.

Basic Requirements for Application

To apply, you’ll need valid identification, such as a PhilID, TIN, SSS, GSIS, or UMID number, along with active landline and mobile numbers. A government-issued ID with your photo, date of birth, and signature is also required for verification.

Additional Benefits

Metrobank provides a handy rebate calculator to help you project your savings based on your usual spending. Cardholders also gain access to exclusive offers and discounts, adding even more value to the card’s benefits.

What are the Reviews on Metrobank’s Cashback Visa?

Everything has its own pros and cons, and surely, Metrobank’s Cashback Visa does too, right? Yes.

That’s why we’ve compiled all the advantages and disadvantages of this card from various users across the web to help you determine whether this card is the right one for you.

Positive Reviews

High Cashback Rates

Users appreciate the generous cashback rates, particularly the 5% cashback on essentials like groceries, telecommunications, school supplies, and bookstore purchases, which can significantly reduce monthly expenses.

User-Friendly Redemption Process

Cardholders find the redemption process for cashback straightforward and efficient. The ability to redeem a minimum of PHP 1,000 worth of cashback in increments is particularly praised.

Financial Flexibility

The card offers rebates on a wide range of daily expenses, helping users manage their finances better, especially during increased online shopping.

Instant Transaction Updates

Users value the instant display of transactions for maintaining security and tracking expenses, finding it helpful for managing their finances.

Promotions and Customer Service

Frequent promotions and offers are a major plus. Customer service is praised for being helpful and resolving issues, though it might take some time.

Negative Reviews

We’ve gone through the positives, but now we’re going to talk about this card’s cons—and let me tell you, there are a lot of them.

High Minimum Spend Requirement

Users highlight that to maximize the 5% cashback, one needs to spend PHP 12,000 on non-telecom, non-grocery, and non-school purchases, and then another PHP 12,000 on telecom, grocery, and school purchases. This totals PHP 24,000 per month to fully benefit from the cashback program.

Preference for Other Credit Cards

Some users prefer other credit cards, like the American Express Cashback card, due to perceived better benefits or easier redemption processes. Additionally, there is dissatisfaction with the high annual fees of the Metrobank Cashback Visa.

Login and Transaction Fee Issues

The Metrobank online banking login process is seen as cumbersome, requiring both phone and email OTPs. In comparison, BPI’s login process is more convenient. Additionally, Metrobank charges fees for certain transactions that other banks waive for preferred customers.

Promotional Offers and Dining Deals

While Metrobank offers many promotions, users feel that the dining deals are less appealing compared to other credit card providers. Travel-related promos often come with complex conditions, making them less accessible.

Annual Fee and Promotional Misalignment

Users express frustration with the annual fees and the process of applying for promotions. Some encountered issues when applying for specific card types and found they were approved for different products than they intended.

Redemption Delays and Miscommunications:

There are complaints about delays in crediting the rebates. Users expected the rebates to be credited within 30 days, but this was not always the case.

Limited Cashback Cap

Some users are disappointed with the monthly cashback cap of PHP 1,000, feeling it limits the potential savings, especially for those with higher spending on eligible categories.

Eligibility Requirements

Users mention the stringent eligibility criteria, such as the requirement for a minimum annual income and having another credit card with a credit limit of at least PHP 25,000 for at least nine months.

Exclusions on Certain Transactions

Transactions like Cash2Go, Balance Transfers, and Cash Advances do not earn any cashback, which some users find limiting. Additionally, the card doesn’t accumulate reward points or miles, which could be a downside for those looking for more versatile reward options.

How to Know If Metrobank’s Cashback Visa is For You

You’ve read its pros and cons, but you’re still undecided about whether this card is for you. Let me help by highlighting the factors we’ve laid out to guide your decision.

Spending Habits

If you frequently spend on groceries, telecommunications, school supplies, and bookstore purchases, the Metrobank Cashback Visa offers significant savings with its 5% cashback on these categories.

This card is tailored for individuals whose monthly expenses align with these high cashback areas. For those who spend more broadly, the 0.2% cashback on other purchases might not be as advantageous.

Monthly Spending Capacity

To maximize the benefits of the 5% cashback, you need to spend at least PHP 12,000 monthly on non-essential categories before you can avail the higher rebate on essentials.

This means if you can consistently meet this requirement, the card offers excellent rewards. However, if your spending is lower or not concentrated in the specified categories, you might not reap the full benefits.

Annual Fee Consideration

The Metrobank Cashback Visa comes with an annual fee, which is waived for the first year. Weigh the cost of this fee against the cashback rewards you anticipate earning.

If you can maximize the cashback, the fee might be justified. Otherwise, consider if the benefits outweigh the costs in the subsequent years, especially if you’re unable to get the fee waived.

Customer Service Experience

User feedback highlights generally positive experiences with Metrobank’s customer service, though some report occasional delays.

If reliable and responsive customer support is crucial for you, it’s important to consider these experiences and compare them with other banks. Good customer service can make a significant difference in managing your credit card effectively.

Additional Features and Promotions

Metrobank offers various promotions, particularly for dining and travel. If you frequently take advantage of such deals, this card might provide additional value beyond the cashback.

Consider the overall convenience, including the ease of online banking, transaction alerts, and cashback redemption, which can enhance your user experience.

Conclusion: Is Metrobank’s Cashback Visa Worth It?

Yes, the Metrobank Cashback Visa is worth it if you spend regularly on groceries, telecommunications, and school supplies.

It offers a generous 5% cashback on these essentials, which can help you save significantly. The card is easy to use with a straightforward redemption process and supports a variety of daily expenses.

However, you need to spend PHP 24,000 monthly to maximize the cashback benefits, and there is an annual fee after the first year.

If you meet these criteria, the card can be very beneficial.

Here at JWR, we understand that getting a credit card, especially for the first time, can be challenging.

Much research is needed to reach a logical conclusion, and finding the necessary information to make an informed decision can be time-consuming.

If you want to read similar topics, check out our blog where we’ve covered subjects like ‘The Best HMOs for Freelancers Right Now,’ ‘How to Convert Blog Readers into Customers,’ and much more.

We hope that we’ve helped you understand what the Metrobank Cashback Visa is and whether or not it is worth applying for.

If you have any further questions, please don’t hesitate to reach out to us!

FAQs

Got some additional questions? Maybe we’ve answered some of them below!

What are other alternatives I can consider looking into aside from Metrobank’s Cashback Visa?

Consider the BPI Amore Cashback Card for 4% cashback on groceries, BDO ShopMore Mastercard for retail discounts, UnionBank Cashback Card for competitive rates and lounge access, and Citibank Cashback Card for a flat cashback rate on all purchases. Each offers unique benefits suited to different spending habits.

How do I apply for the Metrobank Cashback Visa?

To apply, ensure you’re 18-70 years old, have a minimum annual income of PHP 180,000, and are employed for at least six months. Prepare a valid ID, proof of income, and contact numbers. Visit the Metrobank website, fill out the application form, submit it, and wait for approval and verification.

How does the rebate calculator work, and where can I find it?

The rebate calculator helps you estimate your potential cashback based on your spending in different categories.

It takes into account your monthly expenses on groceries, telecommunications, school supplies, and other purchases to calculate the total rebate you can earn. You can find the rebate calculator on the Metrobank Cashback Visa page on the Metrobank website.

What happens if I don’t meet the minimum spend requirement for the 5% cashback?

If you do not meet the minimum spend requirement of PHP 12,000 on non-grocery, non-telecommunications, non-school, and non-bookstore related purchases, you will still earn a 0.2% rebate on your purchases in the eligible categories instead of the 5%.

Can I redeem my cashback rebates for other rewards besides statement credits?

No, cashback rebates earned through the Metrobank Cashback Visa can only be redeemed as statement credits. They cannot be used to redeem other rewards items from the Metrobank Rewards Catalogue.

How do I check and redeem my earned cashback rebates?

You can check your earned cashback rebates through your monthly statement or by logging into your Metrobank online account. To redeem your rebates, you need to call the Metrobank Customer Service Hotline. The minimum redemption amount is PHP 1,000, and redemptions are in increments of PHP 1,000.

What is the maximum cashback I can earn per month, and is there an annual cap?

The maximum cashback you can earn per statement cycle is PHP 1,000. There is no specific annual cap mentioned, but this monthly limit translates to a potential annual maximum of PHP 12,000 if fully utilized each month.

Are there any fees associated with the Metrobank Cashback Visa, and how can I get them waived?

The Metrobank Cashback Visa has an annual fee, which is waived for the first year. After the first year, you may be able to get the fee waived by meeting certain spending thresholds or through promotions. It’s advisable to contact Metrobank customer service for the latest details on how to waive the annual fee.