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 operates on a simple but effective rebate system, allowing cardholders to earn cash rebates on their purchases. Here’s a breakdown of how the card works:

Earning Cash Rebates

1. High Rebate Categories: Cardholders earn a 5% rebate on specific categories including:
   • Supermarket/Grocery Purchases: Essential for everyday food and household supplies.
   • Telecommunications: Includes bills for mobile services, cable, and streaming services.
   • School and Bookstore Purchases: Ideal for families and students, covering educational expenses.
   Condition: To qualify for the 5% rebate, cardholders must spend at least PHP 12,000 on non-qualifying purchases within the same billing cycle. If this condition is not met, the rebate rate for these categories drops to 0.2%.
2. General Purchases: For all other types of spending, the card offers a 0.2% rebate, ensuring that every purchase contributes to savings.

Redeeming Cash Rebates

1. Posting of Rebates: The rebates earned are posted and reflected in the cardholder’s account in the subsequent billing statement. The rebate calculation is done on a per transaction basis and is rounded to the nearest peso.
2. Redemption Process:
   • Rebates can be redeemed in minimum increments of PHP 1,000.
   • Redemption is done through the Metrobank Customer Service Hotline.
   • Once redeemed, the rebate amount is credited back to the Metrobank Cashback Visa card.
   • Redemptions are final and cannot be canceled or reversed.
3. Rebate Limits: There is a cap of PHP 1,000 on the amount of rebate that can be earned per billing cycle, equating to significant annual savings for regular users.

Eligibility Criteria and Application

1. Age Requirement: Applicants must be between 18 to 70 years old.
2. Income Requirement: A minimum annual income of PHP 180,000 is required.
3. Employment Status: Applicants should be employed as regular employees for at least 6 months.
4. Credit History: Applicants must have been principal cardholders with another bank for at least 9 months and possess a credit limit of at least PHP 25,000.

Basic Requirements for Application:

• Valid PhilID, TIN, SSS, GSIS, or UMID Number.
• Active landline and mobile numbers.
• Government-issued ID with photo, date of birth, and signature.

Additional Benefits

• Rebate Calculator: Metrobank provides a rebate calculator tool to help cardholders estimate their potential rebates based on their spending habits.
• Exclusive Offers: Cardholders gain access to exclusive promotions and discounts, enhancing the overall value of the card.

What are the Reviews on Metrobank’s Cashback Visa?

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

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.
7. 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.
8. 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.
9. 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.

If you’re done reading the reviews and you’re still questioning whether this card is for you, then read further as we’ll give you the necessary factors to help you decide if Metrobank’s Cashback Visa is worth it.

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

Now that we’ve provided an overview of the Metrobank Cashback Visa and discussed user feedback, let’s determine if this card is the right fit for you by considering these factors.

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.