PNB Ze-Lo Mastercard Review: Requirements, Features, and Fees

PNB Ze-Lo Mastercard — that’s my first-ever unsecured credit card after the RCBC Instacard, a secured card which required me a hold-out deposit.

I have written a lot of articles about my credit card journey – how I started with a secured credit card (SCC), got approved for a PNB Ze-Lo Mastercard, and added more cards from UnionBank, Citibank, and BPI — all that can be accessed and read from the archives.

In a particular article, I detailed out my experience and the timeline of the application. I even asked the assistance of a legitimate PNB credit card agent, opened a savings account, and got the card after a few weeks. It was the PNB Ze-Lo Mastercard.

You’re probably here because you’re looking for an honest and fair review of this credit card. You’re just on the right page. Soon, you’ll be able to decide whether it’s really worth applying for.

Quick Summary — PNB Ze-Lo Mastercard is an almost perfect credit card for beginners and non-beginners alike with its zero and lower fees, but you can’t really have it all because it does not earn any rewards (so also, zero rewards). Read the complete review below.

PNB Ze-Lo Mastercard

PNB Ze-Lo Mastercard is a must-try credit card as it knows only two things — zero and low (zelo) — both which apply to almost all possible fees charged on a regular credit card.

It’s perfect for credit card beginners, even for non-beginners, as it can be used for daily spending and even for big, planned expenses without worrying about fees such as annual membership fees, finance charges, late payment penalties, and minimum amount dues.

As PNB simplifies it — with zero annual fee and low interest, you can shop, dine, and travel with zero worries and zero hassle.

PNB — Credit Card Issuer

Philippine National Bank (PNB) is the sixth largest bank in terms of assets and the leader in the overseas remittance business with centers across the world.

PNB is also a publicly listed and traded universal bank engaged in diversified financial and related businesses such as remittance servicing, investment banking, and foreign exchange trading, among others.

Basic Card Features and Benefits

Apart from payment convenience that a typical credit card offers, PNB Ze-Lo Mastercard also comes with these exciting features:

• Zero Annual Membership Fee for Life
• Zero Late Payment Fees
• Zero Overlimit Fees
• Lower Finance Charge (currently at 1.88%)
• Lower Minimum Amount Due (only 2.5% of the total amount due or PHP200, whichever is higher)
• Free Annual Membership Fee for Life for all PNB Supplementary Credit Cards
• Pay Your Bills in Peso (even for transactions abroad)
• Global and Online Acceptance
• Contactless Payments

Qualifications and Application Requirements

To apply for a PNB Ze-Lo Mastercard, and even other PNB credit cards, consider these qualifications and requirements:

• must be 21 – 65 years old
• annual income of at least PHP120,000

For employed (public or government),

• recent one (1) month pay slip or Certificate of Employment (stating gross income, date hired, and position) or ITR or active principal credit card number (with at least 1 year membership)
• photo-bearing government-issued ID with signature (e.g. driver’s license, passport, TIN (e-card only), SSS, or UMID or company ID)
• proof of billing (for non-depositor)
• utility bills (electricity, telephone, etc.) or credit card Statement of Account (SOA)
• selfie holding the valid ID

For self-employed or business owner,

• latest Income Tax Return with BIR Stamp and latest Audited Financial Statement
• photo-bearing government-issued ID with signature (e.g. driver’s license, passport, TIN (Ecard only), SSS, or Unified Multipurpose ID/UMID) or company ID
• proof of billing (for non-carded or non-depositor)
• utility bills (electricity, telephone, etc.) or credit card Statement of Account (SOA)
• selfie holding the valid ID

If you are a foreign national, you must also submit either of these two options:

• Option A (passport, Alien Certificate of Residence (ACR), proof of billing (for non-carded or non-depositor), utility bills (electricity, telephone, etc.) or credit card Statement of Account (SOA), and any of the following — national ID, Internal Revenue Service (IRS) ID, Social Security Number (SSN) ID, driver’s license, work permit issued by DOLE (mandatory requirement) if employed in the Philippines, or company ID issued by private entities or institutions registered with or supervised or regulated either by the BSP, SEC, or IC, and selfie holding the valid ID
• Option B (passport, unexpired Philippine Retirement Authority ID (PRA) or Special Resident Retiree’s Visa (SRRV), proof of billing (for non-carded or non-depositor), utility bills (electricity, telephone, etc.) or credit card statement of account, and any of the following — Bureau of Immigration Approved Order or Certificate of Deposit issued by the bank where the PRA/Visa is deposited, and a selfie holding the valid ID

Step-by-Step Application Guide

Although you may apply for a PNB Ze-Lo Mastercard at the bank itself upon your visit, there is nothing more convenient than doing it online or maybe seeking the assistance of a credit card agent (you can always find one online).

To apply online, here’s the step-by-step guide:

• Check if you’re qualified based on your age, i.e., at least 21 years old, minimum annual income, and other requirements.
• Prepare your application requirements, i.e., photos of your ID, scanned income documents, proof of billing, etc. Compile all of them in one PDF.
• Visit the official website of PNB > Credit Cards.
• Select PNB Ze-Lo Mastercard among the card options and click Apply Now.
• Fill out the online PNB Credit Card Application Form.
• Upload in one PDF — the photos and scanned copies of your valid ID, income document, proof of billing, and a selfie.
• Click Submit and review your application summary.
• Check your email for the confirmation of your successful online application and the reference number.
• Wait for another email notification about your application normally within two weeks. You may also make a follow-up or check your application status via PNB official website.

Annual Membership and Other Fees

As indicated above, PNB Ze-Lo Mastercard does not come with an annual membership, overlimit, and late payment fees.

It also comes with a low finance charge or monthly interest rate of 1.88% (against 3% with other credit cards).

Also, the minimum amount due is only 2.5% of the total amount due of PHP200, whichever is higher. Most cards require 3% to 5%.

PNB Ze-Lo Mastercard Complete Review

While this is not a sponsored post, just like most of the review articles on this blog, and I don’t earn any commission, you can always take this as an honest and fair review of PNB Ze-Lo Mastercard:

[1] It may be the best credit card if it also earns rewards. With the zero and lower fees, PNB Ze-Lo Mastercard is a very competitive credit card, but the zero-reward program may raise the eyebrows of the big spenders.

While all other credit cards offered by PNB come with decent rewards programs, this entry level card does not give any, even a single reward point for a thousand-peso spend, in exchange for all other benefits.

[2] Its zero annual membership, zero overlimit, and zero late payment fees make this card for keeps. Whether it comes with a low credit limit, or it does not suit much your lifestyle or needs, it is just worth keeping for a long term.

Your credit limit will eventually increase, and swiping it once or twice a month won’t give you much guilt or regret as you’re not paying any annual membership fee in the first place. Supplementary credit cards also come with waived annual fees for life.

[3] It comes with one of the lowest finance charges or monthly interest rates in the market. Most banks have already increased their monthly finance charges to 3% after BSP’s new interest cap, and PNB Ze-Lo Mastercard’s 1.88% remains the lowest.

If PNB will soon increase the current rate following the new cap, it won’t be that high as expected because ‘lower finance charge rate’ is just one important feature of the card.

[4] It also offers possibly the lowest minimum amount due per month. Most credit cards require a minimum payment per billing cycle equivalent to 3% to 5% of the total amount due.

PNB Ze-Lo Mastercard, an exemption, offers as low as 2.5% of the total amount due or PHP200, whichever is higher. So, there’s no reason for you to miss making an on-time payment, even just the minimum amount required.

[5] It still comes with a wide range of discounts and promos with PNB partner merchants and shops. Just like other largest banks, PNB also has a big network of partner establishments that offer discounts and promos from time to time.

Even during mega sales of major e-commerce platforms, PNB tends to be generous as well in giving coupons and discount codes. Just subscribe to email and SMS notifications.

[6] It’s easier to apply through a credit card agent or a PNB employee. Being qualified and accomplishing an application online do not always guarantee an approval. PNB also appears meticulous with documents submitted.

It is sometimes better to look for an agent who will guide you through the credit card application. If you’re not a bank depositor, expect that you will be advised to open a basic ATM savings account.

[7] It’s convenient to check the status of your credit card application. PNB official website comes with a feature where you can check the status and progress of your application after a few days or weeks.

You simply need your application reference number and birth date. You will find out if it’s still in progress, approved, or declined.

[8] It may take days before payments get posted unless done with a PNB deposit account that it’s real time. It’s good if you also have an existing PNB deposit account that you can pay your credit card bills without any hassles on the same app.

If you’re paying through other banks and channels, expect the posting of payments may take 2 to 4 banking days. Check payments even require additional 3 days for clearing.

[9] PNB may not be that generous with the credit limits. If your PNB Ze-Lo Mastercard is your first credit card, expect that your initial credit limit is just within your salary range or maybe, a little higher.

Although you may request for a credit limit increase most likely after a year or even after 9 months with an improved income, still there is no guarantee of a generous increase just like with other credit card issuers.

Read also:

How to Choose the Right Credit Card [Beginner’s Guide]. This article provides beginners a seven-step guide in choosing the right credit card and a detailed discussion on the most important factors to consider.

BPI Blue Mastercard Review: Requirements, Features, and Fees. This article reviews the application requirements, basic features, and rewards program, as well as finance charges and other fees, of a fairly competitive entry level credit card (for beginners) — the BPI Blue Mastercard.

UnionBank Classic Visa Card Review: Requirements, Features, and Fees. This article writes a semi-comprehensive review of another card for beginners — UnionBank Classic Visa Card — as it examines the benefits and perks it may offer.

EastWest Credit Card Review: Satisfied and Disappointed. This short article provides an honest and fair initial credit card review — the satisfactions and disappointments in getting an EastWest Bank Silver Privilege Mastercard.