The Philippines credit card market is experiencing unprecedented growth in 2025, driven by strategic partnerships between fintech companies and traditional banks. Recent developments show a rapidly evolving landscape where digital platforms are becoming the primary gateway for Filipino consumers to access credit card products.
📊 Market Snapshot: The Philippine credit card market has seen active cards increase from 9.3 million in Q4 2022 to 11.2 million in Q4 2023, according to TransUnion. Consumer loan growth hit 24.1% in February 2025, significantly outpacing business loan growth at 11.2%.
Major Partnership Announcements Reshape Market Dynamics
In a series of groundbreaking moves this year, several key partnerships have emerged that are fundamentally changing how Filipinos discover, compare, and apply for credit cards.
MoneyHero-RCBC Strategic Alliance
The most significant recent development is the strategic partnership between MoneyHero Limited and Rizal Commercial Banking Corporation (RCBC). This collaboration integrates RCBC's full suite of rewards, lifestyle, travel, and premium credit card products into MoneyHero's digital platform.
RCBC Credit Cards has shown exceptional momentum, with credit card receivables growing 48% and cards in force increasing 21% in 2024 alone. Arniel Vincent B. Ong, RCBC Credit Cards President & CEO, emphasized that this rapid growth makes them a powerful partner for MoneyHero's expanding presence in the Philippines.
MoneyHero-BPI Collaboration Expands Reach
Earlier this year, MoneyHero announced a partnership with the Bank of the Philippine Islands (BPI) to expand credit card comparison services. This collaboration allows MoneyHero to offer more than 20 credit card options from leading banks, alongside other financial products including insurance and loans.
The Philippines currently contributes 17% of MoneyHero's total revenue, with the country's revenue reaching USD $4.0 million in Q3 2024, showing a 49% year-over-year increase driven by demand for credit cards and personal loans.
Consumer Credit Boom: Opportunities and Risks
The rapid expansion of the credit card market reflects broader trends in Philippine consumer finance. According to Moody's Ratings, retail lending could soon account for 25% of the Philippine banking sector's overall loan portfolio, up from 18% in 2021.
Strong Economic Fundamentals Drive Growth
Several factors are contributing to this credit expansion:
- Economic Recovery: Strong economic rebound post-pandemic with healthy labor market conditions
- Financial Inclusion: Increasing numbers of Filipinos entering formal credit channels
- Lower Interest Rates: Normalized interest rates making retail loans more attractive
- GDP Growth: Philippines' GDP expected to grow at 6% in both 2025 and 2026
Risk Management Concerns
However, this rapid growth comes with challenges. Moody's has warned that many retail borrowers are "untested," which may lead to higher asset risks for banks over the next 12-18 months. The International Monetary Fund has urged the Bangko Sentral ng Pilipinas (BSP) to monitor the fast growth in consumer credit to ensure banks are increasing exposure to households with tested credit profiles.
"New borrowers are untested and banks face higher asset risks, should macroeconomic conditions change unexpectedly. Credit cards and personal loans are the riskier retail products, while job losses could put stress on retail loans." - Moody's Ratings
Digital Transformation Accelerates Market Access
The partnerships between fintech platforms and traditional banks represent a significant shift toward digital-first financial services. MoneyHero's platform allows consumers to seamlessly discover, compare, and apply for cards that suit their personal financial needs, addressing a key pain point in the traditional banking experience.
Consumer Benefits
These digital platforms offer several advantages to Filipino consumers:
- Simplified Comparison: Easy side-by-side comparison of credit card features, rewards, and fees
- Streamlined Applications: Digital application processes that reduce paperwork and waiting times
- Transparent Information: Clear presentation of terms and conditions
- Personalized Recommendations: AI-driven suggestions based on spending patterns and preferences
Bank Benefits
For banks, these partnerships provide:
- Digital Acquisition: Access to tech-savvy consumers through digital channels
- Reduced Acquisition Costs: More efficient customer acquisition compared to traditional marketing
- Data Analytics: Better insights into consumer preferences and behavior
- Market Expansion: Reach beyond traditional customer bases
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Find Your Ideal Credit CardMarket Outlook: What's Next for Philippine Credit Cards
The credit card market in the Philippines is positioned for continued growth, supported by several long-term trends:
Regulatory Environment
The central bank continues to support financial inclusion while maintaining prudent risk management standards. Recent policy developments focus on consumer protection and responsible lending practices, which should help maintain sustainable growth.
Technology Integration
Advanced technologies like artificial intelligence, machine learning, and blockchain are being integrated into credit assessment and fraud prevention systems. This technological advancement enables banks to better assess creditworthiness while reducing operational costs.
Fintech Expansion
The success of partnerships like MoneyHero-RCBC and MoneyHero-BPI is likely to inspire similar collaborations across the industry. We can expect to see more banks partnering with fintech platforms to enhance their digital presence.
Consumer Advice: Navigating the Expanding Market
With more options available than ever, Filipino consumers should consider the following when choosing a credit card:
- Annual Fees: Compare fee structures and determine if benefits justify costs
- Interest Rates: Understand APR and promotional rates
- Rewards Programs: Match rewards to your spending patterns
- Credit Limits: Ensure the limit meets your needs without encouraging overspending
- Additional Benefits: Consider insurance coverage, travel benefits, and merchant partnerships
⚠️ Responsible Credit Use: While access to credit cards has become easier, it's crucial to use them responsibly. Only apply for cards you need, pay balances in full when possible, and maintain a good credit score by making payments on time.
Conclusion: A Promising but Prudent Future
The Philippines credit card market in 2025 represents a balance between opportunity and responsibility. Strategic partnerships between fintech companies and traditional banks are making credit more accessible while improving the customer experience. However, both lenders and borrowers must navigate this growth carefully to ensure sustainable, long-term success.
As Rohith Murthy, CEO of MoneyHero, noted, "By combining MoneyHero's aggregation technology with bank partners' rich credit card portfolios, we are empowering Filipino consumers to make smarter financial decisions." This sentiment captures the essence of the current market transformation – technology enabling better financial decision-making for millions of Filipinos.
The next few years will be crucial in determining whether this rapid growth translates into sustainable financial inclusion or requires market corrections. For now, the outlook remains positive, with continued economic growth and technological innovation driving the sector forward.