Empowering women through credit cards

IN this era of high inflation and uncertainty, credit cards can be powerful tools of economic empowerment for women. It increases their financial flexibility, opens investment and financing opportunities, and improves overall quality of life.

“Credit cards are an effective way to advance financial inclusion and bring disadvantaged people into the financial system, including low-income and young women,” said Credit Card Association of the Philippines (CCAP), the umbrella organization of the country’s 17 major credit card issuers, in line with the International Women’s Month celebration this March.

While credit cards are usually regarded as a luxury for many, it is a convenience they cannot live without. This rings true for people in different rungs on the economic ladder.

“Regardless of what hat she wears — mother, wife, entrepreneur, employee — a woman carries many financial responsibilities. Having access to credit makes it easier to handle these obligations,” said Alex Ilagan, CCAP executive director.

Credit cards act as a standby line of credit that is conveniently accessible. “Consumers need not apply every time they want to avail of the credit facility, unlike in other types of consumer loans. And there is no limit to the number of times they can use the credit line if the total amount of the transactions is kept within the card’s credit limit, and they are able to pay the amount due on time,” he explained.

“Women and credit cards: that’s a love affair worth pursuing in the name of economic empowerment. After all, nothing is more empowering than financial freedom and having everything within reach. And when women have the power to make, spend, save and control their own money, they make gains not only for themselves but for the local economy as well,” he stressed.