Atome is a Buy Now Pay Later (BNPL) service with a growing presence in the Philippines, offering a payment card for installment purchases.
Atome’s initial appeal lies in its convenient and quick application, offering installment payment options for broader purchasing power, and its accessibility as a starter card, especially for those without traditional credit.
Is Atome a helpful tool for you or a potential financial headache?
I. What Exactly is Atome? Understanding Its Functionality
Atome is a Buy Now Pay Later (BNPL) service provider. The Atome Card is backed by Asia United Bank (AUB). You will also notice this if it’s time to pay, Atome will give you the option to pay via Bank Transfer in Gcash, and choose “AUB”. It operates as a payment card with an assigned spending limit.
Many people mistakenly liken the Atome Card to a prepaid card. However, while it has a spending limit, it functions as a Buy Now Pay Later (BNPL) payment card backed by Asia United Bank, not a traditional credit card.
Atome provides users with both a virtual card for online transactions and a physical card for in-store purchases.
III. The Upsides: Exploring the Potential Benefits of Atome
1. Easy Application and Approval:
Atome is often cited as quick and easier due to its fast approval and less stringent documentary requirements compared to traditional credit cards.
Applying for the Atome Card is easy. No paperwork is needed, and the entire process can be done through the Atome app in just a few minutes. You can get approved quickly and start using your card for purchases without the hassle of traditional credit card applications.
2. Increased Spending Power (Credit Limit)
Users report receiving initial credit limits and subsequent increases. I myself have also noticed this. Here’s the screenshot from my Atome app below.
Atome Card users may enjoy up to ₱200,000 in spending limits, giving you more freedom to make bigger purchases and spread out your payments over time. In my case, I enjoy receiving monthly but gradual increase of my spending limit.
3. Convenience for Online Purchases and Offline Purchases
- Virtual card offers security for online transactions with a lock feature.
- Physical card can be used in physical stores with PIN authentication
- Widely accepted: The Atome Card is accepted wherever Mastercard is used, whether you’re shopping online, in-store, or even overseas. You can link your physical or virtual Atome Card to popular e-commerce platforms like Lazada, Shopee, Grab, FoodPanda, and TikTok Shop for a hassle-free checkout experience.
4. No Annual Fees
Atome is reported to be a NAFFL card (No Annual Fee For Life). Many users appreciate this feature, highlighting it as an advantage.
5. No Interest if Paid On Time
A significant advantage of the Atome card is that it offers interest-free purchases. As long as users pay their full outstanding balance on or before the due date, no interest charges are applied. Several users have confirmed this based on their experience. However, it is important to note that interest and other charges will accumulate if payments are made after the due date. Therefore, timely and full repayment is key to maximizing this benefit.
6. Installment Options
While the Atome card offers the option to convert purchases into installment plans, this is a significant point of concern due to the high interest rates associated with it. Users have reported interest of 6% of the principal amount for 3 or 6-month installments. Additionally, there are numerous accounts of automatic conversion of outstanding balances into installment plans upon late or even perceived late payment, often leading to unexpected interest charges and user frustration. One user saw their balance drastically increase due to interest after such an automatic conversion. Therefore, while installments are available, the high costs make them a major drawback.
With the Atome Card, you can stretch your budget by splitting your purchases into 3 or 6-month installments with 0% interest. Whether it’s shopping for necessities or indulging in a little luxury, Atome makes it easy to manage your monthly expenses.
7. User-Friendly App
- Features include locking/unlocking the card, changing PIN, viewing transactions, and accessing statements.
- Instant reflection of purchases and payments. (Unlike other banks that you have to scour through different layers and enter passwords you sometimes forget)
- Payment via InstaPay with no fee (via Gcash, Maya, Bank Transfers to AUB, etc)
8. Potential for Building Credit History
Some users believe Atome can help build credit history by demonstrating responsible repayment, potentially making it easier to get approved for traditional credit cards later. Being under Asia United Bank (AUB) might also allow it to serve as a reference. However, unlike traditional credit cards, Atome transactions might not be reported to CIBI, the Philippines’ credit bureau.
9. Rewards and Missions
Atome has a system of earning points through the app for completing certain actions, such as making a specific number of transactions per week. These points can then be redeemed for rewards, such as GCs (gift certificates).
10. Convenient Bill Payments
Say goodbye to missed payments! Use your Atome Card to pay bills for utilities like Meralco, Maynilad, Globe, and Smart, as well as platforms like BillEase, Home Credit, and TendoPay.
11. Atome Cash: Fast Cash Loans Made Easy
Based on my experience using the app for 3 years now, this feature has not yet been released, so I cannot make an independent assessment.
How to Apply for the Atome Card
Applying for the Atome Card is quick and hassle-free. Here’s how:
- Simply click this link and enter your mobile number.
- Follow instructions until you finish the application.
Installment Plans and Interest Rates
The Atome Card offers flexible installment plans that come with competitive interest rates:
- Monthly Interest Rate: As low as 2%
- Annual Percentage Rate (APR): 0% to 46%
- No Service Charges
For example, if you purchase an item worth ₱2,000, with a 2% monthly interest rate over 3 months, your total payment will be ₱2,120—just ₱706.67 per month.
Atome Cash Loan Terms and Costs
Atome Cash loans come with equally attractive terms:
- Monthly Interest Rate: As low as 1.75%
- Annual Percentage Rate (APR): Capped at 36%
- No Service Charges
For instance, borrowing ₱3,000 with a 1.75% interest rate over 6 months would result in a total repayment of ₱3,052.50—just ₱508.75 per month.
Download the Atome App Today
Whether you’re looking for a reliable way to split your purchases or need quick cash, Atome is here to help. Download the Atome app today and take control of your finances with ease.
Atome PH is registered with the Securities and Exchange Commission (SEC) under Registration No. CS201816338 and is regulated by Bangko Sentral ng Pilipinas under OPSCOR-2021-0040.
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