BDO extends credit card interest rate adjustment to March 12

Banco de Oro (BDO) is providing its customers additional reprieve by extending the adjustment date of the new credit card interest rate of 3% to March 12, 2023.

The 3% interest rate is slated for effectivity on February 10, 2023, as provided by the Bangko Sentral ng Pilipinas (BSP) Circular 1165, series of 2023. BDO customers will have more than a month before having to adjust the new rate.

Before the COVID-19 pandemic hit in 2020, the monthly credit card interest rate was set at 3.5%.

Then in 2020, amid the pandemic, the BSP issued Circular No. 1098 which adjusted the monthly rate to 2%. The 2% ceiling was made to ease the financial burden of Filipinos during the onset of the pandemic.

With the nearing effectivity of the new 3% rate and the additional month afforded by BDO to its customers, BDO is encouraging its patrons to convert their transactions or outstanding balances via its low-interest-rate installment offers.

You can visit the BDO website or call the BDO Contact Center at (02) 8631-8000 for more details.