The Bank of the Philippine Islands (BPI) is reminding its customers of the credit card interest rate cap adjustment that will take effect on March 13, 2023, wherein the credit card charge will increase from 2% to 3%.
In a Service Advisory email from the bank, BPI reminded its users of the finance charge adjustment that will be implemented in a month’s time.
In accordance with Bangko Sentral ng Pilipinas (BSP) Circular No. 1165, starting March 13, 2023, finance charges will be adjusted as follows:
- Finance Charge or Nominal Interest Rate (Effective Interest Rate per month) – will be 3% (2.73%) from 2% (1.82%)
- Cash Advance Finance Charge or Nominal Interest Rate (Effective Interest Rate per month) – will be 3% (3.16%) from 2% (2.12%)
These changes, starting March 13, will affect:
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- All new interests accrued on BPI customers’ unpaid balances, including Cash Advance transactions
- Billed, unpaid Special Installment Plan (S.I.P.) amortization balances
BPI notes that the new rate will not affect BPI patrons’ unbilled SIP amortizations.
