#BSP credit card ceiling charges

The Bangko Sentral ng Pilipinas' Monetary Board has recently approved the 24% annual interest rate ceiling, or 2% monthly, on all credit card charges. Based on the circular 1098 of Bangko Sentral ng Pilipinas, interest rates or charges on a cardholder's unpaid credit card balance should not exceed 2% per month. However, no other charges shall be imposed on or collected on credit card cash advances except the maximum processing fee of PHP 200per transaction. The order is pursuant to the BSP’s supervisory authority overall credit card issuers under the Credit Card Industry Regulation Law. Yesterday, I announced the ceiling on interest or finance charges for credit card receivables, which should not exceed two percent per month. The order also waives the requirement for credit card issuers to notify the cardholder of the said changes on interest or finance charges at least 90 calendar days before its implementation. Read more in our articles including "Bangko Sentral ng Pilipinas puts ceiling on credit card charges" and "List of Bank, Credit Cards supported by Google Pay in the Philippines".