MANILA, Philippines – The Bangko Sentral ng Pilipinas has increased the interest rate cap on credit card transactions from 2% to 3% per month, or 100 basis points.
In increasing the interest rate ceiling, the BSP factored in the upward trend in domestic interest rates due to high inflation, and the BSP’s efforts to counter them through successive policy rate hikes. “It will also make funding available for long-term investments that will institutionalize process improvements, strengthen cybersecurity and Information Technology systems, and nurture innovation in these financial institutions that will lead to better customer experience,” the BSP said in a statement.
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BSP adjusts cap on credit card interest rate to 3% per monthThe BSP said this adjustment will increase the maximum interest rate or finance charge imposed on a cardholder’s unpaid outstanding credit card balance by 100 basis points (bps) or from 2% to 3% per month. The existing ceiling on the monthly add-on rate that credit card issuers can charge on installment loans is maintained at a maximum rate of 1%, the BSP said.
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BSP adjusts interest rate ceiling on credit card transactions | BusinessMirrorThe Monetary Board decided to adjust the ceilings on credit card transactions by increasing the maximum interest rate or finance charge imposed on a cardholder’s unpaid outstanding credit card balance by 100 basis points (bps) or from 2 percent to 3.0 percent per month. Meanwhile, the existing ceiling on the…
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