This means the maximum interest rate or finance charge on unpaid outstanding credit card balance of a cardholder remains at 3 percent a month or 36 percent annually.
Meanwhile, the maximum processing fee on the availment of credit card cash advances stays at P200 per transaction. The ceilings on credit card transactions are subject to review following a six-month period.
Data showed that amid the expansion in credit card receivables, banks/credit card issuers maintained the quality of their credit card portfolio. Non-performing credit card receivables as of end-May 2023 declined to P23.4 billion from P29.3 billion a year earlier. The BSP said earlier it would continue to pursue strategies to promote digitalization in the financial industry. Through the prudent use of innovation, banks/credit card issuers will be able to improve delivery of their services as well as enhance customer experience at lower operating cost, it said.
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Source: MlaStandard - 🏆 20. / 55 Read more »
Source: MlaStandard - 🏆 20. / 55 Read more »