BSP seeks balance between credit card users, businesses

THE Monetary Board decided to retain the existing ceilings on credit card transactions, according to the Bangko Sentral ng Pilipinas .

The BSP also said the monthly add-on rates that credit card issuers can charge on installment loans is maintained at a maximum rate of 1 percent while 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.

Based on the latest BSP data, credit-card receivables posted double-digit growth of 29 percent year-on-year as of May 2023. This was higher than the 17.1 percent registered in the same period last year. Amid the expansion in credit card receivables, the BSP said banks/credit card issuers maintained the quality of their credit card portfolio. Non-performing credit card receivables as of May 2023 was lower at P23.4 billion compared to the P29.3 billion in the previous year.

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