BSP keeps ceilings on credit card transactions
Bangko Sentral ng Pilipinas

BSP keeps ceilings on credit card transactions

Nov 15, 2022, 7:42 AM
Dhana Garcia

Dhana Garcia

Writer

The Bangko Sentral ng Pilipinas maintained its existing ceilings on credit card transactions and will be reviewed further in January 2023.

The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) maintained the existing ceilings on credit card transactions under Circular No. 1098 dated September 24, 2020.

The following ceilings remain in effect unless revised by the BSP:

· The maximum interest rate or finance charge on the unpaid outstanding credit card balance of a cardholder of 2 percent per month or 24 percent per year

· The maximum monthly add-on rate on credit card installment loans of 1 percent

· The maximum processing fee on the availment of credit card cash advances of Php200.00 per transaction.

The reasonableness of the ceilings will be re-evaluated in January 2023. The BSP will continue to closely monitor domestic and external developments that will have an impact on the state of credit card financing, the viability of credit card operations, and the viability of banks/credit card issuers.

Tags: #BSP, #CreditCard, #Ceilings


We take a stand
OpinYon News logo

Designed and developed by Simmer Studios.

© 2024 OpinYon News. All rights reserved.