Credit Cards

by ABS-CBN News, 26 Nov 2021 MANILA – The Bangko Sentral ng Pilipinas on Friday said it has maintained credit card transaction ceilings set last year, including the maximum interest for outstanding balance at 2 percent per month.

by Daxim L. Lucas, Philippine Daily Inquirer, 6 Sep 2021 MANILA, Philippines—The proposed Financial Consumer Protection Act now pending in Congress will help protect Filipinos from unfair collection practices employed by credit card firms like threats and harassment, the central bank said on Monday (Sept. 6).

By Daxim L. Lucas, 12 Apr 2021 The central bank has extended the cap on credit card charges that it imposed late last year, saying the policy of cheaper consumer debt would help consumers weather the economic fallout from the coronavirus pandemic.

By Lawrence Agcaoili, Delon Porcalla(Philstar.com), 27 Jan 2021 MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has ordered banks and credit card issuers to strictly comply with newly signed laws that grant temporary reprieve or debt moratorium to delinquent borrowers.

by Lawrence Agcaoili (The Philippine Star), 7 Oct 2020 MANILA, Philippines — Credit card billings plunged by 27 percent in the first semester as usage slumped amid the coronavirus pandemic.

by Daxim L. Lucas, Philippine Daily Inquirer, 24 Sep 2020 MANILA, Philippines — Credit card users will soon be required to pay no more than 2 percent a month — or 24 percent annually — on this type of debt after the central bank’s Monetary Board recently approved an interest rate cap.

by Louella Desiderio (The Philippine Star), 26 Aug 2020 MANILA, Philippines — The Management Association of the Philippines (MAP) is supporting the proposal of the Bangko Sentral ng Pilipinas (BSP) to cap credit card finance charges as this, along with the 60-day moratorium on loan payments, would help struggling enterprises and consumers cope with the…

by Lawrence Agcaoili (The Philippine Star), 25 Aug 2020 Warns of more defaults MANILA, Philippines — A proposal to impose a cap on finance charges, if applied to all types of interest rates, may kill the credit card industry at a time when the default rate is expected to double due to the impact of…

by Lawrence Agcaoili (The Philippine Star), 24 Aug 2020 MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) plans to put a cap on the finance charges imposed by banks and financial institutions on credit card loans to help ease the burden of consumers amid the COVID-19 pandemic.

by Yoav Vilner, Contributor, Dec 15, 2017 It’s happening, and fast: The era of the credit card, in which plastic is the standard form of payment, is coming to an end. But it isn’t being replaced by cash. Instead, it’s being replaced by a new system, one that involves digital money transfers through smartphones and…

By: Pathricia Ann V. Roxas, INQUIRER.net, Mar 04, 2018 Debt collectors who harass delinquent debtors should be punished to end abusive behavior, Senator Grace Poe said Sunday.

By: Francis Ed Lim / @inquirerdotnetPhilippine Daily Inquirer / November 03, 2016 (Last of four parts) If you are a credit card holder but find it difficult to pay your credit card liabilities as they fall due, is it the end of the world for you? Absolutely not. Not known to everybody, the Financial Rehabilitation…

by Jimbo Owen B. Gulle, Oct 28, 2016 Have you ever maxed out a credit card, or multiple cards? And if you have, have you ever hoped that you could get back in the good graces of credit card companies and enjoy using plastic money again?

By Stacy G. Quinsay, Businessworld, August 18, 2016 In less than two weeks, the so-called “ber” months will begin. This marks the unofficial start of the Christmas season for Filipinos. It is when people crowd the malls to take advantage of various promos, such as zero-interest and deferred-payment schemes. More often than not, they also…

By Edu Punay (The Philippine Star), July 4, 2016 – 12:00am In a one-page legal opinion sent to the Office of the President last June 23, the DOJ expressed its full support to House Bill 5417, the Proposed Philippine Credit Card Industry Regularion Law. Philstar.com/File photo MANILA, Philippines – The Department of Justice (DOJ) has…

By Lawrence Agcaoili (The Philippine Star), June 9, 2016, http://www.philstar.com/business/2016/06/09/1590979/banks-launch-restructuring-p167-b-credit-card-receivables MANILA, Philippines – Major banks are hoping to restructure a “big chunk” of the P167.4 billion credit card receivables through a debt relief program for highly indebted and financially distressed customers.

By Melissa Luz T. Lopez, Reporter, June 07, 2016, http://www.bworldonline.com/content.php?section=Finance&title=credit-card-companies-putting-up-debt-restructuring-program&id=128647 The Credit Card Association of the Philippines (CCAP) yesterday launched the Interbank Debt Relief Program (IDRP) geared towards offering longer repayment periods or cheaper interest rates for highly indebted cardholders.

MANILA, Philippines – Responding to numerous complaints of credit card holders on hidden charges, excessive fees and harassment by collection agents, a law to regulate the credit card industry will soon be enacted.

MANILA, Philippines – Did you know that if your credit card is stolen, you are still liable for charges that the thief made? This is just one of the issues that all credit card holders should be aware of.

Generally, pay the minimums on your lower-rate cards and send as much money as possible to your highest-rate card. Dear Liz: I’m confused about paying down credit card debt. Some say to pay the lowest-balance cards first and others say the highest balance or the one with the highest interest. I have almost $16,000 on…

There is no excerpt because this is a protected post.

MANILA, Philippines – A number of senators have cited the need to protect consumers from what could be deemed excessive and sometimes hidden fees and charges imposed by banks on credit card holders.

MANILA, Philippines – Let’s stop this foolishness coming from nasty debt collectors once and for all. One, nobody inherits debts, only assets. So please don’t collect from people who are trying to grieve. You need to wait for your turn to get paid from the estate left by those who passed away.

PLASTIC fantastic or personal loan – the debate over which is the best way to borrow has never been greater.

This is the second installment in a mini-series from Ramit Sethi’s book, I Will Teach You to Be Rich. In case you missed the first post in this series, 3 Simple Steps Leading to Personal Wealth, be sure to check it out as well. I struggled for a while with what to include in today’s…

It’s always refreshing when the bad guys lose and the good prevail. In the credit card business, that’s exactly what happened when the Credit Card Accountability, Responsibility, and Disclosure Act became effective in July 2010. Gone was the ability of credit card issuers to raise consumers’ rates willy-nilly, tacking on fees without prior notice, along…

Financial transactions-related complaints have risen more than twentyfold the past six years, led by issues on the use or abuse of credit cards, the Bangko Sentral ng Pilipinas said.

MANILA, Philippines – One of the world’s most respected personal finance advisers is urging Philippine banks to put a cap on increasing the credit limit of their card holders.

Most Americans know the drill: You call a company’s customer service line and often, you end up speaking with someone in another country. This can be an inconvenience because of languages and accents, but the matter is more serious than just that. Information to that effect from a Communications Workers of America (CWA) report is…

It’s the new year, and what better way to ring it in than to add a shiny new credit card to your wallet? Here are 12 tips for obtaining a credit card and not misusing it.