Credit Cards

MANILA, Philippines –  The Bangko Sentral ng Pilipinas (BSP) is against proposals in the House of Representatives to put a cap on interest rates that credit card companies charge their customers.

“I call on Bangko Sentral ng Pilipinas Gov. Amado Tetangco, to make consumer protection and financial literacy a cornerstone of his second term in office,” said Rep. Jack Enrile, 1st District, Cagayan, as his appeal to the Central Bank during his privilege speech yesterday.

A lawmaker is seeking to put a cap on the interest rates charged on deferred payments made on credit card purchases.

THE Bangko Sentral ng Pilipinas (BSP) is building a cache of information built around consumers and the complaints they may have against any of the credit-card brands out there in the market that are abusive or unfair.

FOR perhaps the nth time, the Bangko Sentral ng Pilipinas (BSP) reminded banks and credit-card companies on Friday to engage in fair and reasonable behavior when collecting from delinquent cardholders.

A CENTRAL credit information bureau cannot start operating because Malacañang has yet to appoint its top executive. “There is no president yet,” Fe B. Barin, Securities and Exchange Commission (SEC) chairman, told BusinessWorld Friday night.

MANILA, Philippines –  The Bangko Sentral ng Pilipinas (BSP) has reminded credit card issuers and their collection agents to respect the rights of their clients and to refrain from engaging in unfair collection practices.

MANILA, Philippines – Credit card receivables of banks operating in the Philippines went up by 2.9 percent in the first nine months of 2010 amid the surprising economic growth, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.

MANILA, Philippines – Commercial and universal, and the smaller thrift banks’ credit card loans or credit card receivables (CCRs) increased by 2.9 percent as of September last year to P133.9 billion compared to the same period in 2009, the Bangko Sentral ng Pilipinas (BSP) said in a press release.

Dear PAO, I have a credit card problem. My children were hospitalized early this year so I was not able to make full payments on the amount due on my credit card. I have paid the principal amount but the bank said that the payment has accrued to the interests.

Kaplan Higher Education, a division of the Washington Post Co., was sued in federal court in Cleveland by the U.S. Equal Employment Opportunity Commission’s Philadelphia office over claims that the company rejected job applicants based on credit history, a decision that discriminated by race.

ISSUANCE of pre-approved credit cards is no longer allowed based on amendments made by the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) on credit card rules, which also tighten collection practices.

After the enumeration we had on The Eight Habits of Investment Literate People, I feel obliged to elaborate more on some of the said habits or at least, discuss something closely related. For this post, I would dwell on something related to the 3rd habit: the issue of credit card charges and why we should…

This is about your December 7 editorial “Credit Cards vs. Consumers.” While consumer feedback is always appreciated, we at the Credit Card Association of the Philippines (CCAP) believe a few misconceptions regarding bank interest rates need to be cleared up. First, many people forget that there is no interest charged if your credit card bill…

CREDIT CARDHOLDERS should keep track of the progress of House Bill 1235. Filed by Rep. Arthur Yap, who is on his first term as representative of the 3rd district of Bohol, the bill, if enacted into law, sets a limit on monthly interest for credit card payments to one percent, or 12 percent per annum.

Close to half of the reader-reactors to my series on sky-high credit card charges are overseas Filipino workers (OFWs). That’s because their families back home buy on credit and pay upon receipt of repatriated salaries. More than that, OFWs and kin are most vulnerable to card issuers’ gimmicks. They receive from the mail “pre-approved” extension…

A LAWMAKER recently filed a bill to impose a ceiling interest rates and penalties on the credit card interest following the huge number of credit card users in the country.

MANILA, Philippines – Runaway interest rates of credit cards have become a major cause of concern among congressmen who have sought to limit bank rates on credit card transactions.

MANILA, Philippines—Seeking to “tame” credit card companies, a lawmaker on Monday proposed to slash the current three percent monthly interest rate they charge card holders to one percent.

Big Banker is watching you—more closely than ever. With lenders still skittish about making new loans, credit bureaus and others are hawking services that help banks probe deeply into your financial closet. The new offerings include ways to look at your rent and utility payments, figure out your income, gauge your home’s value and even…

For those of you who are on the uphill road of getting out of debt and working towards the light at the end of the tunnel, paying off credit cards can feel like it eats up every penny you make. Several months ago, I was paying the minimum or close to it on multiple cards…

The Bankers Association of the Philippines (BAP) believes that setting a limit on credit card charges could mess up several government programs that seek more Filipinos in financial sector services.

As part of a crackdown on credit cards and store cards, the Government is considering capping interest rates in a bid to get the consumer a fairer deal.

Though it may sometimes feel like it, having credit card debt to mend is not a dead end. In fact, just as there are myriad ways to fall into debt, there are many ways in which indebted consumers can traverse this roadblock. They should not, therefore, jump to dire conclusions or panic and take drastic…

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) is lukewarm to the proposal of legislators to regulate the interest rates imposed by credit card companies as this could unduly weaken the credit transmission power of monetary policy.

MANILA, Philippines- Credit cards give consumers the advantage of purchasing goods and services without carrying any money since they are a convenient substitute for cash or check.

MANILA, Philippines – Credit card companies extract charges estimated at some P24 billion a month from some 5.7-million cardholders around the country, making far more money than most banks make in extending loans to commercial borrowers.

Credit cards, we use them for the majority of the more spendy items we choose to buy. They work great for people who cannot pay right on the dime and are fully aware they will have the money at the date the amount is due. Sometimes we can make mistakes when we do not fully…

How to tell when credit cards are out of control Credit cards are one of the easiest ways to borrow money, and this can be a problem. There are many related horror stories, and there is a real danger that credit card debt can grow faster than the borrower’s capacity to deal with it. But…

MANILA, Philippines –  A party-list congressman filed Friday a bill that seeks to limit the interest rate being charged by credit card companies to one percent a month or 12 percent a year.