Credit Cards

Credit card transactions rose 4 percent year-on-year in the first quarter of 2010, helping boost consumer spending during the period, Bangko Sentral said Friday.

Financial independence can be both a blessing and a burden. If you just graduated from college and already have a job lined up, you’re no doubt breathing a huge sigh of relief. Too many of your friends are leaving school for an uncertain future filled with job applications, unpaid internships and frequent loans from the…

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) has noted an increased competition among universal and commercial banks by lowering their margins on loans to top corporations and large middle market enterprises.

MANILA, Philippines – The real lending rate in the Philippines continued to slide in the first quarter of the year due to the steady decline in nominal bank lending rates, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.

I’ve decided to give up my two Citibank credit cards—Visa and Mastercard. They charge more than 40 percent annual interest and penalties for late payment are compounded. Every now and then, too, I am made to pay these penalties.

Sanders pushes to cap credit card interest rates Burlington, Vermont — Senator Bernie Sanders says credit card companies are no better than loan sharks when it comes to interest rates. In Washington, he spoke religious leaders and community organizers from around the country.  He says that in a recession families rely on credit cards for…

Even as she racked up thousands in credit card debt, Sheila Jensen thought she knew how to handle money. But shopping was the young Duluth woman’s downfall. It was her recreation, a favorite pastime and her therapy. As her credit card debt mounted to more than she could afford as a licensed practical nurse, she…

MANILA, Philippines – The establishment of the Central Credit Information Corp. (CCIC) has remained in limbo more than two years after the passage of the Credit Information System Act (CISA) or Republic Act 9510.

THE central bank is warning people against using their credit cards to withdraw cash because of the high interest rate their issuers charge on it.

MANILA, Philippines – More and more consumers are turning to their credit cards instead of using cash to pay for goods or services acquired as the bank’s credit card receivables went up 4.5 percent last year, data from the Bangko Sentral ng Pilipinas (BSP) showed.

New credit card law restricts bank tactics, but sent interest rates up and credit lines down NEW YORK (AP) — Your next credit card statement is going to contain an ugly truth: how much that card really costs to use.

A lawmaker called Thursday for the passage of a proposed law that would put a cap on credit card interest rates and surcharges on both purchases and cash advances made by card holders.

ON Sunday, we ran a special report on how credit-cardholders are vulnerable to abuse by third-party collectors hired by card companies. In that report, we narrated the ordeal faced by simple folk—including a minimum wage-earner and a government employee—who despite their limited financial capacity easily gained access to credit cards by virtue of the aggressive…

D.K. Florino, junior assistant manager of bank that issues credit cards, whose job is to remind credit cardholders of their respective dues, admitted that he was once the subject of a complaint by a client for the “tone” of his voice. He said that kind of complaint does not hold water among credit card companies,…

What legal remedies are available for a cardholder who has defaulted on payments? What legal shields can one use against the harassment of collection agents agencies? What legal help can one have in solving the predicament of outstanding debts one does not have the money to pay?

Five months ago, Sen. Miriam Defensor Santiago proposed the Prohibiting Credit Card Debt-Collection Harassment bill aimed at “addressing numerous complaints on how credit card companies, through their counsels or collecting agencies, use unfair collection practices that range from harassment to borderline illegal.”

There are some 7.4 million Filipinos who have credit cards, according to Euromonitor International, a global provider of business intelligence on industries, countries and consumers. Although this number is significantly lower than the total debit cardholders—31.3 million holders, or equivalent to 32.6 percent of the population—the country’s credit consumers have already grown by 32 percent…

IT’S not amazing that there are more than seven million credit cardholders in our country (though some estimates say there are only four million plus). In the first place, there are some 11 million overseas Filipino workers (OFWs). Most of them remit money to their families back home. They come home to the Philippines long…

MANILA, Philippines – More and more consumers are turning on to their credit cards instead of using cash to pay for goods or services, data from the Bangko Sentral ng Pilipinas (BSP) showed. BSP data showed that credit card receivables of universal, commercial, and thrift banks went up by 4.6 percent to P130.2 billion from…

MANILA, Philippines – Filipino consumers as well as borrowers continued to enjoy lower interest rates as the estimated interest rate pass-through improved steadily as of end-October this year, the Bangko Sentral ng Pilipinas (BSP) said.

MANILA, Philippines – Thank you for inviting me to be with you today. I know that this is one of the most eagerly awaited events in your industry. I feel honored to be part of this event – to be among some of the most creative minds in the country.

Credit card use, auto loans rise amid weak business credit take-up BANKS extended loans to the business sector at a slower pace in September, but an uptick in borrowings by households kept overall lending growth steady from August. In a statement, the Bangko Sentral ng Pilipinas (BSP) said the outstanding loans of universal and commercial…

Susan McCarthy, a financial adviser in Oklahoma City and author of The Value of Money, lists her top four credit card don’ts:

MANILA, Philippines – Banks continue to pass on to their borrowers the cumulative 200 basis point rate cut implemented by monetary authorities since December last year to boost the economy and check inflation, the Bangko Sentral ng Pilipinas (BSP) reported over the weekend.

MANILA, Philippines – Banks in the Philippines have reduced lending rates much faster than those in most Asian countries, thus contributing more to efforts to pump-prime the economy amid the lingering global economic crisis.

WE know that credit cards are not our best friend, but somehow, we find ourselves relying on them more than we should. A card can be a beneficial financial partner when it’s simply a substitute for cash, meaning you’ll pay in full come due date because it’s hassle-free and virtually interest-free. Other than that, it’s…

Congress may not know it, but the Supreme Court in GR 175490, Ileana Macalinao vs. BPI promulgated on Sept. 19, through its Third Division with Associate Justice Presbitero Velasco Jr. as ponente, put a 2-percent cap on monthly interest rates by banks and credit institutions.

A lawmaker on Wednesday filed a measure that would prohibit the imposition of a surcharge, extra charge or additional charge in the use of the credit, or automated teller machine (ATM) debit cards for payment of purchases of consumer products and services. Rep. Narciso Santiago 3rd of the party-list Alliance for Rural Concerns filed House…

THE 3-percent interest rate that local credit card companies charge their cardholders is “excessive and unconscionable,” the Supreme Court has ruled.

CREDIT CARD USE IS EXPECTED TO PICK UP next year as the easing global economic crisis prompts more Filipino consumers to spend. Jose Rene Villareal, country manager of Mastercard, said credit card-funded consumption in the Philippines had managed to sustain growth, albeit at a slower pace, despite the hard times. He expects conditions next year…