UPDATES: Effectivity Dates of the New Finance Charges and Service Fees for BPI & BPI Family Credit Cards
Announcement as of November 22, 2019
Please be advised on the effectivity dates of the following changes in the fees and charges for BPI and BFB Credit Cards:
|
EFFECTIVITY DATE |
CHANGES |
|
November 26, 2019 |
*This is already existing to BPI Family Credit Card |
|
February 26, 2020 |
|
The implementation of the minimum amount due computation that will include monthly installment amortizations will be moved to a later date. Please wait for further announcements.
|
Minimum Amount Due (MAD) Computation** of 3.57% |
**If you have multiple cards, the Minimum Amount Due for each card will be summed up and reflected in your Statement of Account as Total Amount Due. |
Reminder: In accordance with BPI Credit Card/BPI Family Credit Card Terms and Conditions, BPI/BFSB reserves the right to change the fees from time to time. Please note that your continued use of your BPI/BFB Credit Card indicates that you have read, understood, and accepted these terms. For concerns or queries, you may call us at 889-10000 (all areas with “02” area code), 1-800-188-89100 (domestic toll free for PLDT) and 63+2+889-10000 (mobile phone and international calls).
Advisory on Finance Charges and Service Fees for BPI & BPI Family Savings Credit Cards
Announcement as of August 8, 2019
Please be advised that the following changes will be applied to your BPI and BPI Family Savings Credit Cards effective Q4 2019:
FINANCE CHARGE
The following changes on the Finance Charge computation shall apply:
- Monthly installment amortizations shall be included in the Finance Charge computation.
- Finance Charge Computation shall start from:
- Posting date until payment date for BPI credit card Cash Advance transactions and Cash Advance Fee. *
- Day after the Statement of Account (SOA) date for retail purchases, fees and charges and monthly installment amortizations
To compute for your Finance Charge, multiply the daily unpaid balance with the daily interest rate** which will be summed up at the end of the statement period. Unpaid balances from prior SOAs will be carried over to your current SOA until fully paid.
*This is already existing to BPI Family Savings Credit Card.
**Daily interest rate is computed as monthly interest rate multiplied by 12 months divided by 360 days.
MINIMUM AMOUNT DUE
The change in the Minimum Amount Due (MAD) computation shall apply:
- Monthly installment amortizations shall be included in the minimum amount due computation of 3.57%.
To compute for your Minimum Amount Due:
If you have multiple cards, the Minimum Amount Due for each card will be summed up and reflected in your statement of account as Total Minimum Amount Due.
SPECIAL INSTALLMENT PLAN (S.I.P.) LOAN SERVICE FEE
A service fee of PHP 100.00 shall be charged for every S.I.P. loan availment. This one-time fee will be applied to the following S.I.P. loans and will be reflected on the next statement of account:
- Balance Transfer
- Credit-to-Cash
- S.I.P for School
- S.I.P for Hospital
- Balance Conversion
Reminder: In accordance with BPI Credit Card/BPI Family Savings Credit Card Terms and Conditions, BPI/BFSB reserves the right to change the fees from time to time. Please note that your continued use of your BPI/BFSB Credit Card indicates that you have read, understood, and accepted these terms. For concerns or queries, you may call us at (02) 89-100 for Metro Manila or 1-800-188-89100 for domestic toll-free calls (available to PLDT subscribers), and 63 + 2 + 89-10000 for mobile phone and international access.
Important Advisory: Updates on your Finance Charges and Minimum Amount Due
Announcement as of June 6, 2019
Updates as of October 18, 2019
Please be advised that the implementation of the new minimum amount due computation for your BPI and BPI Family Savings (BFSB) Credit Cards has been moved to June 6, 2019.
The Minimum Amount Due shall be computed based on the Total Outstanding Balance as follows:
|
If Total Outstanding Balance (TOB) |
|
Minimum Amount Due (MAD) |
|
a) Less than or equal to P850 |
= |
Total Outstanding Balance |
|
b) More than P850 |
= |
3.57% percent of retail purchases, cash advances, fees and charges, installment amortizations and 100% of past due amount or P850, whichever is higher will be applied: a) if computed amount is less than P850 = MAD is P850 b) if computed amount is more than P850 = MAD is equal to the computed amount |
The implementation* of the new finance charge computation will be moved to a later date. Please wait for further announcements.
The interest computation of the unpaid balance from the previous Statement of Account (SOA) shall be computed based on the Daily Balance vs. the current Average Daily Balance. The daily interest is computed by multiplying the daily balance with the daily interest rate for each day (360 days annually) and will be aggregated within the statement period. Refer to the FAQs for the sample computation.
*Original implementation date was July 4, 2019
See below illustration:
BPI Credit Cards Sample Effective Interest Rate Computation
|
Purchase Date |
First day after statement date |
Purchase Amount |
P 20,000 |
|
Payment Due |
20 days after statement date |
Minimum Amount Due |
3.57% of the Outstanding Balance |
|
Total Interest |
: |
P6,578.93 |
|
Average Outstanding Balance |
: |
P17,066 |
|
Finance Charge per month |
: |
3.50%1 |
|
Effective Interest Rate (per month) |
: |
3.21%2 |
|
Month |
Retail Purchase |
Total Payment |
Interest |
Outstanding Principal Balance |
Total Outstanding Balance |
|
1 |
20,000 |
0 |
0 |
20,000 |
20,000 |
|
2 |
|
714 |
646 |
19,286 |
19,932 |
|
3 |
|
1,334 |
702 |
18,597 |
19,300 |
|
4 |
|
1,366 |
658 |
17,934 |
18,592 |
|
5 |
|
1,298 |
654 |
17,293 |
17,948 |
|
6 |
|
1,272 |
612 |
16,676 |
17,288 |
|
7 |
|
1,207 |
608 |
16,081 |
16,689 |
|
8 |
|
1,182 |
587 |
15,507 |
16,094 |
|
9 |
|
1,141 |
549 |
14,953 |
15,502 |
|
10 |
|
1,082 |
545 |
14,419 |
14,965 |
|
11 |
|
1,060 |
510 |
13,904 |
14,415 |
|
12 |
|
1,007 |
507 |
13,408 |
13,915 |
1Computed based on Daily Balance using 30 days per month (or 360 days annually)
2Effective Interest Rate per month = Average Monthly Interest divided by Average Principal Balance
Assumptions:
- Cardholder has no outstanding balance on his first statement and makes a transaction of P20,000 during the month.
- Cardholder will pay only the Minimum Amount Due, including the interest charges posted every statement cycle on his/her due date.
BPI Family Savings Credit Card Sample Effective Interest Rate Computation
|
Purchase Date |
First day after statement date |
Purchase Amount |
P 20,000 |
|
Payment Due |
20 days after statement date |
Minimum Amount Due |
3.57% of the Outstanding Balance |
|
Total Interest |
: |
P6,254.32 |
|
Average Outstanding Balance |
: |
P17,066 |
|
Finance Charge per month |
: |
3.0%1 |
|
Effective Interest Rate (per month) |
: |
3.0%2 |
|
Month |
Retail Purchase |
Total Payment |
Interest |
Outstanding Principal Balance |
Total Outstanding Balance |
|
1 |
20,000 |
0 |
620 |
20,000 |
20,620 |
|
2 |
1,334 |
565 |
19,286 |
19,851 |
|
|
3 |
1,254 |
600 |
18,597 |
19,198 |
|
|
4 |
1,264 |
562 |
17,934 |
18,496 |
|
|
5 |
1,202 |
559 |
17,293 |
17,852 |
|
|
6 |
1,176 |
523 |
16,676 |
17,199 |
|
|
7 |
1,118 |
520 |
16,081 |
16,600 |
|
|
8 |
1,094 |
501 |
15,507 |
16,008 |
|
|
9 |
1,055 |
469 |
14,953 |
15,422 |
|
|
10 |
1,002 |
466 |
14,419 |
14,885 |
|
|
11 |
981 |
436 |
13,904 |
14,340 |
|
|
12 |
932 |
433 |
13,408 |
13,841 |
1Computed based on Daily Balance using 30 days per month (or 360 days annually). New finance charge rate effective March 1, 2019.
2Effective Interest Rate per month = Average Monthly Interest divided by Average Principal Balance
Assumptions:
- Cardholder has no outstanding balance on his first statement and makes a transaction of P20,000 during the month.
- Cardholder will pay only the Minimum Amount Due, including the interest charges posted every statement cycle on his/her due date.
Reminder: In accordance with BPI Credit Card/BPI Family Savings Credit Card Terms and Conditions, BPI/BFSB reserves the right to change the fees from time to time. Please note that your continued use of your BPI/BFSB Credit Card indicates that you have read, understood, and accepted these terms. For concerns or queries, you may call us at (02) 89-100 for Metro Manila or 1-800-188-89100 for domestic toll-free calls (available to PLDT subscribers), and 63 + 2 + 89-10000 for mobile phone and international access.
| Rates and Fees Table | ||||||||||||||
| Card Type | BPI Family Savings Credit Card Mastercard | BPI Classic | BPI Blue Mastercard | BPI Gold Mastercard | Petron-BPI Mastercard | BPI Edge Mastercard | BPI SkyMiles Mastercard | BPI SkyMiles Platinum Mastercard | BPI Amore Visa | BPI Amore Visa Platinum | BPI Visa Signature | BPI Corporate Classic | BPI Corporate Mastercard | BPI e-Credit |
| Interest Rates and Charges | ||||||||||||||
|
Finance Charge / Nominal Interest Rate |
3% / 3% | 2.75% | 3.50% / (3.21%) | |||||||||||
| Cash Advance Monthly Effective Interest Rate | 3% | 2.81% | 3.51% | |||||||||||
| The current month’s purchase are free from interest. Finance charges are applied only on the previous month’s unpaid balance. | ||||||||||||||
| Card Fees | ||||||||||||||
| Membership Fees | ||||||||||||||
| Principal Card | P1,350/year | P1,250/year | P1,550/year | P2,250/year | P1,550/year | P110/month | P2,050/year | P5,000/year | P2,050/year | P5,000/year | P5,500/year | P1,300/year | P1,700/year | Free |
| 1st Supplementary Card | Free for Life | N/A | ||||||||||||
|
2nd to 6th |
P675/year | P625/year | P775/year | P1,125/year | P775/year | P55/month | P1,025/year | P2,500/year | P1,025/year | P2,500/year | P2,750/year | |||
| Transaction Fees | ||||||||||||||
| Cash Advance | 3% of the Cash Advance amount or P500, whichever is higher, per transaction/availment basis | N/A | ||||||||||||
|
Foreign Currency Conversion |
0.85% of the converted amount plus the Mastercard / Visa assessment fee of 1%, using the foreign exchange rate of Mastercard / Visa at the time the transaction is posted
Note: Not applicable to BPI Classic and BPI Corporate Classic |
|||||||||||||
| Gaming Transactions | P500 or 3% of the gaming transaction, whichever is higher, shall be charged for every gaming transaction in casinos and/or online betting | |||||||||||||
| Special Installment Plan (S.I.P.) Pre-termination |
P550 pre-termination fee plus additional 2% interest on the loan principal amount if pre-terminated before the first billing. If pre-termination is done after the first billing, the monthly payment shall be applied to interest then to the loan principal using the diminishing balance method plus a pre-termination fee of P550 |
N/A | ||||||||||||
| Service Fees | ||||||||||||||
| Card Replacement | P400/card | |||||||||||||
| Charge Slip Retrieval | P300/charge slip | N/A | ||||||||||||
| Check Protect | P1,200 or 2% of the funded check amount by the BPI Credit Card, whichever is higher | |||||||||||||
| Statement of Account Copy | P200 per statement of account | |||||||||||||
| Closed Account Maintenance Fee |
P200/month or the overpayment amount if less than P200, will be debited from: A) Closed credit card accounts with overpayment for more than one (1) month from the date of termination/cancellation B) Credit card accounts with overpayment with no activity for the past 12 months |
|||||||||||||
| Express Start Cancellation Fee* | P1,500 | |||||||||||||
| Penalty Fees | ||||||||||||||
| Late Payment | P850 or equivalent to the value of the unpaid minimum amount due, whichever is lower, will be charged per occurrence per card. | |||||||||||||
| Returned Check | P100 for every returned check and additional 6% of the check amount | |||||||||||||
| In case of default, cardholder shall pay the following in addition to penalty and charges: | ||||||||||||||
| Attorney's Fee | 25% of the amount due | |||||||||||||
| Liquidated Damages | 25% of the unpaid amount, plus litigation expenses and judicial costs | |||||||||||||
*Express Start Cancellation Fee only applies to cardholders with accounts under deposit holdout. Terms and conditions apply.
Updated as of June 2019
Related Links:
1Finance Charge is the nominal rate computed by multiplying the applicable rate to the Average Daily Balance.
2Effective Interest Rate is the average monthly interest divided by the Average Principal Balance.
3Cash Advance Effective Interest Rate per month = Average Monthly Interest plus Cash Advance Fee divided by Average Principal Balance
Important Reminder: Pay at least the Minimum Amount Due ON or BEFORE payment due date. Penalties and late charges will be strictly imposed on payments after due date.
The Cardholder authorizes BPI and/or BFSB to increase or charge additional service fees as may be deemed necessary to maintain the service to the Cardholder. The upward or downward adjustment of the interest, penalty rate and/or service fees shall be binding on the Cardholder on the date/s of effectivity as indicated in the written notice (in the monthly SOA or thru a separate notice) from BPI and/or BFSB.
Metro Manila: (all areas with "02" area code) 889-10000
Domestic Toll-Free No: 1-800-188-89100 (available for PLDT)
Mobile phone and International Access: +632 889-10000
Bank of the Philippine Islands is supervised by Bangko Sentral ng Pilipinas with telephone number (02) 8708-7087.
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