Important Advisory on your Finance Charges and Minimum Amount Due

Please be advised that effective May 2, 2019, the following changes will be applied to your BPI and BPI Family Savings (BFSB) Credit Cards.

1. 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. For the sample computation please visit http://bit.ly/bpicctof.

See below illustration:
BPI Credit Cards Sample Effective Interest Rate Computation

 Purchase Date First day after statement date  Purchase Amount P20,000
 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 Minmum 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 P20,000
 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 16,660
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

1 Computed based on Daily Balance using 30 days per month (or 360 days annually). New finance charge rate effective March 1, 2019.
2 Effective 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.

2. 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

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.

Announcement as of February 1, 2019

 

Posted as of February 28, 2019