No Interest on New Purchases for BFSB Credit Cards
Starting June 6, 2019, we are pleased to announce that new purchases on your BPI Family Savings Credit Card will not be charged interest for the first month. This means that you will not need to pay interest for any new purchase made after your statement date even if you do not pay your previous month's balance in full.
HOW IT WORKS
- If partial payment is made on or before your Payment Due Date, only the previous balance will incur finance charges.
- New purchases made within the statement cut-off date will not incur interest.
| June Statement - Total Outstanding Balance
| June Statement - Payment
| June Statement - Remaining Balance after Payment
| July Statement - New Purchases
| Finance Charge (3%)
Interest only on your remaining balance from previous month's SOA
| July Statement - Total Outstanding Balance
For questions or concerns, you may call BPI Phonebanking at 89-100.
Posted as of April 04, 2019
Frequently Asked Questions (FAQs)
1. When is the effectivity date of No Interest on New Purchases for BFSB?
Similar to BPI Credit Cards, a “no interest on new purchases” will be applied to BPI Family Savings Credit Card effective June 6, 2019.
2. Will the change “no interest on new purchases” apply to both BPI and BPI Family Savings Credit Card?
No. The change is only applicable to BPI Family Savings Credit Card only as BPI Credit Cards is already charging no interest on new purchases.
3. When is my transaction considered as a “new purchase”?
New purchases are transactions made after your statement date billing cut-off.
4. What is the difference between Statement Date and Payment Due Date indicated in my credit card statement?
Your Statement Date represents the billing statement cut-off wherein new purchases and outstanding balance (if any) from the previous month are reflected within the billing period. Your Payment Due Date is your payment deadline. You may choose to pay the total statement balance or at least the minimum amount due required on or before the due date.
5. What do you mean by “No interest on new purchases"?
Similar to BPI Credit Card, BPI Family Savings Credit Card charges NO INTEREST on purchases made after your statement date even if you partially pay your previous month’s balance.
6. I only paid the minimum amount due on my due date, how will I be charged with finance charges/interest?
Your outstanding balance will be charged with the applicable finance charge rate. However, new purchases made within the statement cut-off date will not incur any interest. This means that only your previous month’s balance will be charged with interest.
Posted as of April 16, 2019.