A number of Filipinos have a severe problem with credit card usage — leading to piles of debt which, when remain unpaid, continue to balloon month after month.
The primary culprit, of course, is the credit cardholder’s negligence to pay his or her obligations. Worse, some even deliberately attempt to run away from their debt.
What they don’t know, though, is that simply deciding not to pay only compounds the problem. Even if they had ran away, their bad credit history (which is now shared by financial institutions in the Philippines) will catch up with them sometime in the future, affecting their financial profile which could lead to possible disapproval in a housing or car loan application and even a denial in new credit card application in another bank.
Worse, additional interest rates and fees continue to be charged on the balance causing the credit card debt to uncontrollably pile up. So make sure you know how much interest rate is charged in your credit card. This interest rate (also known as Finance Charge) is the fee paid for borrowing funds from the credit card and is usually charged when a credit card balance is unpaid and carried over from one month to the next.
For your reference, we compile below the interest rates charged by credit card companies in the Philippines. Compare and see which credit card companies charge the most and which ones offer the best rates in the market!
Interest Rates (Finance Charges) of Credit Cards in the Philippines
Banco de Oro (BDO) Credit Cards
Interest Rate per month
BDO Titanium MasterCard; Platinum MasterCard; American Express Platinum Credit Card
BDO Standard MasterCard; Cathay Pacific American Express Credit Card; Cathay Pacific American Express Elite Credit Card. Forever 21 MasterCard; Bench MasterCard; Gold MasterCard; JCB Gold; Visa Gold; Visa Platinum; UnionPay Gold; American Express Gold Credit Card
BDO Visa Classic; JCB Lucky Cat; American Express Credit Card; Blue From American Express; ShopMore MasterCard
PNB Visa Classic; Visa Gold Essentials MasterCard; Mabuhay Miles Platinum MasterCard
Landbank Credit Cards
Interest Rate per month
Landbank Classic Local Visa; Gold Local Visa; Classic International Visa; Gold International Visa
Unionbank Credit Cards
Interest Rate per month
UnionBank Gold Card; Classic Card; Great Treats and Rewards (GT+R) Credit Card; Omni Pass; Bai Credit Card; Shop and Talk Card
Allied Bank Credit Cards
Interest Rate per month
Allied Bank Alumni Association of Xavier School (AAXS) Credit Card; De La Salle Zobel Alumni Association (DLSZAA) Card; Immaculate Conception Academy Alumnae Association (ICAAA) Card; Jaguar Platinum MasterCard; Land Rover Platinum MasterCard; The Travel Club Platinum MasterCard
Try your best to settle your monthly credit card obligations so you won’t be one of the poor victims drowning in credit card debt!
Sources: Official websites of credit card companies, iMoney.ph, MoneyMax.ph
About the Author
James Ryan Jonas teaches business strategy, investments, and entrepreneurship at the University of the Philippines (UP). He is also the Executive Director of UP Provident Fund Inc., managing and investing P3.1 Billion ($56 Million) worth of retirement funds on behalf of thousands of UP employees.
When sending cash remittances or wire transfer to a bank account in the Philippines (such as BDO, BPI, Metrobank, Landbank, DBP, etc.), you’ll surely need the SWIFT Code of the bank. Look no further because you can find all the SWIFT Codes you need in this list! Make sure you’re using the right bank code ... Read more
Without a doubt, one of the most annoying fees that credit cardholders have to pay is the annual fee. Majority of cardholders are familiar with this fee and majority of us likely pay this grudgingly year after year after year. In the case of my credit card with BPI (Bank of the Philippine Islands), I’m ... Read more
For a majority of Filipinos, entrepreneurship does not seem to be a typical, expected path. This is not surprising, considering that in school, students are primarily taught to become employees after graduation. Students train for years to become staff workers, reporting to a supervisor, and just waiting to receive their wages or salaries every month. ... Read more
I started investing in mutual funds when I was 22 years old. As an Overseas Filipino Worker (OFW) then, I was fortunate to be able to save some money at that young age because of my work abroad. One time while I was on vacation in the Philippines, I saw a large billboard in EDSA ... Read more
The Philippines’ new tax reform bill, known as TRAIN or Tax Reform for Acceleration and Inclusion, was signed into law on December 19, 2017 and its implementation began on January 1, 2018. What are the new income tax rates under the TRAIN law? How will TRAIN affect income taxes of individuals and corporations? How is the ... Read more
Did you know that Philippine stocks were able to achieve an astounding growth of 800% in a span of 30 years? From 1987 until 2018, the Philippine Stock Exchange index (PSEi) rose from 1,000 points to a peak of 9,000 points — generating a return of 800% over 30 years. (The PSEi is an index ... Read more
Good news to all government employees! There’s a new round of salary increases beginning January 1, 2022! Millions of employees of the Philippine government — including public school teachers, nurses and staff of government hospitals, and workers in local and national government agencies, etc. — will be getting an automatic salary adjustment this 2022 under ... Read more
Before you take the plunge into stock trading and investing, make sure you understand what stocks are and how the Philippine Stock Exchange (PSE) operates. Unlike other investments that are relatively safe, stock trading is risky and loss of money is a possibility. So before you deep dive into the exciting world of stock trading, ... Read more
How much do you need to start trading stocks in the Philippine Stock Exchange (PSE)? How many shares of Globe Telecom (GLO), Ayala REIT Inc. (AREIT), DITO CME Holdings (DITO), or Megaworld (MEG) can you buy or sell at any given time? You probably don’t know it, but these questions can be answered by simply ... Read more
Pinoy Money Talk
We are a money-oriented website in the Philippines focusing on the stock market, banking, entrepreneurship, and investment opportunities.
By continuing to use our site, you consent to our cookies that are used to improve your website experience.Got it!Read More
Privacy & Cookies Policy
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.