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
1
BDO Titanium MasterCard; Platinum MasterCard; American Express Platinum Credit Card
2.50%
2
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
3.00%
3
BDO Visa Classic; JCB Lucky Cat; American Express Credit Card; Blue From American Express; ShopMore MasterCard
Citibank PremierMiles Platinum Card; Rustan's Citibank Platinum Card; Platinum Visa
2.75%
6
Citibank PremierMiles Card; Rustan's Citibank Gold Card; Mercury Drug Citi Gold Card; Shell Citi Gold Card
3.25%
7
Citibank Mercury Drug Citi Classic Card; Shell Citi Classic Card; Rewards MasterCard; Rewards Visa; Megaworld Citi Card; Cebu Pacific Citi Card; Cash Back Card
3.50%
Metrobank Credit Cards
Interest Rate per month
8
Metrobank M Lite MasterCard
2.49%
9
Metrobank Dollar MasterCard
2.75%
10
Metrobank M Free MasterCard; ON Internet MasterCard; Classic Visa; Classic MasterCard; Robinsons-Cebu Pacific MasterCard Classic; Robinsons-Cebu Pacific MasterCard Gold; Platinum MasterCard; World MasterCard; Gold Visa; Gold MasterCard
3.50%
11
Metrobank Femme Visa; Toyota MasterCard
3.54%
Standard Chartered Credit Cards
Interest Rate per month
12
Standard Chartered Priority Banking Visa Infinite Card
1.99%
13
Standard Chartered Classic MasterCard; Classic Visa; Gold MasterCard; Gold Visa; Platinum Cash Rewards Card; Manulife Standard Chartered Card; Infinity Standard Chartered Card
3.50%
Maybank Credit Cards
Interest Rate per month
14
Maybank MasterCard Standard; Visa Classic; MasterCard Gold; Visa Gold; MasterCard Platinum; Visa Platinum
3.00%
Eastwest Bank Credit Cards
Interest Rate per month
15
Eastwest Bank Platinum MasteCard
2.75%
16
Eastwest Bank Practical MasterCard
3.49%
17
Eastwest Bank Classic Visa; Classic MasterCard; Dolce Vita MasterCard; LausAutoGroup Visa; Hyundai MasterCard; Gold Visa; Gold MasterCard; EveryDay MasterCard
3.50%
Security Bank Credit Cards
Interest Rate per month
18
Security Bank MasterCard Classic; MasterCard Gold; MasterCard Platinum
3.25%
19
Security Bank Diner's Club International; Diner's Club Premiere
PNB Visa Classic; Visa Gold Essentials MasterCard; Mabuhay Miles Platinum MasterCard
3.25%
Landbank Credit Cards
Interest Rate per month
30
Landbank Classic Local Visa; Gold Local Visa; Classic International Visa; Gold International Visa
3.25%
Unionbank Credit Cards
Interest Rate per month
31
UnionBank Gold Card; Classic Card; Great Treats and Rewards (GT+R) Credit Card; Omni Pass; Bai Credit Card; Shop and Talk Card
3.50%
Allied Bank Credit Cards
Interest Rate per month
32
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
3.25%
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.
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