Bangko Sentral ng Pilipinas (BSP) governor Benjamin E. Diokno reminded the public that the ceilings on interest rate, finance charges, and fees on all credit card transactions took effect on Tuesday, Nov. 3.
Tag: credit card
The Credit Card Association of the Philippines (CCAP) said the economic challenges has not only made card holders hesitant to apply for new credit cards but also made it more difficult for them to settle their credit card debt.
The Bangko Sentral ng Pilipinas (BSP) has approved the setting of an annual interest rate ceiling of 24 percent on all credit card transactions effective November 3 this year.
With online transactions at an all-time high in the country, e-commerce site Lazada Philippines and local lender UnionBank have launched what is dubbed as the country’s first credit card optimized for e-commerce transactions.
The Citibank Visa payWave allows cardholders to simply wave their cards — in close proximity — of a Visa payWave reader present in a Citi merchant partner’s store to pay for their goods.