We continue our Credit Card series here in PinoyMoneyTalk with a listing of fees and charges for all local credit cards.
We know that it is expensive to maintain a credit card, so we want you to be aware of all fees and charges, so you’ll know how to manage your credit card!
Here is a summary of fees and charges that apply to all BPI and BPI Family Savings Bank credit cards.
Bank of the Philippine Islands (BPI) and BPI Family Credit Cards
Annual Membership Fees and Finance Charges
| Classic Card | Blue MasterCard | Gold MasterCard | Petron-BPI MasterCard | SkyMiles MasterCard | SkyMiles Platinum MasterCard | |
|---|---|---|---|---|---|---|
| Annual Fee - Principal Cardholders | P1,250 | P1,550 | P2,250 | P1,550 | P2,050 | P5,000 |
| Annual Fee - 1st Supplementary Cardholders | FREE for life | FREE for life | FREE for life | FREE for life | FREE for life | FREE for life |
| Annual Fee - 2nd to 6th Supplementaty Cardholders | P625 | P775 | P1,125 | P775 | P1,025 | P2,500 |
| Finance Charges per month/ Effective Interest Rate per month | 2.75% / 2.49% | 3.40% / 3.09% | 3.40% / 3.09% | 3.40% / 3.09% | 3.40% / 3.09% | 3.40% / 3.09% |
| Edge MasterCard | Mini-Edge MasterCard | Amore Visa | Amore Visa Platinum | e-Credit | BPI Family Credit Card | |
|---|---|---|---|---|---|---|
| Annual Fee - Principal Cardholders | P110/month | P400 | P2,050 | P5,000 | FREE for life | P1,000 |
| Annual Fee - 1st Supplementary Cardholders | FREE for life | FREE for life | FREE for life | FREE for life | FREE for life | FREE for life |
| Annual Fee - 2nd to 6th Supplementaty Cardholders | P55/month | P400 | P1,025 | P2,500 | FREE for life | P500 |
| Finance Charges per month/ Effective Interest Rate per month | 3.40% / 3.09% | 3.40% / 3.09% | 3.40% / 3.09% | 3.40% / 3.09% | 3.40% / 3.09% | 2.00% |
Other Fees
| For all BPI and BPI Family Savings Bank Credit Cards | |
|---|---|
| Penalty Fees | 6% of the past due amount |
| Returned Check Penalty Fee | P100 for every dishonored check plus 6% of the check amount |
| Cash Advance Fee | For withdrawals up to P7,500: P300 per transaction. For withdrawals more than P7,500: 4% of amount withdrawn |
| Issuer's Service Fee for Foreign Currency Transactions | 0.75% of MasterCard/Visa's foreign exchange rate at the time the transaction is posted |
| Charge Slip Retrieval Fee | P300 |
| Card Replacement | P400 per card |
| Check Protect Fee | P1,000 plus P200 for every P40,000 or fraction thereof |
| Special Installment Plan (S.I.P.) Pre-termination | If pre-termination is done prior to the first billing: P550 plus an additional 2% on the principal amount. If pre-termination is done after the first billing: P550 |
| In case of default, cardholder shall pay the following in addition to penalty and charges: | |
| Attorney's Fee | 25% of the amount due |
| Liquidated Damages | 25% of the unpaid amount, exclusive of litigation expenses and judicial costs |
Credit Card terms explained:
- FINANCE CHARGE — the nominal rate computed by multiplying the applicable rate to the Average Daily Balance. The current month’s purchases are free from interest. Finance charges are imposed only on the previous month’s unpaid balance.
- EFFECTIVE INTEREST RATE — total interest divided by the Average Outstanding Principal Balance.
- CASH ADVANCE EFFECTIVE INTEREST RATE PER MONTH — Total Interest plus Cash Advance Fee divided by Average Outstanding Principal Balance
Take note: it is expensive to maintain a credit card, so make sure you manage your finances properly! Use your credit cards wisely!
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