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Bill Proposed to Lower Credit Card Fees

leela · 14 · 2865

leela

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on: Nov 13, 2010, 11:38 AM
Bill proposed to lower credit card fees

2nd District Rep Winston Castelo filed a bill proposing to lower credit card charges from the current three perecent to 1 percent. For me, okay sa akin ito. Sana lang pumasa. What are your thoughts about it?


mitsurugi

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Reply #1 on: Nov 13, 2010, 12:39 PM
Sounds good...though I realyl don't use credit cards.


me_edrian

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Reply #2 on: Nov 13, 2010, 03:19 PM
sana nga pumasa to, pero mahaba habang discussion yan daming haharang for sure.

ngayon nga eh ung iba 3.5% na, sarap magka credit card un nga lang kung di marunong gumamit sigurado lubog sa utang kalalabasan ng card holder.


waterfront

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Reply #3 on: Nov 14, 2010, 08:46 AM
how i wish all the ++++souls ++++ of the owners and the hungry authors of these banks charging usurious fees and penalties will be burned eternally in the fires of HELL!

imagine how coward and bully these wise guys are, they gave a measly 1 to 3% per YEAR less 20% withholding tax to our deposits while they charged 3.5% per MONTH for the credit card penalties/charges!!! calling taning, are you listening ....  :D :evil:


jramar

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Reply #4 on: Aug 13, 2011, 05:24 PM
up ko lang to nakapasa ba ang bill?

or sana kahit fix %interest lang walang hidden charges like pag sinabing 3% yun lang talaga.
kasi may experience ako na nagbayad lang ng 30k out of 50k na utang ko. so dapat 600 lang ang interest nung 20k. pero ang dumating sa akin the next billing is 20k plus P1,823.00 finance charge e di hindi 3% yun.


naomibatac

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Reply #5 on: Jan 11, 2012, 08:04 PM
Yes, it would be very helpful if this bill will be passed and approved. Since most economies are down, it is inevitable for credit card users to pay only the minimum each month. This means, many are paying charges and penalties. Please update if this bill has been approved. Thank you.


freelancer_babe

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Reply #6 on: Jan 12, 2012, 09:14 AM
I really mind the 3.5% interest on credit cards - ako kasi ang taong nagbabayad in full, so I do not get those finance charges. But really, maganda nga talaga kung 1% na lang - if I am not mistaken dito ata sa Pinas ang isa sa pinakamataas ang effective interest rate sa CCs.

I guess that with the current interest rate on CCs (mine is 3.4%), malamang di pa approved ang bill.

An alternative is to negotiate with the bank by simply telling them that you find it more difficult to pay the bill with the current rate. Usually open ang banks sa ganito. Baka maging 1% na lang ang kalalabasan kung ganun. At least you do not have to wait for the bill to get approved.

But I think there are other concerns:
- sana alisin na ang annual fees. Malalaki rin ito. Not everyone could waive this.
- lower cash advance fees.
- not all everyone knows that there should be one price tag for credit cards and cash. Some establishments offer discounts to those who pay in cash vs. those who pay using a CC. It's also sad that DTI is not checking up on these, as there are a lot of computers and electronics/appliances centers doing this.


mxherr5

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Reply #7 on: Jan 12, 2012, 10:45 AM
They actually offer a "discount" so technically they're following the law of one price tag for cash and credit card. That's why I don't ever use a card for big ticket items. I think only SM doesn't have a special discount for paying in cash hehehe booooo


freelancer_babe

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Reply #8 on: Jan 12, 2012, 11:20 AM
Ah, so legal pa rin ang labas ng mga yun? If I remember it right, I think I also read somewhere na bawal din ang cash discounts practice.

Madaya yun! DTI should look into it. Maybe no one is complaining because no want wants the hassle of going to their offices to file a complaint. But DTI should not take action even if no one is complaining. They shouldn't stop checking establishments.

I think SM had already taken into account their card prices. Kaya mahal sa SM whether we pay by cash or by credit kasi binabayaran na natin ang fees na binabayaran nila sa credit card system nila. Since they are a huge business, I'm sure ayaw naman nilang magkaproblema sa law if in case they offer cash discounts.


joconcepcion

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Reply #9 on: Jan 12, 2012, 12:55 PM
Tama po, sounds good!

Pero i don't use credit card... :cool2:


yellowminded

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Reply #10 on: Jan 12, 2012, 03:10 PM
These companies will lower rates if we stop using their credit cards so much. :)

Just think about it.

But since many of us are so dependent on them and usually get buried in credit card bills, it doesn't make business sense to bring down rates down to 1% as waterfront suggested. I know a handful of people who have, at one time or another, shirked from their responsibility and stopped paying their cards. Some even run away from them...

Stop using credit cards! :)

Disclosure: I have a credit card :)


ferrariEverest

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Reply #11 on: Jan 12, 2012, 03:30 PM
^ hahah, para bumaba interest rates. :D


rangel

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Reply #12 on: Jan 14, 2012, 08:29 AM
Well it's about time...madami na naging victims ang mga cc. Though it would be best din kung sama nila sa bill ang no more Annual Fees..Kakainis din yearly that you have to negotiate sa CC ang waive ng Annual Fees..Just like this 1st week of the year..am trying to haggle again to waived my annual fees kso wala daw advice..So I have to let go and close my accnt. Sayang din naman 9years na ko sa knila..but I've maximized it and get all my points before closing it. It's their loss and another CC company gains..Huwag po tayo paloko sa kanila by paying the Annual dues kase with the huge amount of transaction were giving to them..it more than enough to waive it..Sad to say this year hindi ko na nabargain..

BUT what really amaze me is...wala pang 5days na naclose ang account ko...heto at 3x na akong nakareceived ng offer sa kanila to get a new cards.. :hihi:...eh baket pinaclose pa nila yung 9years account ko kung heto at nagkukumahog ulet sila to get my bussiness back on them?
« Last Edit: Jan 14, 2012, 08:33 AM by rangel »


julz

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Reply #13 on: Apr 22, 2014, 10:25 PM
Di na natuloy ito?


 


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