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Credit Card Charging

mickoolitz · 37 · 15596

mickoolitz

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on: Dec 13, 2010, 01:08 PM
I've been using BDO credit card for almost 2 years now and I'm very satisfied with the service. However, recently, I was not able to make a full payment - just paid 3/4 of the whole amount. All the while I thought that I will only be charged for the interest of the remaining amount, but to my surprise when the billing came, I was charged with the interest of the whole amount due (paid and unpaid) including those that were included in the cutoff. I do admit that it was a mistake on my part for not reading the terms and condition since it is stated there. But, I really find this unfair. Do other banks use the same computation?

Below is an excerpt from the email sent by BDO Call Center

 if you choose to pay only the Minimum Payment or any amount less
than the Outstanding Balance on or before the payment due date, you will be
treated as a borrower or revolver.  Hence, a finance charge based on the
prevailing interest rate will be imposed on the balance stated in your
previous Statement of Account, which is Pxx,xxx.xx and on all new
transactions posted within the current Statement period, which is Px,xxx.xx
computed from Post date until the current Statement Date.

Thanks!


pulubing_palaboy

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Reply #1 on: Dec 13, 2010, 02:52 PM
yes, that's normal


mlangseth

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Reply #2 on: Dec 13, 2010, 08:05 PM
^^ yap..so to beat those unnecessary charges, always pay in full each account cycle..


mickoolitz

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Reply #3 on: Dec 13, 2010, 08:55 PM
awww lesson learned:) thanks guys!


pipay

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Reply #4 on: Apr 07, 2011, 06:45 PM
hay finance charges! sobrang bigat sa bulsa. Got another bill today! Wahhhh!!!! Never ending =(  I tried using yung actual figures sa bill ko sa theextracharge.com at malapit-lapit naman siya dun sa bill ko talaga! I’m impressed! Grabe ang mahal pala ng finance charge ko!!!! (I'm using Citibank, btw) Lilipat na ko ng card!


freefront

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Reply #5 on: Apr 07, 2011, 07:29 PM
Strategy: Sorry, but BDO is the bank offering balance transfer at .70 at 6 months tenor. Still, 4.2%  to be paid in 6 months is better than 7% for the 2 months that you want to pay off your balance.

If you are already anticipating not able to pay all your balance from your last cut-off date, shop around for the lowest balance transfer rate 10 ten days (at least, others can process at 5 days)before your due date.  The idea is to keep to yourself as much money as you can.

And that is why it is not wise to keep just one credit card. That card might get spoiled, lost, or reach its credit limit and you are left without a crutch.

How do I know this? My house is like a hotel with a revolving door of bakasyonistas, mostly siblings who CANNOT BELIEVE just how much they can spend for a few weeks in Manila. What do they charge? One more island hopping, optical clinic, dermatologist, extreme magic sing :D


suarezlyka

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Reply #6 on: Apr 13, 2011, 08:17 PM
i think HSBC is better... Citi bank  mas grabi kumain nang pera.


dataencoder12

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Reply #7 on: Apr 13, 2011, 09:02 PM
i've been using BPI Blue Mastercard for the longest time and im very satisfied with their service. No hidden charges talaga. Medyo kailangang magaling ka lang makipagusap sa customer service kung gusto mong magpawaive ng annual fee pero everything else is good. Very convenient pa kasi our pay credited sa BPI so online ako nagbabayad.

Rule of thumb: Never charge what you cant pay in full.


pipay

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Reply #8 on: Apr 13, 2011, 10:45 PM
By the way, I always keep track of my credit card expenses using an Excel file I created. Automatic na siyang nagcocompute ng mga totals pati pag halimbawa naginput ako ng payment, automatic na rin siya nagcocompute (galing ko noh!). Best practice magkeep track para di gumastos ng pautang lagi lalo na sa credit card, kala mo dami mong pera wala ka naman pambayad! Hehehe.


puberer

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Reply #9 on: Apr 14, 2011, 06:18 AM
make sure lang lagi na mabayaran ng full ang balance.  kung di man, get ready for the charges.  kahit pa mababa ang finance charge ng cc, kung di mo naman babayaran ng buo, ganun din, ma charge ka lagi. 

(I'm using Citibank, btw) Lilipat na ko ng card

baka naman po hindi sa cc ang problem.  baka po the way you use your cc at ni blame mo lang sa cc.  ok naman ang citibank.  i've been using it for a year now.  meron din kami BDO amex.  kahit pa po magpalipat lipat ka ng cc, kung hindi mo ma discipline ang sarili mo sa pag gamit, babalik at babalik sa sa dati mong problem. 



CFJ08

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Reply #10 on: Apr 23, 2011, 10:55 AM
I also have BDO and HSBC credit cards. Naging revolver din ako for almost 6 months (or more). May emergency na pinagka-gastusan.

On BDO, dati ang finance charge ay para lang sa current purchases. ngayon kung hindi ka nakabayad, lahat ng magiging purchases mo pa lang, may charge na.

Now, binabayaran ko ng sobra ang lahat ng outstanding balance ko sa 2 cards ko last december. Buti na lang medyo ok na ang credit line ko. Because of this, na-approve ang housing loan ko sa BDO (Php1.4M). Yun ang sinabi sakin nung taga-BDO. Wag daw sumablay sa bayad sa mga loans (I have existing 3rd personal loan sa BDO) at credit card bills.

Yun lang. :)


puberer

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Reply #11 on: Apr 23, 2011, 12:28 PM
On BDO, dati ang finance charge ay para lang sa current purchases. ngayon kung hindi ka nakabayad, lahat ng magiging purchases mo pa lang, may charge na.

ito ang gisado.  di pa man tumagal ng 1 month ang purchase mo, may interest na dahil hindi fully paid ang bill.

advice lang sa mga di nakakabayad ng full, wag kayo mag swipe 15 days before ang cut-off.  after ng cut off nalang mag swipe para at least may 1 month na tatakbo bago ma interesan. 



neo

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Reply #12 on: Apr 23, 2011, 02:15 PM
@mickoolitz, weighted average balance po yata ang ginagamit sa pag-co-compute ng interest ng credit card kaya parang interest of the whole amount due ang na-charge.


pipay

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Reply #13 on: May 06, 2011, 11:17 PM
make sure lang lagi na mabayaran ng full ang balance.  kung di man, get ready for the charges.  kahit pa mababa ang finance charge ng cc, kung di mo naman babayaran ng buo, ganun din, ma charge ka lagi. 

baka naman po hindi sa cc ang problem.  baka po the way you use your cc at ni blame mo lang sa cc.  ok naman ang citibank.  i've been using it for a year now.  meron din kami BDO amex.  kahit pa po magpalipat lipat ka ng cc, kung hindi mo ma discipline ang sarili mo sa pag gamit, babalik at babalik sa sa dati mong problem. 



Kasi when I checked ang mahal ng finance charge ng Citibank compared sa ibang CC ng friends ko. =/


Anyway, for those who wish to get a credit card, assess first where and how you think you’ll use it so you can pick a card that’ll best suit your needs. Iba-iba rin naman yan eh. Personally, my priorities are always centered on my family so I go for cards that give me bonuses/freebies I can share with them. Hmm which bank has the widest range of choices for different kinds of people nga ba?



pocoyo

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Reply #14 on: May 07, 2011, 12:37 AM
i am using a citbank credit card, and believed me i enjoy the
privileges, esp ung rebates, discipline lang tlaga, we have to be
responsible lang to pay our bills on time, but tlagang gipit at medyo
naparami ung purchase like xmas holidays, etc, u can make
a balance transfer to your other credit cards para less ang charges.
Ang nakakainis lang panay ang dating ng mga credit cards dito sa house namin without me requesting from it, but i only maintain 2.


 


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