The Bangko Sentral ng Pilipinas (BSP) has decided to maintain the current fees for credit card users.
BSP has kept the monthly limit on fees for unpaid credit card balances at 3 percent.
Additionally, the maximum fee that can be charged for installment loans remains at 1 percent. The processing fee for credit card cash advances is also unchanged at P200 per transaction.
The BSP reported that the amount of money owed on credit cards increased by 29 percent as of May 2023, compared to the same period last year.
This is because more people are using credit cards to pay for their purchases.
However, the number of unpaid credit card balances that are considered “non-performing” decreased to P23.4 billion, compared to P29.3 billion in 2022. T
The ratio of non-performing credit card balances to total credit card balances also improved, dropping from 6.3 percent in May 2022 to 3.9 percent in May 2023.
Source: PhilNews24 | August 23, 2023
