According to a news article that I saw on the Philippine Star published on April 2, 2007, BPI Card Corporation will lower the interest rate for its ExpressCredit Classic product. By may card holders will have a lower rate of 2.90% per month from the current 2.99 percent per month. The rate will continue to go down until it becomes 2.70% per month by October 2007. Although even at 2.70% which is equivalent to a 32.40% per year it still is a good development in the call for lower interest rates.
This credit card product is proprietary to BPI as it does not carry the logo of either VISA, Mastercard, American Express or JCB. Therefore, the card cannot be used outside the Philippines and not all shops in the Philippines are able to accept the card.
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