Money Smarts » Demystifying finance charge computations on your credit card

Source: WikipediaMoney Smarts » Demystifying finance charge computations on your credit card

I must mention this blog post I read a few weeks back at the Money Smarts blog at Inquirer.net

It gives you an idea how the credit card interest rate clause of “3.5 per cent per month on the average daily balance” works.

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More Details on BPI’s Reduced Interest Rate

Source: Wikipedia

I have mentioned last April 8 that the Bank of the Philippine Islands has reduced its interest rate for its Classic credit card.

Details are now on BPI’s website:

Reduced Finance Charge Mechanics
Reduced Finance Charge FAQs

Other credit card companies in the Philippines should not only follow suit but lower it further!

Way to go BPI!

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