BPI Family Savings Credit Cards Sample Effective Interest Rate Computation
Purchase DateFirst day after statement datePurchase AmountPhp 20,000
Payment Due20 days after statement dateMinimum Amount Due3.57% of the outstanding balance


Total Interest: Php 6,254.32

Average Outstanding Balance: Php 17,066

Finance Charge per month: 3.0%1

Effective Interest Rate (per month): 3.0%2

MonthRetail PurchaseTotal PaymentInterest
Outstanding Principal Balance
Total Outstanding Balance
120,0000620
20,000
20,620
2
1,334
565
19,286
19,851
3
1,254
600
18,59719,198
4
1,264
562
17,93418,496
5
1,202
559
17,29317,852
6
1,176
523
16,67617,199
7
1,118
520
16,08116,600
8
1,094
501
15,50716,008
9
1,055
469
14,95315,422
10
1,002
466
14,41914,885
11
981
436
13,904
14,340
12
932
433
13,408
13,841


1Computed based on Daily Balance using 30 days per month (or 360 days annually). New finance charge rate effective March 1, 2019.

2Effective Interest Rate per month = Average Monthly Interest divided by Average Principal Balance


Assumptions:

- Cardholder has no outstanding balance on his first statement and makes a transaction of P20,000 during the month.

- Cardholder will pay only the Minimum Amount Due, including the interest charges posted every statement cycle on his/her due date.


Reminder: In accordance with BPI Credit Card/BPI Family Savings Credit Card Terms and Conditions, BPI/BFSB reserves the right to change the fees from time to time. Please note that your continued use of your BPI/BFSB Credit Card indicates that you have read, understood, and accepted these terms. For concerns or queries, you may call us at (02) 89-100 for Metro Manila or 1-800-188-89100 for domestic toll-free calls (available to PLDT subscribers), and 63 + 2 + 89-10000 for mobile phone and international access.


Published on June 06, 2019