BPI Credit Cards Sample Effective Interest Rate Computation
Purchase Date
First day after statement date
Purchase Amount
Php 20,000
Payment Due
20 days after statement date
Minimum Amount Due
3.57% of the outstanding balance


Total Interest: Php 6,578.93

Average Outstanding Balance: Php 17,066

Finance Charge per month: 3.50%1

Effective Interest Rate (per month): 3.21%2

Month
Retail Purchase
Total Payment
Interest
Outstanding Principal Balance
Total Outstanding Balance
1
20,000
0
0
20,000
20,000
2

714
646
19,286
19,932
3

1,334
702
18,597
19,300
4

1,366
658
17,934
18,592
5

1,298
654
17,293
17,948
6

1,272
612
16,676
17,288
7

1,207
608
16,081
16,689
8

1,182
587
15,507
16,094
9

1,141
549
14,953
15,502
10

1,082
545
14,419
14,965
11

1,060
510
13,904
14,415
12

1,007
507
13,408
13,915


1Computed based on Daily Balance using 30 days per month (or 360 days annually) 

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