REMINDER: Credit card fees and charges to continue during 'payment holiday'

The month-long enhanced community quarantine (ECQ) in Luzon has compelled local banks to extend the payment period for credit card payments, along with other loan services.

Credit cardholders, however, still have to keep in mind that some fees and charges will continue to apply during the "payment holiday."

Among such fees are late payment charges (LPCs) or fees made for making payments after the due date, and finance charges (FCs) or fees for the use of credit or the extension of existing credit.

A finance charge is usually on aggregated cost, including the cost of carrying the debt itself, including any related transaction fees, account maintenance fees, or late fees charged by the lender.

Below is a list of banks that have released advisories on the FCs and LPCs for the payment holiday.

Bank of the Philippine Islands (BPI)

•     A 30-day grace period payment option is up to 30 days from March 16 to April 15, 2020, subject to an extension on a case-to-case basis.
•     For clients who pay only the minimum due, only the late payment charges (LPC) will be automatically waived. Requests to reverse the finance charges (FC) may be evaluated.
•     For clients who pay their dues in full (consistent for the past six months), both the FC and LPC may be waived.

Citibank N.A. Philippine Branch (Citi Philippines)

•     Credit cardholders in good credit standing whose due dates fall from March 16 to April 12, 2020 are given a one-month extension on their payment without being charged a late fee.
•     Qualified customers are those who have paid at least minimum amount due in the last month's payment due date.
•     Interest charges will apply during the payment extension.

Metropolitan Bank & Trust Co. (Metrobank)

•     A 30-day grace period program will be extended to qualified car loan, home loan, and credit card payments.
•     Late fees are automatically waived. Otherwise, accounts that have been billed for late charges will be reversed accordingly.
•     For cardholders who have made full payments on our before the due date in the last six months, finance charges will be reversed. This will be reflected in the succeeding statement of account.
•     Consideration may also be made for customers who make over-the-counter payments and are unable to do so under the current circumstances.

Rizal Commercial Banking Corp. (RCBC)

•     RCBC cardholders whose due dates fall from March 16 to April 15, 2020 to make a payment 30 days after. The late payment fee will be waived during the period, but an interest will be charged on unpaid balance from previous statement of account.
•     For cash advance transactions, the interest will be based on the current interest rate and applied from the transaction from availment date.

Other lenders have yet to publicly release specific guidelines on their LPCs and FCs. Refresh this page for details.

Banks have also earlier announced that they will remain operational, even as most business establishments have been ordered to temporarily close amid the quarantine.

From 12:00 a.m. on March 17, the entire Luzon was placed on enhanced community quarantine until April 13, restricting travel within the region in efforts to contain the spread of the coronavirus disease 2019 (COVID-19).—AOL, GMA News