New limits on credit card interest rates: How will they affect you?

Moneymax.ph

Posted at Nov 12 2020 02:29 PM

The Bangko Sentral ng Pilipinas (BSP) recently imposed new limits on credit card charges to ease the public’s financial burdens during the pandemic. Starting November 3, 2020, banks will have to follow the BSP mandate. 

But what does this mean for credit cardholders? What exactly are these interest rate charge caps and how will they benefit you? Here’s a quick primer to help you understand. 

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