GR 175490: SC reduced interest and penalty charges

G.R. 175490 - Macalinao vs BPI Case According to Supreme Court: The Interest Rate and Penalty Charge of 3% Per Month or 36% Per Annum Should Be Reduced to 2% Per Month or 24% Per Annum

Macalinao petition on this issue was granted by the Supreme Court. It stated that the interest rate and penalty charge of 3% per month by the Court of Appeal should be equitably reduced to 2% per month or 24% per annum. Although it is in the Terms and Conditions Governing the Issuance and Use of the BPI Credit Card, the Supreme Court declared the 3% interest rate as void and as if there was no express contract thereon. The same ruling was applied to the penalty charge, citing Article 1229 of the Civil Code in addition.

Since credit cards usually charge more than 3% interest rate per month, you can benefit from this specific ruling of the Supreme Court. When you become delinquent on your credit card, keep the communication open. Ask for a re-computation of your account/s based on this ruling. Also, it would be better if you kept your monthly statements of account so that you yourself can plot the transactions in your computer and be able to re-compute your account as how the Supreme Court did it.

Transcript of the ruling: http://sc.judiciary.gov.ph/jurisprudence/2009/september2009/175490.htm

What delinquent credit card holders should know & do?

In relation to my previous post SC G.R. 175490 for Philippines Delinquent Credit Card Holders dated October 23, here are some unsolicited advice that you may consider in handling your delinquent accounts:

KEEP IN TOUCH – Never cut the communication between you and the concerned credit card provider/s or collecting agency/ies making follow ups on your account. Why? It shows your good intention of resolving your account.

REPORT – In case you retire, resign or will have a new employer, or any changes in your residential information, do not forget to notify the bank. This is very important especially if you are delinquent because you will be violating R.A. 8484 (Access Devices Regulation Act of 1998) and you can be charged with a criminal case.

KEEPING RECORDS – It is very vital to keep your monthly statements of account as reference and evidence, if ever, in case your credit card provider/s will not supply you. If you have these, you can personally re-compute your account according to the Supreme Court ruling and can tender offer to the bank or collecting agency with legal reference.

AGREEMENT FIRST – In case you want to settle your delinquent account, be sure that you have the agreement in black and white so you have record/s on file for your protection.

SC G.R. 175490 for Philippines Delinquent Credit Card Holders

There may be many delinquent card holders in the Philippines whom may not be aware of the Supreme Court ruling on MACALINAO VS BANK OF THE PHILIPPINE ISLANDS case docketed as SC G.R. No. 175490 and promulgated on September 17, 2009.

It is a credit card case and many delinquent credit card holders may benefit from this ruling. For now, you may take time to read and discern the contents of this ruling in this link, http://sc.judiciary.gov.ph/jurisprudence/2009/september2009/175490.htm, to have an overview of my succeeding posts about the said case.

Importance of a consolidation loan

Loans are the most common concern not only among businesses but in every ordinary household. Now that the world is experiencing an economic turmoil, it adds on the burden of people especially in dealing with their finances. At the end of every day we are still trap to think of how we can move on and deal with our obligations religiously.

Credit card debt is one of the most common indebtedness most of the people are in right now. Actually I am one of those but it is not because of my luxurious lifestyle or extravagant purchases. It is because I used the money card as additional capital for my parents’ business and we pay thru the income generated from the business. There was an instance where my several credit cards’ balances simultaneously went up but I was able to manage it by consolidating everything. We can not get over it if we just pay the minimum amount due. The outstanding balance will continue to blow until we find the best remedy. Based on my experience consolidation loan was the answer. By consolidating all the loans and get one loan to pay for those will enable us to handle our obligations with more convenience, lesser pressure, lower interest rate and minimal accounts to handle.

Banks are providing also their card holders a more convenient way to settle their balances. One effective and simplest way is the inter-banks’ Balance Transfer. If you find a hard time getting a bank loan then this transfer will be a big help.

There are other loans some or most of us are dealing simultaneously like student loan and car loan but the bottom line is how we can deal with them in a more reasonable, logical and best possible way.

Benefits of Balance Transfer

Sometimes, credit card holders forget to monitor their purchases and charges against their cards that resulted to huge outstanding balances. The 3.5% monthly interest is the usual charges of these credit card providers and having higher balance will only leave you paying only for the interest alone and small or even none for the principal. In this scenario, Balance Transfer will be very beneficial for the card holder to take. With this promo, you can be able to pay a large or maybe in full your outstanding balance and you only need to pay for a much lower monthly payment for the transfer. The interest rate is also very low ranging from 0.70% to a maximum of 1.67% per month as compared to 3.5% usual charge of credit card companies. Actually, some banks are even giving FREE ITEMS upon approval of your Balance Transfer Application.

I am clueless before about this Balance Transfer promo but when I knew about it I know what to do at times our balances rise up. Actually, I just recently get approved for a Balance Transfer from East West Bank and I am expecting our Nintendo DS Lite as the freebie for their promo. You can check the promo here. This is the credit card of hubby but exclusively use by my parents for their business.

Balance Transfer could also be an entry point to get hold of another credit card as long as you are in good credit standing with your old card/s.

Credit Cards @ CreditCreator.com

Nowadays, the working public finds credit cards very helpful and convenient. The prices of basic commodities keep on increasing, kids’ daily school-related expenses, petroleum products issues and now the financial crisis in America. Having a credit card gives cardholder the comfort of buying the needs and pay for the bills that need to be settled. At CreditCreator.com, you can find vast selection of credit card providers, their features and comparative analysis that could help you finds the right card for you. All credit cards are grouped into several categories for convenience. The site is geared towards helping the customers finding the right card for their needs by giving them all available options, educational and useful information to compare the features, and provides the latest articles and buzz about credit card.

I do myself maintain several credit cards and at times I got used of my limit in a certain credit card I avail of the promos being given by other providers to pay it at a lower rate. Actually, it is fast and easy to pay off your outstanding balance in a certain credit card by another provider through their Balance Transfer facility rather than to apply for a bank loan which is really painstaking.

So if you are eyeing for a credit card, check CreditCreator.com. Browse among the vast selection of major credit card providers, compare and apply online.

Sponsored by RM.

CompareCards.com: One-stop site for credit cards

Looking for credit cards? With many credit card providers proliferating in the net and land-based as well I am pretty sure you will find a hard time looking for the right credit card for you. Instead of checking those credit card providers one by one, you can look for sites that offer a complete list of credit card providers that enables you to compare them and pick the right one for you.

Compare Cards is a one-stop site for people looking for the right credit card. As the site name connotes, they are giving you top credit card providers on a category of your choice so that you can have a clear comparative analysis of those providers. Low interest credit card is perfect for cardholders who cannot manage to pay in full the balance of their cards of each and every month. On the other hand, for cardholders who want the convenience of a credit card without the risk of overspending then pre-paid debit cards is the right stuff for you. For a card to specifically use in a small venture then business credit cards is a perfect match for you.

There are other types of cards on the site that you can check on. They will give you not only the list of providers but also the features and the accompanying rewards, advantages and usefulness of each of every type. A quick and easy way to search, compare and apply for a credit card of your choice. Good luck!♥

Online credit card services at CardServiceSales.com

If there is one thing that most individuals nowadays have aside from cell phone is definitely credit card. Who can resist the convenience that this small plastic card can give to its holder? Well I guess card holders need just to be responsible enough to manage their credit cards so as to avoid trouble in the future. I had been a credit card holder for years now and I am used seeing my card being swiped or inserted in a credit card machine. Inside a mall, dining in a restaurant, buying groceries or even availing for some needed appliances I can always count on my credit cards.

Card Service Sales, a leader in transaction processing, offers such online credit card services. For businesses nowadays, the chance of losing their sales is very remote if they accept credit card payments. If owners have worries on the cost on having a merchant account on this type of service for their business then don’t. They are offering for a limited time only the following unbeatable promotions for business owners:

• Free Online Merchant Account Application
• Free Credit Card Machine reprogramming
• Free TeleCheck account set-up
• Free ecommerce shopping cart set-up

So what are you waiting for??? To all business owners out there, land-based or online, grab these amazing promotions for your store and start accepting credit cards in less than 24 hours. Don’t be left behind by your competitors, apply now!

YourCreditNetwork.com: your credit card portal

I have been a credit card holder for a decade now and I do have several cards with me. I can’t remember anymore how many purchases and transactions that transpired under my credit cards but all I can say is that I’m happy having them in my life. Below are some great deals I got from my credit cards aside from my regular purchases:

• Discounted accidental insurances for me and my husband with millions in claims each;
• Appliances bought under Special Installment Plan or SIP;
• My kids’ school tuition fees under SIP arrangement too;
• Pre-approved cash loans for our business;
• Bills payment;
• Several Balance Transfers;
• Cash Advance availments; and
• Several FREE accidental insurances for having a good credit standing.

Personally, having credit cards do more good done harm. Of course that depends on how we handle our finances and obligations. Right now the latest type of card we have is the Airline credit card. I can’t wait to avail our first trip for FREE with this card.

If you are looking for credit cards that will suit your needs and preferences you can check out YourCreditNetwork.com. They give different providers and features of credit cards as well as other information that will help you find the right card for you and subsequently your applications to be made online. There are also useful and informative articles on how to manage and handle your credit cards wisely. This must be a one-stop site for all your credit cards need and information.