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

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.

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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!♥