Bank of the Philippine Islands (BPI) said Friday it would lower credit card fees by Nov. 3.
Finance charges, and cash advance monthly finance charges for BPI credit cards will be lowered to 2% from 3.5%, according to an email advisory. Finance charges will still be applied from the posting date of the cash advance transaction, it added.
For special installment plan monthly add-on and its loan variants, add-on rates above 1% per month will be adjusted to 1%. The adjustment is applicable to new transactions or applications starting Nov.3, BPI said.
Cash advance fees for BPI credit cards will be adjusted to a P200 flat fee per transaction from 3% or P500.