Finance charges on my credit card

Oooops, I forgot to pay for my credit card bill this month. Maybe because of the long vacation and another long weekend again, now I’m worried about the finance charges. I’ve always been a good payer, I love my BPI credit cards and I’ve been using it for 5 years already even if other banks lured me to their credit card offers. Why I’m worried about the finance charges, it’s because I’ve used it quite often since January. Blame it on my impulse buys at Etude House, online purchases at Amazon and Cebu Pacific’s seat sale. I only use my credit card whenever I’m doing the grocery, just so I can avail of their perks such as free Jollibee or Chowking meals, but this year, I went like a mad swiper. Do you think I’m doomed with a hefty finance charge?

I tried reading on how to compute finance charges but all the websites only put me in a daze. I guess I’ll just have to wait for the next billing statement huh? I might as well look for other credit cards for bad credit, if there’s such a thing here in the Philippines. For all I know, banks here in the Philippines do a thorough investigation before approving people to have credit cards. In other countries, they really have credit cards for people with bad credit.

Anyway, another thing for me to tackle is ask for the reversal of my annual fee. My Worldperks card’s annual fee has been waived but for the gold card, I have yet to call their customer service. This another reason why I’m happy with BPI, my annual fee is always waived ever since I’m a cardholder. I think it counts that I have an account with their bank. I should call their customer service like right now.

If you want more tips on how to use credit card wisely, read my previous post about how to save money using your credit card.


  1. i didn’t bother to learn how those CC computes the finance charges…kaloka kc…nosebleed…

    sis, thanks for sponsoring my contest…i’ll keep u updated 😉
    .-= yuuki´s last blog ..Boggle Me Thursday =-.


  2. call them up and ask if they can perhaps give you a one-time courtesy to have the late fee waived. normally they give in naman if you ask nicely. hehe
    .-= eRLyN´s last blog ..Dreaming of a Home Massage =-.


  3. Oh oh…try to call them nga and see if pagbigyan ka this ine time.


  4. I surrendered my credit card, takot akon’g di makabayad..
    BTW: added na kita sa aking blogroll..
    .-= pipay´s last blog ..Best USA Casino =-.


  5. My BF uses his points to pay for the annual fee, his CC is with Metrobank, maybe BPI does that too? 😉
    .-= Madz´s last blog ..Flavours Of China =-.


  6. compared with other credit card companies, BPI is more considerate. it’s very transparent with its charges and considerate, too. plus, they have the coolest promos/rewards. worry more if it’s C because they charge really big finance charges, well, according to my friends. i wonder how they compute it, though. haha.
    .-= edelweiza´s last blog ..My Online Money Making Activities =-.


  7. I’m considering having a BPI or a BDO credit card to facilitate cashless transaction. But there’s this big question in my mind. Will I incur finance charges if I pay before or on due date? Another, how much is the total interest incurred for every cash advance transaction?
    Some help, please?


    Badet Reply:

    If you pay before or on the due date, no finance charges, just the amount you spent using the credit card. Haven’t tried the cash advance…


  8. The finance charge for BPI is computed by multiplying the Finance Charge Rate by the Outstanding Balance. For example, if your total/outstanding balance is P50,000, and if the Finance Charge Rate of your card is 3.4% (also written as 0.034), the Finance Charge for the current month would be 50000 x 0.034, which is equal to P1,700. Thus, if you won’t pay anything for the current month, the outstanding balance of your credit card for the next month would be P50000 + P1700 = P51,700, plus the interest. Remember, the interest is different from the finance charge. Kaya don’t be surprised if palaki ng palaki ang balance nyo sa credit card. Please spend wisely.


    Miko Reply:

    How do you compute for the Interest rate considering the values that you have placed above.

    Thank you.



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