all about credit cards-thread 5

[jmeangeL]

Only have 1 CC, Citi Rewards... Supplement pa 
Tipid way namin ito ni hubby para i-consolidate ang points.

I used to have BDO & BPI CC, parehong maliit ang credit limit.  30K lang, kahit pa may account ako sa kanila.

When I asked to have it increased, sobrang daming hiningi.  Mahirap din magpa-waive ng fee.  Closed na lang.

OK na ako sa Citibank kahit na wala naman silbi ang rewards.  At least more than 5years na akong walang binabayarang annual fee.  Wala rin nakukuhang interest sa akin si CItibank.  I pay off everything every due date, and make full use of the 0% interest.

[Evolet027]

^ Hi Sis, nakakuha ako ng Php1500 rebates from my CITI rewards card din. Check mo yung Rebates nya baka malaki na kung 5 yrs mo na sya giangamit.

[lakwatsa]

Thank you mga sis. Metrobank saka BPI lang pala meron. Both banks wala pa naman ako cc nila. Will ask nga kapag nakakita ko agents.

[pret_ty68]

^ ang ginawa ko ni register ko yung credit card ko sa paypal para at least paypal lang ang nkakaalam nung number.

[nataliaesperon2000]

1st time user po every 21st of the month statement date ko payment due date  25 days after  tama po ba ang cover period nito halimbawa july 22-August 21 at kailangan mabayaran ang billl ko bago mag Sept 15 sa BDO po ito MaRAMING SALAMAT

[jmeangeL]

@Evolet027

Almost  10 years yung rewards. We encashed last summer, 5K lang. Malaki pa rewards ng SM Advantage  card.

@nataliaesperon2000
Ang alamin mo ay cut off date at due date.
Dun ka magbayad sa due date. Better  kung a day before, pero ok lang kung mismong due date.
Sa cut off naman, let say 10th of the  month cut off ng card mo, 21days after ang due. Meaning, sa katspusan ang bayad.
Kung mag-charge ka sa mismong cut off date, kasama yun sa babayaraan mo sa katapusan ng month. Same with purchases made from due date until cut off.
To maximize, use your card after the cut off until due date, para next month pa sya masasama sa bill.

[vainjinir]

I am confused with BPI's "NO interest on new purchases". Can someone pls explain this to me?

So if I use my cc, say, Aug 15 and my cut off date is Aug 20, then there will be no finance charge for the transaction made on Aug15? Interest will be charged on Sept20 pa?? Tama ba?

[nataliaesperon2000]

@ jmeangeL thank you po sa pagsagot

[jmeangeL]

@vainjinir

This is true for BPI.  Remember my post above on how the cut off and due date works?  That's primarily the normal way.  The card will not charge any interest as long as you pay the entire amount due every due date.

The entire amount due is all charges made before the cut off period, excluding the balance of installment plans.

Let say, you swipe and swipe and swipe and your total bill is P30,000, as stated on your bill.  You'll need to pay the entire P30,000 on the due date.

If let say, you can't produce that P30,000 and decided to pay only the minimum amount of P5,000.  Then, the credit card will apply that interest rate on the balance, computed daily, until the next cut-off.

And you decide to use your BPI card again, and charge P3000 on the 11th of the month.  Your cut-off was the 10th.  The P3000 will be added to your bill on the next month, without interest.

As opposed to other cards like Citibank, BDO, Metrobank, etc... They will add that P3,000 to your balance of P25,000 and charge interest on it, computed daily.

Lugi di ba? DI mo na nakuha yung sinasabi nila na you'll be charged after a certain period.  Dito mas tipid si BPI.

[vainjinir]

Sis, what do you mean by compounded per day?? I thought they only do the daily averaging of the outstanding balance and put interest on the cut off date? Sorry I only had basic economy subj nung undergrad, pang engg pa haha compounded daily seems too much kala ko monthly lang???

[xtine]

That's why I only use Citibank for Airport lounge access.  He he he.  Lugi kasi sa Citibank.  I still use pero I make sure that I pay immediately para walang charges. 

I charge all local and outside PH charges to my BPI (I am OFW kasi), especially those bigger transactions for Skymiles points.

[jmeangeL]

@vainjinir
You're correct, compounded monthly, but computed daily.

As in the day after your due date and you didn't pay off everything.  The bank will start computing for the interest charge.

Interest Charge = (Balance - New Payment + New Purchase) * (# of days after cut off * Interest rate/30)

On day 2, the Balance above would be Balance + Previous Interest Charge.

[vainjinir]

Ahh okay, sorry i misread the word 'computed'. Haha i read your post pa twice pero compounded naalala ko. Thank you, sis! In that case, it's a good thing to have BPI cc nga. Lalo na for purchases you cannot pay agad. I am refraining from swiping my cc pa naman kasi lapit na mag cut off haha

[nataliaesperon2000]

hello po magtatanong po ulit ako halimbawa ang credit limiot ko po ay 20000 and then naginstallment po ako nababayaran ko for 1 year. binayaran ko na po 1000 para po dun sa installment ano po yunn buo ulit yun 20 k ko na credit limit for next month thanks

[rasee16]

Makakaltas sa credit limit mo yung outstanding balance (nagastos mo na hindi pa nababayaran). Although kahit nagbayad ka ng 1k, hindi lahat yun makakaltas sa principal kasi may mga interest na yun. Unless 0% interest yung nabili mo.

[jmeangeL]

@vainjinir I did edit the post to correct.   

@nataliaesperon2000

 link=topic=293126.msg8336239#msg8336239 date=1503528516]
hello po magtatanong po ulit ako halimbawa ang credit limiot ko po ay 20000 and then naginstallment po ako nababayaran ko for 1 year. binayaran ko na po 1000 para po dun sa installment ano po yunn buo ulit yun 20 k ko na credit limit for next month thanks
[/quote]

Let say na P20,000 ang credit limit mo at bumili ka ng halagang P12,000 na 0% interest, payable in 12 months.

So, P12,000 ? 12 is P1,000, to be charged to your account on every cut off.

Ang magiging available credit limit mo ay P8,000.  [P20,000-P12,000], given na walang iba pang charge sa card.
At the same time, ang minimum amount due mo at P1,000.
Ang total amount due mo ay P1,0000.

Let say, you paid P1,000 on your due date, at wala ka ulit iba pang charge sa account mo, then ang magiging available credit limit mo ay P9,000 [P20,000 - P11,000].
P11,000 na lang kasi ang babayaran mo dun sa installment, pero naka-charge na ang buong amount nun sa limit ng card.

As you pay, marerelease ang credit limit mo, and you can use it again.

But I would caution against paying the entire amount of P12,000 for an item that you charged as 0% interest.  Hindi babalik agad ang available credit limit mo by doing that.  Instead, malalagay lang sya na payment sa card, pero monthly pa rin i-bill ang installment charge mo.

[mysterioza_me]

But I would caution against paying the entire amount of P12,000 for an item that you charged as 0% interest.  Hindi babalik agad ang available credit limit mo by doing that.  Instead, malalagay lang sya na payment sa card, pero monthly pa rin i-bill ang installment charge mo.

Sis ibig sabihin ba yung 12k magre-reflect as advance payment lang (kumbaga may pondo na cash sa card)? Tapos kunwari wala ng ibang purchases after that, so yung installment charge dun na ibabawas sa nakapondo mo na 12k? And if hindi babalik agad ang credit limit by settling the full amount, kelan ito babalik or installment din ang balik ng credit limit until ma-settle ang full amount -- kunwari 8k available credit limit, nagbawas siya ng 1k sa total balance niya so magiging 9k na ang credit limit?

May CC ako dati pero di ko na-try mag-avail nitong 0% installment plan. I'm thinking of getting a cc again. May promo Bpi na zero annual fee for life.

[jmeangeL]

^----exactly!
Every month, as the CC charge you for your installment, and you pay the total amount due, unti-unti rin ang balik ng available credit limit mo.

Malaki ang pakinabang sa akin ng Citibank dito.  Dahil malaki ang credit limit ng Citibank, what I do is I budget a limit for my straight charges, and another for my 0% charges.

Para kahit 50K pa ang total na nabili ko, I only pay P4K+ a month.  12-months 0% interest kasi.
I pay the entire CC amount due, at walang nakukuhang interest sa akin si Citibank. 

[bratty]

Hi sissies, hingi sana ako ng advice... BDO already stopped sending hard copies ng credit card bills, yung mother ko hindi sya comfortable sa paperless bills (sent by email, autodebit ang cc kaya gusto nya talaga ma-check ang charges) so tumawag sya sa call center at nagkasundo naman sila na magpapadala pa din si BDO ng hard copy ng bills. Mga 2 months na, wala pa dumadating so tumawag sya ulit to follow up. Ang nangyari pala ni-receive ng maid ng ka-village namin yung bill, not even kapit-bahay kasi sobrang layo talaga ng address namin dun sa pinagdalhan (addressee, street name at kahit lakarin, malayo-layo yun) Medyo alarming lang sa part namin kasi very sensitive ang bills kasi andun ang credit card details. Kung sa inyo nangyari yun, anong steps ang gagawin nyo?
TIA

[mysterioza_me]

^^Thanks sis. Ang galing. Yan din sana ang gusto ko yung wala silang interes na makuha and ayaw ko din ng may annual fee haha. Pag-iisipan ko if kukuha ako ng cc. I think wise spender naman na ako. Thanks.