Frequently Asked Questions about the Payment Holiday

REMARKS (Updated as of May 20, 2020): RCBC Bankard has further extended the Payment Holiday from March 16-May 15 to March 16-May 31, in line with the extension of the Enhanced Community Quarantine and the Implementing Rules and Regulations (IRR) of Republic Act 11469 or the Bayanihan to Heal as One Act of 2020*.

1. What is a Payment Holiday?
The Payment Holiday is RCBC Bankard’s basic assistance to its cardholders who may need a loan payment grace period due to the COVID-19 pandemic. With the Payment Holiday, cardholders whose Due Dates fall from March 16 to May 31 can skip their due dates and make a payment on their next due date after May 31. Accounts in good standing will remain to be on active status, and all accounts, whether current or past due, will not progress to the next delinquency cycle. The Principal and/or Interest falling due during the Payment Holiday, will not incur Late Payment Fees and interest on interest. Further, fees and charges related to loans extended, such as Your Cash processing fees, will not be applied. On the other hand, cardholders who can manage to pay are encouraged to do so, in the safety of their homes, through their bank’s digital payment channels.

2. Who are Qualified to avail of the Payment Holiday?
All RCBC Bankard Cardholders, whether current or past due, irrespective of their place of residence, and whose Due Dates fall from March 16 to May 31, 2020 are qualified to avail of the Payment Holiday.

3. A late payment fee and/or interest have been posted in my account for my statement during the Payment Holiday. Will these be reversed?
Late Payment Fees that have been posted during the Payment Holiday will be proactively reversed.

In relation to the reversal of Finance Charges and/or Interest on Interest, this will be based on the Card’s classification as to whether Transactor or Revolver. 

a. TRANSACTOR - If a full payment on the Card has been made prior to the Enhanced Community Quarantine, the cardholder is qualified to skip payments specific to the Card, and will not incur any finance charge if the cardholder will pay the Total Balance Due in full on or before the next Due Date after May 31, 2020.

For Example:
First Statement of Account after Payment Holiday = June 1; Due Date = June 25 

Cardholder must pay in full the Total Balance Due indicated in the June 1 Statement of Account on or before June 25 to qualify for reversal of all interest charges in the March to June Statement of Accounts.

While finance charges will be automatically posted by the system, RCBC Bankard will be proactively reversing the posted finance charges, if full payment of the Total Balance Due is made on or before the next Due Date after May 31, 2020. The Reversals will be reflected in the next statement cycle.

On the other hand, if full payment is not made on the first due date after the Payment Holiday, interest on interest incurred during the Payment Holiday will be reversed in accordance with the Bayanihan to Heal as One Act. The Reversals will be reflected in the next statement cycle.

b. REVOLVERS - If a full payment has not been made on the Card prior to the Enhanced Community Quarantine, the Card will not be charged interest on interest if the cardholder will skip payments, specific to this Card, during the Payment Holiday. If interest on interest has been posted, this will be automatically reversed; reversals will be posted on the next statement cycle after the Payment Holiday.

Remarks: The interest adjustments are currently in progress. Please bear with us for any delay as we are currently operating in skeletal workforce.

4. Can cardholders still pay for their RCBC Bankard credit card bill even with the Payment Holiday?
Yes, cardholders who can manage to make a payment can still do so. While some bank branches are open (please refer to the RCBC Advisory for the list of RCBC Branches that are open), we encourage our cardholders to make their payments in the safety of their homes, through their bank’s digital payment channels. For cardholders who have enrolled their RCBC Bankard bill in RCBC’s Automatic Debit Arrangement (ADA), we shall continue to process the transactions for deposit accounts with sufficient balance to cover the indicated amount in the ADA, unless otherwise advised by the cardholder. To request for the temporary discontinuance of the ADA arrangement, Cardholders may get in touch with us by sending an email to service@rcbcbankard.com.

5. Will the previous months due (those that fall during the Payment Holiday) be billed together will the new monthly billing?
If the cardholder chooses to skip their payment, the outstanding balance on the next month/statement cycle will be composed of the current outstanding balance plus new transactions. The minimum payment due will be computed based on the new outstanding balance. Specific to Your Cash availments, the amortization falling due during the Payment Holiday will be rescheduled in accordance with the extended day grace period.

To help cardholders manage their cash flow, RCBC Bankard continues to make available the Purchase and Balance Conversion facilities including UNLI 0% and UNLI Installment.

6. What fees will be waived during the Payment Holiday?
The Late Payment Fee, fees and charges related to loans extended, such as Your Cash processing fees will be waived during the Payment Holiday.

7. What fees will continue to apply during the Payment Holiday?
Transactional fees such as Unli 0% Service Fee, Cross-border conversion fees, and others, will continue to apply. 

8. Will the payment holiday be extended beyond May 31?
RCBC Bankard will continue to evaluate the situation and will provide the necessary advisory should it deem it necessary to further extend the Payment Holiday.

9. If the Cardholder has lost his job or the industry that he works in is severely affected, what will be the Cardholder’s option?
RCBC Bankard understands the challenge that the Cardholder is going through. He/she may reach out to us at collections@rcbcbankard.com so we can develop a suitable payment arrangement.

*REFERENCE DOCUMENTS: Frequently Asked Questions (FAQ) I and II issued by the BSP in relation to the Implementing Rules and Regulations (IRR) of Republic Act 11469 or the Bayanihan to Heal as One Act of 2020.