Frequently Asked Questions about the Payment Holiday

REMARKS (Updated as of June 16, 2020): The Payment Holiday will be extended until June 30 for cardholders whose billing addresses are either in Cebu City or Talisay City. The provisions of the Payment Holiday are in line with the Implementing Rules and Regulations (IRR) of Republic Act 11469 or the Bayanihan to Heal as One Act of 2020*.

For the rest of the country, which are under either GCQ or MGCQ, the Payment Holiday has concluded last June 15. Please refer to Reminders below.

*REMINDERS IN RELATION TO THE END OF THE PAYMENT HOLIDAY: To keep your RCBC Bankard active and in good credit standing, we encourage you to pay at least the minimum amount due starting on your next billing cycle after June 15, 2020. With the lifting of the Payment Holiday, late payment fees, fees and charges related to loans extended, as well as interest charges will be applied in accordance to the Terms and Conditions Governing the Issuance and Use of RCBC Bankard Credit Cards. You may safely settle your credit card bill through digital payment channels. To help you manage your cash flow, you may divide your payments to up to 36 months installment either through the Balance Conversion Program (pay for your outstanding balance in installments) or through Unli Installment (select big ticket purchases and convert payments to up to 36 months installment payment). On the other hand, if your source of income has been severely affected, we'd like to help ease the payment through the Bayanihan Balance Conversion Program. To avail, please fill out this online form https://bitly.rcbcbankard.com/bayanihan

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 within the covered period can skip their due dates and make a payment on their next due date after the payment holiday. Specific to the extension of the Payment Holiday, cardholders whose billing addresses are either in Cebu City or Talisay City and whose due dates fall from March 16 to June 30 can skip their due dates and make a payment on their next due date after June 30. 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?

RCBC Bankard Cardholders whose billing address are either in Cebu City and Talisay City, whether current or past due, and whose Due Dates fall from March 16 to June 30, 2020 are qualified to avail of the Payment Holiday. For all other cardholders, the Payment Holiday has ended last June 15.

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 June 30, 2020. 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 June 30, 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. 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. We'd like to help ease the payment through the Bayanihan Balance Conversion Program. A qualified cardholder can pay the Total Outstanding Balance for up to 36 months for as low as 0.65% per month. Likewise, the cardholder can choose to defer the payment for the 1st monthly amortization to up to 9 months. To avail, please fill out this online form https://bitly.rcbcbankard.com/bayanihan

*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.