|Terms||Add-On Rate per Month||Factor Rate||Annual Effective Interest Rate|
RCBC Bankard’s Balance Transfer facility allows qualified RCBC Bankard principal credit cardholders in good credit standing to transfer their outstanding balances from their non-RCBC Bankard credit card/s to their active RCBC Bankard credit card and pay in 3, 6, 9, 12, 18, 24 and 36 months installment terms based on their assigned Balance Transfer interest rates.
- To avail of Balance Transfer, cardholders would need to call the RCBC Bankard Customer Service hotline at 8888-1888. The cardholder needs to provide the following information to proceed with the application:• Credit Card Number of the non-RCBC Bankard credit card• Balance Transfer Loan Amount• Preferred Installment Term
Should the cardholder request for a Balance Transfer amount greater than the current outstanding balance, a submission of proof of availment (such as but are not limited to receipt, SMS notification and the like) is required to be submitted within 24 hours from the time that the Balance Transfer application has been made. Failure to submit the requirements within the prescribed period will void the additional Balance Transfer amount request.
- The due date for settlement of the outstanding balance of the non-RCBC Bankard card must be at least seven (7) banking days from the time of application.
- The loanable amount for Balance Transfer will be based on the cardholder’s available Credit Limit (but not to exceed 90% of available credit limit). The cardholder has the option to request for several Balance Transfer/s of outstanding balances from other local non-RCBC Bankard credit cards as long as the total loanable amount is still within 90% of the cardholder’s available credit limit.
- RCBC Bankard reserves the right to approve or reject applications for Balance Transfer and has no obligation to disclose reasons for the rejection or disapproval of Balance Transfer requests. If the Cardholder has insufficient credit limit for the requested Balance Transfer amount, RCBC Bankard has the sole discretion to approve only a portion of the amount applied for.
- The cardholder shall be responsible in following up the status of his/her Balance Transfer application.
- Upon approval of the Balance Transfer application, RCBC Bankard will deposit the check payment directly to the issuer of the non-RCBC Bankard credit card. An SMS alert will be sent to the cardholder confirming that his/her Balance Transfer has been approved and that RCBC Bankard has paid for the outstanding balance of his/her non-RCBC Bankard card.
- The Balance Transfer application can no longer be cancelled once approved.
- In cases where the Balance Transfer request is disapproved, RCBC Bankard is not required to notify the cardholder.
- RCBC Bankard shall not be liable for interest, or any overpayment, or for late payment, or other finance charges that the cardholder may incur as a result of the disapproval of the Balance Transfer application and of failure or delay by RCBC Bankard in making payment before the due date of his/her non-RCBC Bankard credit card.
- The approved Balance Transfer amount is automatically deducted from the cardholder’s available credit limit.
- The approved Balance Transfer loan amount shall automatically be posted on the cardholder’s Statement of Account (SOA) at the nearest cut-off following the crediting of Balance Transfer loan proceeds to the issuer of the non-RCBC Bankard credit card.
- The computation of interest and principal components of the monthly installment shall be on a diminishing balance computation, and the interest and principal portions will not be equal from month to month.
- A processing fee of P100.00 will be charged to the cardholder’s account for every Balance Transfer application.
- If the cardholder decides to pre-terminate or pay the Balance Transfer installment plan in full before maturity, a pre-termination fee of Php 500.00 or 5% of the unpaid principal amount, whichever is higher will be charged.
- Balance Transfer availments and its monthly amortizations shall no longer earn rewards points.
- In cases of suspension, cancellation and/or non-renewal of the RCBC Bankard credit card due to non-payment or breach of any of the Terms and Conditions governing the issuance and use of the RCBC Bankard credit card, RCBC Bankard shall automatically render all the outstanding obligations of the cardholder under the RCBC Bankard Balance Transfer facility due and demandable without need of prior notice.
- Monthly interest rate, late payment penalty and other charges to be applied by the Balance Transfer facility shall be determined by RCBC Bankard.
- The abovementioned terms and conditions for the implementation of the RCBC Bankard Balance Transfer facility may be amended and supplemented by RCBC Bankard from time to time, as may be deemed necessary.
Enhanced Implementation of the Truth in Lending Act (Republic Act 3765)
The State protects its citizens from a lack of awareness of the true cost of credit to the customer by assuring a full disclosure of such cost and other terms and conditions with a view of preventing the uninformed use of credit.
As such, a disclosure statement is a required attachment to the loan contract. It shall include, at a minimum, the following information:
- Total amount to be financed
- Finance Charges and all others charges incident to the loan
- Net proceeds of the loan
- Schedule of Payments
- The percentage that the finance charge bears to the total amount to be financed expressed as Effective Interest Rate (EIR)