Pursuant to BSP Circular No. 1165, banks and credit card issuers shall impose an interest on all credit card transactions not to exceed an annual interest rate of 36% except credit card installment loans which shall be subject to monthly add-on rate not exceeding 1%.
In other words, the interest rates for credit cards are here by increased from 24% per year to 36% annually subject to exceptions.
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Hi James. We are glad to help you understand, even a little bit, this tricky subject. We publish our free legal information like this every Friday at 2 pm. We look forward to you reading it. Thank you.