Local banks raise credit card interest rates, see it in this news article
BPI, METROBANK, and BDO increased their interest rates from 3% to 3.5% and 3.25% for BDO. Meaning,
In other words, the P10,000 item purchased on credit will actually cost the cardholder P12,254 after a year’s payment.
That news is big considering that SM Department store is offering credit card subscription to all buyers using just one ID.