The Monetary Board has decided to maintain the existing ceilings on credit card transactions under Circular No. 1098 dated 24 September 2020. As such, the following ceilings remain in effect unless revised by the BSP:
- The maximum interest rate or finance charge on the unpaid outstanding credit card balance of a cardholder of 2 percent per month or 24 percent per year
- The maximum monthly add-on rate on credit card installment loans of 1 percent
- The maximum processing fee on the availment of credit card cash advances of Php200.00 per transaction.
The reasonableness of the ceilings shall be subject to further review in January 2023. The BSP will continue to closely monitor evolving domestic and external developments that will impact the state of credit card financing, sustainability of credit card operations and viability of banks/credit card issuers​.
