Claims 2% finance charge is the market’s lowest.
The “BPI Family Credit Card” is being introduced by BPI Family Savings Bank, a subsidiary of Bank of the Philippine Islands, the country’s second largest bank.
The credit card is the first for BPI Family Savings Bank, which said it introduced the card, in response to the demand for a low-rate, no-frills alternative to cash.
The BPI Family Credit Card will be available to depositors with a minimum income of US$366 (P15,000) and comes with an annual fee of US$24 (P1,000).
It is intended for consumers who are used to paying with cash and are intimidated by the high interest rate that comes with the usual credit cards.
Since the credit card is licensed by MasterCard, its holders will be able to use it in 35.9 million affiliated merchants online and worldwide.
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