One of the top banks in the nation, BPI or Bank of the Philippine Islands, offers a variety of goods and services. The annual fee is one issue that most credit card users worry about. Is the annual charge waived by BPI? The response is yes, but not for all credit card kinds.
For the first year, BPI does not charge new credit cardholders an annual fee. The annual fee will start to apply after the first year. BPI, however, reserves the right to waive the annual charge under specific circumstances. For instance, BPI might waive the annual charge for the following year if a cardholder spends a particular amount in a calendar year.
A cardholder must pay the minimum payment in order to avoid late payment penalties and fines. Depending on the bank and the kind of credit card, it is typically a percentage of the total amount owed. The minimum payment to BPI is PHP 500 or 5% of the entire amount owed, whichever is larger. To prevent accruing interest and to raise your credit score, it is usually better to pay more than the minimum amount required.
A good credit score is one that is 750 points or higher. It’s crucial to remember that credit ratings might change based on the credit bureau. You must keep up a positive credit history if you want to raise your credit score once it reaches 750. This calls for timely bill payment, a low credit use rate, and a limit on the number of credit accounts you open at once.
It is preferable to have a lower APR when it comes to interest rates. APR, or the annual percentage rate, combines interest rates and additional costs including yearly fees, late payment fees, and other charges. Interest rates are the cost a lender charges you for borrowing money. A lower APR translates into overall borrowing charges that are less expensive for the cardholder.
In conclusion, BPI waives the annual fee for new credit cardholders for the first year, and if certain requirements are completed, it may be waived for the following year as well. The BPI requires a minimum payment of either 5% of the entire amount owed or PHP 500. Maintain a solid credit history by paying your bills on time, limiting your credit card use, and refraining from opening an excessive number of credit accounts in order to raise your credit score when it reaches 750. Finally, because it incorporates all additional fees and penalties, a lower APR is preferable to a lower interest rate.
The cost of borrowing money, measured as a percentage of the principal sum, is called interest. APR, or annual percentage rate, comprises all fees and charges related to a loan or credit card balance in addition to the interest that is paid on the outstanding balance. APR offers a more complete picture of the overall cost of borrowing, whereas interest just takes into account the cost of borrowing money.