Sample assumptions
Purchase Date : First day after Statement Date
Transaction Amount : Php 20,000.00
Payment Due Date : 20 days after Statement Date
Minimum Amount Due : 3.57% of the Total Outstanding Balance
Sample Interest Computation for a Retail Transaction
BPI Mastercard / BPI Visa
Total Interest : Php 5,242.24
Average Outstanding Balance : Php 16,009
Finance Charge (per month) : 3.00%
Effective Interest Rate (per month) : 2.73%
| Month | Retail Purchase | Total Payment | Interest | Outstanding Principal Balance | Total Outstanding Balance |
|---|---|---|---|---|---|
| 1 | 20,000 | 0 | 0 | 20,000 | 20,000 |
| 2 | 850 | 610 | 19,150 | 19,760 | |
| 3 | 1,460 | 540 | 18,300 | 18,840 | |
| 4 | 1,390 | 567 | 17,450 | 18,017 | |
| 5 | 1,417 | 525 | 16,600 | 17,125 | |
| 6 | 1,375 | 514 | 15,750 | 16,264 | |
| 7 | 1,364 | 473 | 14,900 | 15,373 | |
| 8 | 1,323 | 461 | 14,050 | 14,511 | |
| 9 | 1,311 | 434 | 13,200 | 13,634 | |
| 10 | 1,284 | 395 | 12,350 | 12,745 | |
| 11 | 1,245 | 380 | 11,500 | 11,850 | |
| 12 | 1,230 | 343 | 10,650 | 10,993 |
| Sample Computation | |||
|---|---|---|---|
| Given | Current Statement Date | January 1 | |
| Payment Due Date | January 21 | ||
| Next Statement Date | February 1 | ||
| Previous Balance | 20,000.00 | ||
| Date of Payment | January 21 | ||
| Amount Paid | 850.00 | ||
| Monthly Finance Charge | 3.00% | ||
| Factor rate in Step i | 3.00% x 12 months | 36.00% | |
| No. of Days in Step ii.a. | Jan 2 to Jan 20 | 19 | |
| No. of Days in Step ii.b. | Jan 21 to Feb 1 | 12 | |
| Step i | 36.00% / 360 days | 0.001 | |
| Step ii.a. | Php 20,000 x 0.001 x 19 days | 380.00 | |
| Step ii.b. | (Php 20,000 - 850.00) x 0.001 x 12 days | 229.80 | |
| Step iii. | Php 380 + Php 229.80 | 609.80 | |
| Finance Charge to appear in the next statement | |||
| BPI Mastercard / BPI Visa | 609.80 | ||
Effective Interest Rate per month is the total interest divided by the Average Prinicipal Balance.
Assumptions:
- Cardholder has no outstanding balance on his/her first statement and makes a transaction of Php 20,000 during the month.
- Cardholder will pay only the Minimum Amount Due and the interest charges posted every statement cycle on his/her due date.
Sample Interest Computation for a Cash Advance Transaction
BPI Mastercard / BPI Visa
Total Interest : Php 5,942.27
Average Outstanding Balance : Php 16,184
Finance Charge (per month) : 3.00%
Effective Interest Rate (per month) : 3.16%
| Month | Cash Advance | Total Payment | Interest | Cash Advance Fee | Outstanding Principal Balance | Total Outstanding Balance |
|---|---|---|---|---|---|---|
| 1 | 20,000 | 0 | 626 | 200 | 20,000 | 20,826 |
| 2 | 1,476 | 570 | 19,350 | 19,920 | ||
| 3 | 1,420 | 600 | 18,500 | 19,100 | ||
| 4 | 1,450 | 557 | 17,650 | 18,207 | ||
| 5 | 1,407 | 548 | 16,800 | 17,348 | ||
| 6 | 1,398 | 505 | 15,950 | 16,455 | ||
| 7 | 1,355 | 494 | 15,100 | 15,594 | ||
| 8 | 1,344 | 467 | 14,250 | 14,717 | ||
| 9 | 1,317 | 427 | 13,400 | 13,827 | ||
| 10 | 1,277 | 413 | 12,550 | 12,963 | ||
| 11 | 1,263 | 375 | 11,700 | 12,075 | ||
| 12 | 1,225 | 360 | 10,850 | 11,210 |
| Sample Computation |
|---|
| Given | Current Statement Date | January 1 | |
| Payment Due Date | January 21 | ||
| Next Statement Date | February 1 | ||
| Cash Advance Transaction | 20,000.00 | ||
| Date of Cash Advance Posting | January 2 | ||
| Cash Advance Fee | 200.00 | ||
| Monthly Finance Charge | 3.00% | ||
| Factor rate in Step i | 3.00% x 12 months | 36.00% | |
| No. of Days in Step ii.a. | Jan 2 to Feb 1 | 31 | |
| Step i | 36.00% / 360 days | 0.001 | |
| Step ii.a. | Php 20,200 x 0.001 x 31 days | 626.20 | |
| Finance Charge to appear in the next statement | |||
| BPI Mastercard / BPI Visa | 626.20 | ||
Cash Advance Effective Interest Rate per month = Average Monthly Interest plus Cash Advance Fee of Php 200 divided by the Average Principal Balance.
Cash Advance Fee is Php 200 per transaction.
Assumptions:
- Cardholder has no outstanding balance on his/her first statement and makes a transaction of Php 20,000 during the month.
- Cardholder will pay only the Minimum Amount Due and the interest charges posted every statement cycle on his/her due date.
- Effective Interest Rate for Cash Advance will vary depending on the amount of the transaction and number of cash advance transactions made within the statement cycle.
Sample Interest Computation for a Special Installment Plan (S.I.P.) transaction
Loan Amount : Php 20,000
Term : 12
Add-on Rate (per month) : 1.00%
Effective Interest Rate (per month) : 1.79%
Factor Rate : 0.093333
Monthly Amortization : Php 1,866.67
Total Interest : Php 2,400.00
| Month | SIP Loan Amount | Monthly Amortization | Interest | Principal Payments | Outstanding Principal Balance |
|---|---|---|---|---|---|
| 20,000 | -20,000 | 20,000.00 | |||
| 1 | 1866.67 | 357.62 | 1509.05 | 18,490.95 | |
| 2 | 1866.67 | 330.64 | 1,536.03 | 16,954.92 | |
| 3 | 1866.67 | 303.17 | 1,563.50 | 15,391.43 | |
| 4 | 1866.67 | 275.21 | 1,591.45 | 13,799.97 | |
| 5 | 1866.67 | 246.76 | 1,619.91 | 12,180.06 | |
| 6 | 1866.67 | 217.79 | 1,648.88 | 10,531.19 | |
| 7 | 1866.67 | 188.31 | 1,678.36 | 8,852.83 | |
| 8 | 1866.67 | 158.30 | 1,708.37 | 7,144.46 | |
| 9 | 1866.67 | 127.75 | 1,738.92 | 5,405.55 | |
| 10 | 1866.67 | 96.66 | 1,770.01 | 3,635.53 | |
| 11 | 1866.67 | 65.01 | 1,801.66 | 1,833.88 | |
| 12 | 1866.67 | 32.79 | 1,833.88 | 0.00 |
To know more about BPI Credit Cards S.I.P. Loans and current rates available, visit www.bpi.com.ph
Unpaid billed installment amortizations shall be subject to finance charges billed at monthly finance charge rate computed in the same manner as outstanding retail balances.
Note: Rates are subject to change by Bank of the Philippine Islands from time to time.
Related information
| BPI is regulated by the Bangko Sentral ng Pilipinas