Most banks offer the option and also highly encourage customers to transfer balance from all of their other cards into the credit card offered by that particular bank so as to take advantage of reduced and economical interest rates.
RCBC Bankard offers certain fantastic benefits to customers who transfer balance to their RCBC Bankard credit cards, such as -
- A factor rate of 0.69 percent every month.
- Flexible tenures of 3 months, 6 months, 9 months, 12 months, 24 months and 36 months.
- Easy and quick approvals.
Fees and Charges
|Terms in Months||Factor Rate per Month (Equivalent)||Interest Rate Effective per Month||Interest RateEffective Annually|
|Three||0.69 percent||1.0315 percent||12.38 percent|
|Six||0.69 percent||1.1715 percent||14.06 percent|
|Nine||0.69 percent||1.2222 percent||14.67 percent|
|Twelve||0.69 percent||1.2456 percent||14.95 percent|
|Eighteen||0.69 percent||1.2625 percent||15.15 percent|
|Twenty Four||0.69 percent||1.2640 percent||15.17 percent|
|Thirty Six||0.69 percent||1.2521 percent||15.03 percent|
Customers can calculate their amortization by multiplying the equivalent rate factor, tenure, amount to be transferred and add it to the amount of balance transfer and divide the whole amount by the tenure.
Mechanics of the Balance Transfer Program by RCBC Bankard
- Customers can procure this option by calling the customer service of RCBC Bankard while providing the required information such as number of a non RCBC Bankard credit card, the expiration date of the card, the loan amount for balance transfer, most recent account statement, the installment term that the customer requires along with their email address and mobile number.
- Outstanding balance of the non RCBC Bankard credit card must be settled within a week of applying.
- Amount that can loaned for transfer of balance will be dependent on the credit limit of the customer and users can procure more than one balance transfer provided that the total amount that can be loaned is within 90 percent of the credit limit available.
- RCBC Bankard can reject or approve applications at their discretion.
- An application for transfer of balance cannot be cancelled after its approval.
- After the approval of the application, a check will be deposited directly to the bank that has issued the other credit card and an SMS message will be sent to the customer.
- In case the application for transfer of balance has not been approved, customers will receive a notification regarding the same through an SMS message.
- RCBC Bankard is not responsible for late, over payment or other charges that the customer incurs due to disapproval of transfer of balance or delay/failure by RCBC Bankard in providing the payment to the other credit card company.
- The amount that has been approved will be deducted automatically from the credit limit that the customer has available.
- The approved loan amount as part of transfer of balance will be paid in equal monthly installments based on the tenure chosen by the customer. Amortization will begin from the successive billing statement.
- In case the customer terminates before the end of the tenure or pays the installment amount completely prior to maturity then a fee of 5 percent of unpaid amount of principal or P500 will be charged (the higher amount).
- Fraudulent use, suspension, non renewal of the card due to breach of conditions or non payment will result in termination of account.
- The rate of interest per month, penalty, etc. are determined by RCBC Bankard and may be done without consent of customer or prior notice.