BSP sets credit card interest rate cap

Sep 24, 2020 4:45 pm

THE Bangko Sentral ng Pilipinas (BSP) has set a ceiling on the annual interest rate on all credit card transactions in the country.

In a press briefing on Thursday, BSP Governor Benjamin Diokno announced that the Monetary Board approved the 24 percent cap, which will take effect on November 3 and shall be subject to review every six months.

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