What credit card do you have right now? Is it your practice to pay the amount due in multiple payments or you pay in one-go before your due date?
For those who prefers to make multiple payments for a credit card, please be aware that there are some credit card companies who charges a fee for multiple payments after the free-pay allocation has been used up for the cycle. Which credit cards are these? iSensey shares with you on this post.
The info here may change without prior notice, it is best to visit your credit card issuer’s website to search for the updated policy or call customer service for quick assistance.
Take note that when we mentioned a bank’s “payment channel”, this means paying the credit card via the bank’s online banking access, mobile app, or over the counter via branch teller.
Credit card companies also accepts payments for credit card dues in third party/accredited payment centers like eWaller Gcash, Maya, QRPh, other banks’s online banking/app/OTC, Bancnet, Megalink, 7 Eleven, SM Business Services, Shopee, Lazada, etc.
Credit Cards Fees for Multiple Payments
Eastwest Bank
Eastwest Bank allows three payments without any fee within a billing cycle. After this, a P50 fee will be charged for each payment posted on your credit card. However, payments made in Eastwest Payment channels will not incur any charge even if it exceed three.
Maybank Philippines Inc
Maybank charges P40 per payment posted, in excess of four payments for all approved payment channels. Example: You pay 4 times, no fee. On your 5th payment, you will be charged P40. On your 6th payment, you will be charged another P40.
Philippine National Bank
There is a P40 per payment in excess of three, for all approved payment channels in Philippine National Bank.
RCBC
RCBC credit card multiple payment fee is a P40 per payment, in excess of three payments within a statement cycle if customer will use non-RCBC payment channels. If you will use RCBC payment channel (online banking, branch otc, mobile app), there is no limit, you can pay as many times as you want with no fee.
Robinsons Bank
P40 per payment in excess of three for all approved payment channels.
Know how many times you can pay without a charge. That P40, P50 can add-up in no time at all.
Credit Cards WITHOUT Multiple Payment Fee if you will pay via Bank Online Banking, Bank Branch over the counter, and Bank Mobile App.
Good news for those who are credit card holders of Unionbank, BDO, BPI, Security Bank, and HSBC, you can make multiple payments, without limit, using the bank payment channel (online banking, mobile app, branch otc) without any fee.
For Metrobank, only the Toyota Mastercard has no multiple payment fee for paying via MB’s payment channel. However, the other credit cards Metrobank issues have multiple payment fees.
No matter what payment practice you follow, it is best to pay the full amount due so not to incur any interest. Credit card is a big help, swipe and pay responsibly.