For those people with a BPI Classic or MasterCard, I have created an excel file which you can use to compute for the finance charges added when you do not pay your bill in full. This excel file is based from the sample computation that you can also find at the back of your Statement of Account.
Use the finance charge calculator for your BPI Credit Cards for free! I have been a BPI Credit Card holder for several months now and as the calculator helps me compute my expected finance charge for the month. My target is to completely eliminate the finance charge as it means that I am not paying the bill in full.
How to Use The Finance Charge Calculator Download Finance Charge Calculator Fill-out the following fields Current Statement Date - your cut-off date Next Statement Date - this is basically the same date next month Current Balance - as indicated in your Statement of Account Payment Due Date Date of Payment - when you will pay or plan to pay the amount due or minimum Amount Paid - the actual amount you paid The finance charges are the values highlighted in red. This charge will be added to your next month's payment due plus the current cut-off purchases and the unpaid balance.
Classic - 2.75%
MasterCard - 3.40%
So, remember to only charge purchases you can afford and ALWAYS pay in FULL. I suggest you to read the article Do Not Fall Into The Trap of Credit Cards to know how credit cards can be a disadvantage. Remember that interest in investments is a good friend while debts in credit cards is your worst enemy. Happy Saving!
Disclaimer: I am not related to Bank of the Philippine Islands or any of its subsidiaries. The calculations you see here is the same that you can find at the back of your monthly credit card statement. Use at your own risk. To know more about BPI Express Credit Cards, you may visit their webpage here - BPI Express Credit Cards.