MORNBFI Vol. 1 - Planters Development Bank

§§ 4320Q.4 - 4320Q.710.12.31amount imposed as interest and/ordelinquency charge;i. where one (1) or more periodic ratesmay be used to compute interest, each suchrate, the range of balances to which it isapplicable, and the corresponding simpleannual rate;j. other fees, such as membership/renewal fees, processing fees, collectionfees, credit investigation fees and attorney’sfees; andk. for transactions made in foreigncurrencies and/or outside the Philippines,for dual currency accounts (peso and dollarbillings), as well as payments made by creditcardholders in any currency other than thebilling currency: the application ofpayments; the manner of conversion fromthe transaction currency and paymentcurrency to Philippine pesos or billingcurrency; definition or general descriptionof verifiable blended exchange/conversionrates (e.g., MASTERCARD and/or VISAInternational rates on the day the item wasprocessed/posted to the billing statement,plus markup, if any) including conversioncommission; and/or other currencyconversion charges and costs arising fromthe purchase by the card company of foreigncurrency to settle the customer’s transactionsshall also be disclosed.QBs and their subsidiary or affiliatecredit card companies shall also provide thefollowing information to their cardholders:1. A table of the applicable fees,penalties and interest rates on credit cardtransactions, including the period coveredby and the manner of and reason for theimposition of such penalties, fees andinterests; fees and applicable conversionreference rates for third currencytransactions, in plain sight and language, onmaterials for marketing credit cards, suchas brochures, flyers, primers and advertisingmaterials, on credit card application forms,and on credit card billing statements:Provided, That these disclosures are inaddition to the full disclosure of the fees,charges and interest rates in the terms andconditions of the credit card agreementfound elsewhere on the application formand billing statement; and2. A reminder to the cardholder in themonthly billing statement, or its equivalentdocument, that payment of only theminimum amount due or any amount lessthan the total amount due for the billingcycle/period, would mean the impositionof interest and/or other charges:Provided, That such table of fees, penaltiesand interest rates and reminder shall beprinted in plain language and in bold blackletters against a light or white background,and using the minimum Arial 12 theme fontand size, or its equivalent in readability, andon the first page, if applicable document hasmore than one page.Transitory provisions. QBs and theirsubsidiary or affiliate credit card companiesshall be given a period of 120 days from06 January 2011 to fully implement therequired disclosure requirements.(As amended by Circular No. 702 dated 15 December 2010)§ 4320Q.5 (2008 - 4337Q.5) Accrualof interest earned. Interest accrued and/orbooked shall be reversed and no accrual ofinterest shall be allowed ninety (90) daysafter the credit card receivable has becomepast due as defined in Subsec. 4306Q.1.§ 4320Q.6 (2008 - 4337Q.6) Financecharges. The amount of finance charges inconnection with any credit card transactionshall refer to interest charged to the cardholder.§ 4320Q.7 (2008 - 4337Q.7) Deferralcharges. The QB and the cardholder may,prior to the consummation of thetransaction, agree in writing to a deferral ofall or part of one (1) or more unpaidinstallments and the QB may collect aQ RegulationsPart III - Page 18Manual of Regulations for Non-Bank Financial Institutions