|Terms||Add-On Rate per Month||Effective Rate||Annualized Rate|
RCBC Credit Card’s YourCash feature offers RCBC Credit Card principal cardholders extended credit limit to be converted to cash. YourCash facility is open to pre-qualified principal RCBC Credit Cardholders in good credit standing excluding UnionPay, Corporate accounts, Dollar accounts, Secured and Virtual Cards. YGC employees are ineligible to apply for YourCash.
- YourCash availment can be paid in easy and flexible installment terms over 12 to 60 months based on the prevailing YourCash interest rates. Applicable terms may vary per offer, per cardholder.
- To avail of a YourCash loan, cardholders need to call the RCBC Credit Card Customer Service hotline at 8888-1833.
- The maximum loanable amount for YourCash is 100% of the cardholder’s available credit limit.
- For multi-carded customers, only one of their qualified credit cards with the highest credit limit shall be considered for YourCash application.
- The amount of YourCash availment shall be within the cardholder’s maximum credit limit. Minimum YourCash transaction is Php20,000 but shall not exceed Php500,000, regardless if the maximum credit limit of the cardholder is greater than the latter amount.
- RCBC Credit Card reserves the right to approve or reject applications for YourCash loan and has no obligation to disclose reasons for the rejection or disapproval of YourCash loan requests. If the cardholder has no sufficient credit limit, RCBC Credit Card has the sole discretion to approve only a portion of the amount applied for.
- YourCash applications can no longer be cancelled once approved.
- A processing fee of Php250 will be charged to cardholder’s account if preferred cash disbursement is through RCBC bank deposit. For non-RCBC bank deposit and check delivery, the cardholder will be charged Php350.
- In case cardholder provides an invalid deposit account number, a reprocessing fee of Php150 shall be charged to the cardholder in order to reprocess the Cash Loan fund disbursement. The reprocessing fee will not be deducted from the Cash Loan proceeds and will be posted on the nearest statement date.
- Upon approval of the YourCash application, RCBC Credit Card will deposit the check to the cardholder’s indicated bank account that matches the cardholder’s name in the system. For check delivery option, checks will be delivered directly to the cardholder’s registered billing address.
- The approved YourCash amount will automatically be posted on the cardholder’s Statement of Account (SOA) at the nearest cut-off date following the release of the check or crediting of YourCash loan proceeds to the cardholder’s indicated bank account.
- The computation of interest and principal components of the monthly installment shall be based on diminishing balance computation, and the interest and principal portions will not be equal from month to month.
- For all loan installment availments including YourCash, the first amortization shall be deferred for up to 31 days from the date of loan disbursement. A fee equivalent to the initial interest will be collected from the cardholder due to the longer payment period provided in order to repay the Principal Amount. The initial interest is computed based on diminishing balance, taking into consideration the actual number of days from the date of disbursement to the posting date. This amount is on top of one month’s worth of interest, as computed based on EIR.
- If the cardholder decides to pre-terminate or pay the YourCash installment plan in full before maturity, a pre-termination fee of Php 500.00 or 5% of the unpaid principal amount, whichever is higher will be charged. This amount is on top of one month’s worth of interest, as computed based on EIR.
- A processing fee of P150.00 will be charged to cardholder’s account if preferred cash disbursement is through RCBC bank deposit. For non-RCBC bank deposit and check delivery, the cardholder will be charged P250.00.
- YourCash availments and its monthly amortizations shall no longer earn rewards points.
- In cases of suspension, cancellation and/or non-renewal of the RCBC Bankard credit card due to non-payment or breach of any of the Terms and Conditions governing the issuance and use of the RCBC Bankard credit card, RCBC Bankard shall automatically render all the outstanding obligations of the cardholder under the RCBC Bankard YourCash loan facility due and demandable without need of prior notice.
- Monthly interest rate, late payment penalty and other charges to be applied by the YourCash facility shall be determined by RCBC Bankard.
- The abovementioned terms and conditions for the implementation of the RCBC Bankard YourCash facility may be amended and supplemented by RCBC Bankard from time to time, as may be deemed necessary.
Enhanced Implementation of the Truth in Lending Act (Republic Act 3765)
The State protects its citizens from a lack of awareness of the true cost of credit to the customer by assuring a full disclosure of such cost and other terms and conditions with a view of preventing the uninformed use of credit.
As such, a disclosure statement is a required attachment to the loan contract. It shall include, at a minimum, the following information:
- Total amount to be financed
- Finance Charges and all others charges incident to the loan
- Net proceeds of the loan
- Schedule of Payments
- The percentage that the finance charge bears to the total amount to be financed expressed as Effective Interest Rate (EIR)