July 23, 2019In compliance with BSP Circular 1003, Bank of Commerce is implementing the new method of computing and imposition of interest or finance charge: The Bank shall only charge interest or finance charges arising from the non-payment in full or on time of the outstanding balance based on the unpaid amount of the outstanding balance as of statement date cut-off, but excluding: i.the current billing cycle’s purchase transactions reckoned from the previous cycle’s statement cut-off date, and ii.deferred payments under zero-interest installment arrangements which are not yet due. Interest or finance charges shall be imposed on the unpaid outstanding balance as of cut-off date each time a cardholder pays less than, or does not pay on time, the outstanding balance stated in his/her statement of account. Such interest or finance charge shall continue to be imposed until the outstanding balance and applicable interest are fully paid. For credit card cash advances, a cardholder may be charged cash advance fees and finance charge on the date that the cash is obtained, subject to terms and conditions under credit card contract/agreement.