Credit Card Payoff Calculator
BSP 3% monthly rate capEstimate how many months it will take to eliminate your credit card debt, total finance charges paid, and the full month-by-month balance reduction schedule.
BSP maximum: 3.0% per month
Debt Elimination Guide
How Credit Card Interest Compounds
What is the Bangko Sentral ng Pilipinas (BSP) interest cap?
Under BSP regulations, the maximum interest or finance charge on all Philippine credit card transactions is capped at 3.0% per month (or 36% per annum).
Why is paying only the minimum dangerous?
Paying only the minimum requirement (typically 3–5% of the balance) mostly covers finance charges, prolonging debt repayment for years and drastically increasing total interest paid.
How can I speed up debt elimination?
1. Pay well above the minimum amount.
2. Freeze credit card spending during repayment.
3. Apply the debt avalanche method (pay highest interest cards first).