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CARDS AND PERSONAL CREDIT SECTOR

Skip Payment Program

October 2, 2020

In keeping with our unwavering commitment to serve you during these challenging times and in compliance with the Republic Act. 11494, otherwise known as “The Bayanihan to Recover as One Act.” (BARO Act), we have implemented a one-time non-extendible 60-day grace period to all existing, current and outstanding credit card balances incurred prior to September 15, 2020 via our Skip Payment Program. Said program is compliant with the implementing rules and regulations issued by the Bangko Sentral ng Pilipinas (BSP) as specified in the Memorandum Nos. M-2020-068 and M-2020-074 which may be accessed via the website of BSP in the following links:

Memorandum No. M-2020-068
Memorandum No. M-2020-074

All qualified cardholders are automatically enrolled in our Skip Payment Program which grants a one-time 60-day grace period for credit cards falling due between September 15 to October 14, 2020 without incurring penalty interest on finance charges and late charges.

We encourage you to keep your credit card in good credit standing. Should you opt to pay for your credit card(s) even with the grace period in effect to preclude incurrence of finance charges, you may refer to our payment channels found in the Frequently Asked Questions below to conveniently pay for your credit card.

Frequently Asked Questions:

1. Who are qualified to avail the Skip Payment Program?

Both individual and corporate credit cardholders in good credit standing as of September 15, 2020 regardless of whether they are paying for their credit cards in full or paying at least the minimum amount due, are covered by the one-time non-extendible 60-day grace period.

Please note that accounts in default or in delinquent status as of September 15, 2020 are excluded from the Skip Payment Program.

2. When will the 60-day grace period commence?

The 60-day non-extendible grace period shall commence from the payment due dates falling between September 15 until October 14, 2020. Please refer to the table below for the new due dates applying the one-time non-extendible 60-day grace period:



3. What are the charges that can be reversed under the BARO Act?

The following charges can be reversed under the BARO Act:

  • Late charges
  • Finance Charges if full payment is made on or before the grace period due date
  • Penalty interest assessed on the finance charge billed to the credit card account if payment made is less than the total amount due by the end of the grace period due date




Please find below computation of charges in the illustration below



IMPORTANT NOTE: We would like to inform that the one-time reversal of charges, as applicable, will reflect in your statement of account after the end of the 60 day grace period. Cardholders need not call our Customer Service Hotline to request for the reversal of charges.

Should there be duplicate reversal of charges that will be posted in your account as a result of a manual processing error, we would like to request for your kind understanding that rectification of duplicate reversals will be processed accordingly.

4. Where can I pay for my credit card?

You may conveniently pay for your Metrobank credit card(s) through our payment channels indicated in this link mbcpc.co/PaymentChannels.

5. What will happen to my Automatic Debit payment arrangements?

We recognize that there are borrowers who wish to continue their regular loan payments. As such, ADA will remain uninterrupted and will continue to be processed as regular payments. Please ensure that your accounts are adequately funded. In case you need to transfer funds from your other bank account to your Metrobank deposit account, you may transfer via Instapay or Pesonet.

In the event that you wish to temporarily suspend your Automatic Debit Arrangement to avail of the one-time 60 day grace period, please notify us at least five (5) banking days before your account’s due date by calling our hotline at 88-700-700 or Domestic Toll Free Number using a PLDT line at 1-800-1888-5775. Our Customer Service Representative will be glad to assist you.

If your ADA payment has been executed prior to our receipt of your notification, we can refund your payment to your Metrobank deposit account FREE of charge. Please take note, however, that suppression of your ADA will cause your account to incur the applicable finance charges during the 60-day grace period. We will, however, reverse the corresponding interest on interest incurred by your account in compliance with “The Bayanihan to Recover as One Act.” (BARO Act).

6. Will the non-payment of my credit card(s) affect my credit standing?

The non-payment of your credit card due to the one-time 60 day grace period will not affect your credit standing. The non-payment of your credit card on your next due date after the end of the 60-day grace period will affect your credit standing.

7. How will you process my postdated checks for my payment arrangement?

Qualified cardholders will receive an email or SMS from us if they are part of the accounts qualified for the one-time 60-day mandatory grace period. For qualified current rewrite/restructured account(s), we have automatically suspended the deposit of postdated checks and extended the term of the payment arrangement by 60 days. For example, the due date of a payment arrangement with monthly amortization falling due on October 20, 2020 shall be moved to December 20, 2020. Following this example, if the last payment due date of said loan before the application of the 60-day mandatory grace period is January 20, 2021, the new payment due date shall be March 20, 2021.



Sample schedule of remaining checks for deposit:



Please make sure that your bank account is sufficiently funded to cover check payments that we will start to deposit after the end of the 60-day mandatory grace period.

We acknowledge that you may wish to opt out from availing the grace period. In case you would like to have your postdated check deposited based on the original due date , you may call our Collections Hotline at 88-700-711 or 88-700-970 or Domestic Toll Free Number using a PLDT line at 1-800-1888-5775 to provide your instructions to have your postdated check deposited as scheduled. Alternatively, you may send an email at [email protected].

Please make sure that your bank account is sufficiently funded to cover check payments that we will start to deposit after the end of the 60-day mandatory grace period.

8. How can I avail of the staggered payments for my credit card’s outstanding balance?

A credit card even before the BARO Act allows minimum payment or payments in staggered basis. As such, you may opt to pay at any time for any amount even when the grace period is no longer in effect. The amount of your payment on the grace period due date determines your eligibility for the reversal of charges as any unpaid balance after the end of the applicable grace period shall incur interest or finance charge if not paid in full on the grace period due date. You may refer to FAQ # 3 for details on charges that can be reversed under the BARO Act.

We hope to have given you an option to achieve financial flexibility in these trying times. We remain steadfast in providing you #MeaningfulBanking experience.