Frequently Asked Questions about the Payment Holiday

REMARKS (as of April 9, 2020): RCBC Bankard has extended the Payment Holiday from 30 days (March 16-April 15) to 60 days (March 16-May 15). Further, the Frequently Asked Questions (FAQs) about the Payment Holiday has been updated based on the Implementing Rules and Regulations (IRR) of Republic Act 11469 or the Bayanihan to Heal as One Act of 2020. 


1. What is a Payment Holiday?
The Payment Holiday is RCBC Bankard’s basic assistance to its cardholders who may need a loan payment grace period due to the COVID-19 pandemic. With the Payment Holiday, cardholders whose Due Dates fall from March 16 to April 15, 2020 and from April 16 to May 15, 2020, can skip their due dates and make a payment 30 days after. Accounts in good standing will remain to be on active status, and all accounts, whether current or past due, will not progress to the next delinquency cycle. The Principal and/or Interest falling due during the Payment Holiday, will not incur interest on interest. Further, fees and charges related to loans extended, such as Your Cash processing fees, will not be applied. On the other hand, cardholders who can manage to pay are encouraged to do so, in the safety of their homes, through their bank’s digital payment channels. 

2. Who are Qualified to avail of the Payment Holiday?
All Cardholders, whether current or past due, and whose Due Dates fall from March 16 to April 15, 2020 and from April 16 to May 15, 2020 are qualified to avail of the Payment Holiday.

3. Can cardholders still pay for their RCBC Bankard credit card bill even with the Payment Holiday?
Yes, cardholders who can manage to make a payment can still do so. While some bank branches are open (please refer to the RCBC Advisory for the list of RCBC Branches that are open), we encourage our cardholders to make their payments in the safety of their homes, through their bank’s digital payment channels. For cardholders who have enrolled their RCBC Bankard bill in RCBC’s Automatic Debit Arrangement (ADA), we shall continue to process the transactions for deposit accounts with sufficient balance to cover the indicated amount in the ADA, unless otherwise advised by the cardholder. To request for the temporary discontinuance of the ADA arrangement, Cardholders may get in touch with us by sending an email to service@rcbcbankard.com.

4. Will the previous months due (those that fall during the Payment Holiday) be billed together will the new monthly billing?
If the cardholder chooses to skip their payment, the outstanding balance on the next month/statement cycle will be composed of the current outstanding balance plus new transactions. The minimum payment due will be computed based on the new outstanding balance. Specific to Your Cash availments, the amortization falling due during the Payment Holiday will be rescheduled in accordance with the 60-day grace period. 

To help cardholders manage their cash flow, RCBC Bankard continues to make available the Purchase and Balance Conversion facilities including UNLI 0% and UNLI Installment.

5. What fees will be waived during the Payment Holiday?
The Late Payment Fee, fees and charges related to loans extended, such as Your Cash processing fees will be waived during the Payment Holiday.

6. What fees will continue to apply during the Payment Holiday?
Transactional fees such as Unli 0% Service Fee, Cross-border conversion fees, and others, will continue to apply. 

7. Will Transactors be charged interest if he/she avails of the Payment Holiday?
RCBC Bankard defines Transactors as cardholders who paid their Total Balance Due in full, one month prior to the Enhanced Community Quarantine. For cardholders who are Transactors, no interest will be charged if they will fully pay their Total Balance Due on or before their next Due Date after May 15. 

8. Will Revolvers be charged interest if he/she avails of the Payment Holiday?
RCBC Bankard defines Revolvers as cardholders who partially paid their Total Balance Due, one month prior to the Enhanced Community Quarantine. For Revolvers, under the IRR of Republic Act 11469 and the BSP FAQs, interest will continue to accrue and be charged for the cardholder’s principal outstanding balance. On the other hand, no interest on interest will be applied. 

9. An interest and/or late payment fee has been posted in my account for my statement during the Payment Holiday. Will the interest be reversed?
Late Payment Fees that have been posted during the Payment Holiday will be proactively reversed. Similarly, interest on interest that have been posted will likewise be reversed. Reversals will be reflected on the statement of account on the next statement cycle.

10. Will the payment holiday be extended beyond May 15?
RCBC Bankard will continue to evaluate the situation and will provide the necessary advisory should it deem it necessary to further extend the Payment Holiday.

11. If the Cardholder has lost his job or the industry that he works in is severely affected, what will be the Cardholder’s option?
RCBC Bankard understands the challenge that the Cardholder is going through. He/she may reach out to us at collections@rcbcbankard.com so we can develop a suitable payment arrangement.